Several African currencies strengthened against the U.S. dollar in early 2026 as improving commodity prices, macroeconomic reforms, and stronger export revenues supported foreign-exchange inflows across the continent.
Analysts note that currencies in resource-rich economies, particularly those benefiting from metals, energy, or agricultural exports, have shown the most resilience.
Below are the ten African currencies that recorded the strongest performance during February 2026 based on appreciation and stability against the U.S. dollar.
1. Ghanaian Cedi (GHS)The Ghanaian cedi ranked among the best-performing currencies due to strong export earnings from gold and cocoa, tighter monetary policies, and improving investor confidence in the country’s fiscal reforms. The currency had already recorded significant gains in the previous year, reinforcing its momentum into 2026. News Ghana
2. Zambian Kwacha (ZMW)Zambia’s currency benefited from progress on sovereign debt restructuring and stronger copper export revenues. Increased foreign-currency inflows from mining activity also supported the kwacha’s appreciation. ExportFocus Africa
3. Congolese Franc (CDF)The Democratic Republic of Congo’s franc strengthened due to high global demand for cobalt and copper, two key exports that drive foreign-exchange inflows into the country.
4. South African Rand (ZAR)The rand continued to gain support from high precious-metal prices, especially gold and platinum, which boosted export earnings and improved investor sentiment toward South Africa’s markets. Reuters
5. Moroccan Dirham (MAD)Morocco’s dirham remained stable thanks to a diversified economy supported by tourism, manufacturing exports, and steady monetary policy management.
6. Botswana Pula (BWP)Botswana’s currency performed strongly due to stable macroeconomic policies and foreign-exchange reserves backed largely by diamond exports.
7. Kenyan Shilling (KES)The Kenyan shilling experienced improved stability after policy interventions by the central bank and stronger remittance inflows from the diaspora.
8. Tunisian Dinar (TND)Tunisia continued to maintain one of Africa’s strongest currencies, supported by strict exchange-control policies and efforts to manage inflation.
9. Libyan Dinar (LYD)Despite political challenges, Libya’s oil exports continue to generate large foreign-exchange inflows, helping stabilize and strengthen its currency.
10. Mauritian Rupee (MUR)The rupee benefited from tourism recovery, strong financial-services exports, and stable economic management.
Overview The performance of African currencies in early 2026 reflects broader economic trends across the continent. Countries with strong commodity exports, improving fiscal discipline, and credible central-bank policies are seeing their currencies stabilize or appreciate against the dollar.
Analysts say that sustained reforms and diversification will remain key to maintaining currency strength in the coming months.
Source: Nairametrics
