Africa’s foreign exchange landscape in 2025 was marked by selective currency recoveries rather than broad-based strength, with Ghana’s cedi emerging as the continent’s strongest performer against the US dollar. The sharp rebound of the cedi placed it firmly at the top of the rankings, followed by notable gains in Zambia’s kwacha and the Congolese franc.
Across African markets, currency movements reflected a combination of policy actions, export-related foreign exchange inflows and the stabilising effect of currency pegs. These factors showed that strong gains were possible even amid a volatile global environment.
However, most other African currencies recorded only moderate appreciation or stabilisation, highlighting the uneven nature of the recovery. According to Nairametrics, commodity-backed economies and disciplined macroeconomic management played a key role in the strongest performances, while global dollar trends continued to shape outcomes across the region.
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Nigeria’s naira posted a modest appreciation of 6.91% in 2025, placing it 22nd among African currencies and underscoring a relatively muted recovery in its foreign exchange market compared with top performers.
Below are the top 10 best performed African currencies in 2025
— Ghana’s cedi ranked first with a 28.57% appreciation
— Zambian kwacha at 20.48%
— Congolese franc at 20.09%
— Central African CFA franc with a 12.81% gain
— South African rand at 12.11%
— Lesotho loti at 12.10%
— Namibian dollar at 12.09%
— Eswatini lilangeni at 11.90%
— Comorian franc at 11.55% a
— São Tomé and Príncipe dobra at 10.95%.
The dobra’s appreciation during the year was largely driven by its peg to the euro, which delivered low volatility and predictable foreign exchange movements. While this stability supported price control, it did not reflect deeper domestic FX market activity.
The currency recorded its strongest monthly gains in March at 4.07% and June at 3.73%, while weaker performance was seen in July, when it declined by 3.26%, and October, with a 1.75% drop.
Overall, the dobra’s steady performance reflected external monetary conditions linked to the euro rather than domestic reforms or expanding FX market depth, reinforcing the broader theme of uneven currency recovery across Africa in 2025.
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Image Credit: The Economic Times
