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 Zambian kwacha ranked among Africa’s strongest currencies in 2025, appreciating by 20.5% against the US dollar. Despite a volatile mid-year marked by FX pressures, the currency benefited from IMF-backed reforms, improved debt restructuring outcomes, and tighter monetary conditions.
The currency recorded its strongest monthly gains in June (-9.50%) and October (-7.29%), reflecting moments of improved FX liquidity and reform-driven confidence.
However, the kwacha weakened most sharply in November (3.80%) and August (3.52%), highlighting persistent vulnerability to FX shortages and external balance constraints.
The kwacha’s performance reflected recovery momentum rather than sustained FX depth.
