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.
Below are the top-performing African currencies in February based on their month-to-date (MTD) appreciation against the U.S. dollar.
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.
