Some African currencies strengthened against the U.S. dollar in April 2026, reflecting improving macroeconomic conditions, stronger foreign exchange liquidity, and sustained policy support in select markets across the continent.
The data compiled by Nairametrics Research from central banks show that the Seychellois rupee, Zambian kwacha, and Comorian franc were the best-performing currencies in Africa during the month.
While some currencies gained due to improved external balances and stronger foreign exchange inflows, others benefited from regional monetary stability arrangements and currency management policies.
Several countries using the West African CFA franc also recorded gains during the month, reflecting the relative stability of the shared regional currency against the dollar.
Below are the top-performing African currencies in April based on their appreciation against the U.S. dollar.
Namibian dollar (NAD)
The Namibian dollar appreciated by 1.62% in April, strengthening from 16.95 NAD/$ in March to 16.67 NAD/$ by month-end.
The gain reflects stronger sentiment across Southern African currency markets during the month, as the Namibian dollar continued to benefit from its 1:1 peg with the South African rand, which gained support from improved commodity-linked inflows and investor confidence
South African rand (ZAR)
The South African rand recorded a 1.63% appreciation in April, strengthening from 16.94 ZAR/$ in March to 16.67 ZAR/$ by month-end.
The rand strengthened during the month as higher earnings from commodity exports and improved investor confidence supported demand for South Africa’s currency
Lesotho loti (LSL)
The Lesotho loti appreciated by 1.67% month-on-month in April, strengthening from 16.95 LSL/$ in March to 16.66 LSL/$ at the end of the month.
The loti’s movement closely mirrors the South African rand because Lesotho maintains a 1:1 peg with the rand under the Common Monetary Area arrangement.
Eswatini lilangeni (SZL)
Eswatini’s lilangeni gained 1.67% during the month, moving from 16.95 SZL/$ in March to 16.66 SZL/$ in April.
Like Lesotho and Namibia, the currency’s performance reflects its close link to the South African rand due to the regional monetary framework.
Egyptian pound (EGP)
The Egyptian pound appreciated by 1.67% in April, strengthening from 54.53 EGP/$ in March to 53.62 EGP/$ by the end of the month.
The gain reflects improving confidence in Egypt’s foreign exchange market, supported by recent currency reforms and higher inflows of foreign currency from sources like remittances, investments, and external funding
Tunisian dinar (TND)
The Tunisian dinar appreciated 1.69% during the month.
The currency strengthened from 2.93 TND/$ in March to 2.88 TND/$ in April, reflecting relative exchange rate stability and improved external conditions in Tunisia.
West African CFA franc countries (XOF)
Several West African countries using the CFA franc recorded a 1.79% appreciation against the dollar in April, with the currency strengthening from 572 XOF/$ in March to 561.75 XOF/$ in April.
The countries include Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo.
The performance reflects the relative stability of the West African Economic and Monetary Union (WAEMU) currency framework during the month.
Comorian franc (KMF)
The Comorian franc ranked third among Africa’s best-performing currencies in April, appreciating 1.81% during the month.
The currency strengthened from 428.59 KMF/$ in March to 420.82 KMF/$ in April.
The gain reflects stable external financial conditions and improved foreign exchange market performance in the island nation.
Zambian kwacha (ZMW)
The Zambian kwacha ranked second, appreciating 2.43% against the dollar in April.
The currency strengthened from 19.35 ZMW/$ at the end of March to 18.88 ZMW/$ by April close.
The performance reflects improving investor confidence in Zambia’s economy, supported by stronger mining export expectations and ongoing fiscal reforms.
Seychelles rupee (SCR)
The Seychellois rupee recorded the strongest appreciation in April, rising 7.07% during the month.
The currency strengthened from 14.94 SCR/$ in March to 13.89 SCR/$ in April.
The strong performance reflects sustained foreign exchange inflows into the tourism-dependent economy and improving liquidity conditions in Seychelles.
The appreciation placed Seychelles at the top of Africa’s currency performance rankings for April 2026.
How the naira performed
Although the Nigerian naira did not rank among Africa’s top 10 best-performing currencies in April 2026, it still showed a modest gain during the month.
The naira appreciated by 0.94%, strengthening to N1,374/$ from N1,387/$ in March in April, making it the 21st best-performing currency on the continent during the period.
The appreciation reflects improving stability in Nigeria’s foreign exchange market amid better FX liquidity conditions.
Investor sentiment also remained relatively positive during the month, as the NGX All-Share Index (ASI) advanced by 20.36% year-to-date to 242,277.81 points, suggesting continued confidence in Nigerian financial assets despite lingering pressure on the country’s external reserves.
