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 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.
