In 2025, Africa’s foreign exchange market was shaped by selective recoveries rather than broad-based strength, with Ghana’s cedi emerging as the continent’s top performer against the US dollar.
The Ghana cedi’s dramatic rebound led the way, followed closely by Zambia’s kwacha and the Congolese franc.
Across the continent, FX movements reflected a mix of policy interventions, export-driven inflows, and peg-driven stability, showing that strong gains were achievable even in a volatile environment.
Most other currencies experienced moderate appreciation or stabilization, highlighting the uneven nature of the market.
Commodity-rich economies and disciplined macroeconomic policies were central to the strongest trends, while global dollar dynamics continued to influence outcomes.
The Nigerian naira delivered a modest 6.91% appreciation in 2025, ranking 22nd among African currencies and underscoring its relatively subdued FX recovery.
Below are the top 10 best performed African currencies in 2025
The Congolese franc posted a 20.1% appreciation in 2025, supported by strong mineral export inflows, particularly copper and cobalt.
The Congolese franc displayed relative calm early in the year before experiencing a decisive late-year adjustment. Its strongest appreciation occurred in October (-16.32%) and September (-5.47%), pointing to a significant FX correction likely linked to fiscal and liquidity realignments.
In contrast, the weakest months were March (1.47%) and February (0.26%), periods characterised by mild depreciation pressures despite steady mineral inflows.
Overall, the CDF’s annual gain was driven by commodity-linked FX inflows, though underlying fiscal and liquidity risks remain elevated.
