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Some African currencies strengthened against the U.S. dollar in February 2026, reflecting that macroeconomic indicators are improving, foreign exchange interventions in some markets are working out, and there are moderate capital inflows across select frontier economies.
The data compiled by Nairametrics Research from central banks show that the Madagascar’s ariary, Zambian Kwacha, and Seychellois Rupee were the best-performing currencies on the continent during the month.
While some currencies gained due to improved external balances and policy adjustments, others benefited from currency stabilization measures and stronger commodity-linked inflows.
Some currencies remain unchanged from January’s end rates. Of the 42 currencies on the continent, about 12 currencies appreciated against the dollar while 23 depreciated against the dollar.
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Below are the top-performing African currencies in February based on their month-to-date (MTD) appreciation against the U.S. dollar.
Tanzanian shilling (TZS)
The Tanzanian Shilling recorded a 0.39% gain, strengthened slightly from 2,575 TZS/$ in January to 2,565 TZS/$ in February.
The modest gain reflects relative stability in Tanzania’s foreign exchange market during the month.
Eswatini’s lilangeni (SZL)
The Lilangeni gained 1.14% during the month, moving from 16.12 SZL/$ in January to 15.93 SZL/$ in February.
The currency is linked to the movement in the rand caused by its 1:1 peg, meaning developments in Eswatini’s exchange rate are closely tied to those in South Africa.
Under this framework, the Lilangeni and the rand are equivalent within Eswatini, and changes in the rand typically drive changes in the Lilangeni’s exchange rate against other global currencies.
Namibian dollar (NAD)
The Namibian Dollar appreciated by 1.23% on month-on-month. It moved from 16.14 NAD/$ to 15.94 NAD/$ in February.
Like Eswatini’s lilangeni, the currency’s performance reflects its peg to the rand under the regional monetary arrangement in Namibia.
As a result, the currency’s appreciation in February largely mirrors gains in rand during the same period.
South African rand (ZAR)
The South African Rand recorded a 1.25% appreciation in February, strengthening from 16.14 ZAR/$ in January to 15.94 ZAR/$ by month-end.
The gain shows improvement in South Africa’s currency market, which is supported by commodity-linked inflows and relatively stable financial market conditions during the month.
Lesotho loti (LSL)
The Lesotho Loti gained 1.32% month-on-month in February, strengthening from 16.14 LSL/$ in January to 15.93 LSL/$ by the end of the month.
Again, like Eswatini and Namibia, changes closely tracks the South African rand, as Lesotho also maintains a 1:1 peg with the rand, meaning changes in the rand drive the loti’s performance against the U.S. dollar.
Nigerian naira (NGN)
The Nigerian Naira ranked fifth among Africa’s best-performing currencies in February, appreciated by 1.62% month-on-month.
The currency improved from N1,391/$ in January to N1,368.50/$ in February, indicating relative stability in the foreign exchange market and improved liquidity conditions in Nigeria’s official foreign exchange window.
Ghanaian cedi (GHS)
The Ghanaian Cedi appreciated 2.29% during the month.
The currency closed February at 10.68 GHS/$, strengthened from 10.93 GHS/$ in January. This is reflective of Ghana’s continuous efforts to stabilize its macroeconomic environment following fiscal consolidation measures and ongoing economic reforms.
Seychelles rupee (SCR)
The Seychellois Rupee came in third, appreciated 4.03% in the month of February.
The currency strengthened from 14.44 SCR/$ to 13.86 SCR/$. Tourism in the country drives foreign exchange inflows in Seychelles, one of Africa’s most tourism-dependent economies.
Zambian kwacha (ZMW)
The Zambian Kwacha ranked second, appreciated 4.27% against the dollar.
The currency moved from 19.67 ZMW/$ at the end of January to 18.83 ZMW/$ by February close.
This reflects a strong interest in Zambia’s foreign exchange market as investors respond to ongoing fiscal reforms and expectations of stronger mining export revenues.
Madagascar Malagasy Ariary (MGA)
The Malagasy Ariary recorded the strongest appreciation in February, rising 5.45% in the month.
The currency strengthened from 4,437.50 MGA/$ in January to 4,195.83 MGA/$ in February.
It shows that forex liquidity improved and confidence in the island nation’s external balance position became stronger.
The performance placed Madagascar at the top of the African currency performance table for the month.
