Some African currencies gained slightly against the U.S. dollar in March 2026, giving a sense of relief across parts of the continent’s foreign exchange markets.
After stronger gains in February, March was calmer, almost like markets were catching their breath.
Data compiled by Nairametrics Research from central banks show that Zimbabwe, Mozambique, and Mauritania led the gains in March.
However, a closer look at both February and March performance shows momentum is slowing, with earlier gains beginning to fade.
In February, currencies in Madagascar and Nigeria posted stronger gains of 5.45% and 1.62% respectively, but these moderated in March, pointing to a more gradual and less broad-based recovery.
At the same time, currencies in Malawi, Djibouti, Eritrea, and Somalia remained unchanged across both months, reflecting tightly controlled exchange rate regimes that often mask limited market activity.
Nigeria’s naira tells a more volatile story, depreciating by 1.35% to 1,387/$ in March. This comes after a 1.62% increase in February, highlighting persistent pressures in the FX market.
Overall, while February brought optimism, March reflects caution and consolidation, reinforcing that Africa’s currency recovery remains uneven and still unfolding.
What the data is saying
Six currencies appreciated marginally, ranging from 0.01% to 1.55%
Malawian Kwacha, Djiboutian Franc, Eritrean Nakfa, Somali Shilling, Sudanese Pound are the five currencies that remained largely unchanged in the month at official rates due to tightly managed FX regimes.
Thirty currencies depreciated in the month, and the value of the South Sudanese Pound could not be sourced.
African currencies that appreciated in March 2026
The Guinea Franc recorded a marginal 0.01% appreciation in March, improving slightly to 8,770.00 GNF/$ from 8,770.50 GNF/$ in February.
This follows a similarly flat performance in February, where the currency gained just 0.05%. Together, both months reflect a tightly managed and highly stable exchange rate environment.
Backed by strong bauxite exports, Guinea’s FX inflows continue to quietly anchor the currency, even if the gains are barely noticeable.
