10 Best-Performing African Currencies: Is Nigeria On The List?

In 2025, several African currencies showed rare resilience against the US dollar. This is a sharp contrast to the widespread depreciation seen across much of the continent.

According to data compiled from Investing.com and Trading Economics,  several African currencies posted notable gains, driven by disciplined monetary policy and stable foreign reserves, which in turn improved investor confidence.

Here’s a breakdown of the 10 best-performing African currencies in October 2025, and what drove their strength.

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The Congolese Franc (CDF) led the continent, strengthening from 2,743.65 CDF/$ to 2,296.00 CDF/$, a remarkable 16.3% gain in October 2025. The rally was driven by improved foreign inflows from the mining sector (especially cobalt and copper), coupled with tighter monetary policy. However, ongoing internal conflicts and structural weaknesses continue to threaten long-term stability.

The Ghanaian Cedi (GHS) appreciated by 12.8%, moving from 12.50 GHS/$ to 10.90 GHS/$. Its performance reflects renewed confidence under Ghana’s IMF Extended Credit Facility (ECF), alongside increased inflows from cocoa exports, gold, and remittances. Fiscal discipline and balance-of-payment support helped steady the market after a turbulent start to the year.

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The Zambian Kwacha (ZMW) gained 7.3%, rising from 23.87 ZMW/$ to 22.13 ZMW/$. This marks a comeback powered by progress in debt restructuring progress, improved copper export performance, and renewed investor optimism. The country’s success under the G20 Common Framework also helped ease fiscal pressure and stabilize its foreign exchange market.

The Nigerian Naira (NGN) strengthened by 3.4%, from 1,478 NGN/$ to 1,427.50 NGN/$. This modest recovery follows the implementation of foreign exchange reforms and tighter monetary controls by the Central Bank of Nigeria (CBN). Higher oil prices and improved remittance inflows have provided short-term relief, though structural challenges, such as weak non-oil exports, remain.

The Egyptian Pound (EGP) appreciated slightly by 1.3%, improving from 47.85 EGP/$ to 47.24 EGP/$. The stability reflects steady progress under the IMF’s Extended Fund Facility (EFF), aimed at restoring confidence and macroeconomic balance. Increased tourism receipts and FDI inflows helped sustain the pound amid high inflation pressures.

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The Sierra Leonean Leone (SLL) gained 0.7%, rising from 23,311 SLL/$ to 23,152 SLL/$. The improvement follows ongoing monetary tightening by the Bank of Sierra Leone (BSL) and consistent donor inflows. Despite persistent inflation and fiscal challenges, the Leone showed signs of stabilisation.

The Seychellois Rupee (SCR) also strengthened by 0.7%, from 14.96 SCR/$ to 14.86 SCR/$. This reflects Seychelles’ robust tourism recovery and sound fiscal management. The Central Bank’s balanced approach to inflation and currency flexibility has kept the economy on a stable footing.

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The Mozambican Metical (MZN) appreciated by 0.45%, moving from 63.91 MZN/$ to 63.62 MZN/$. Backed by strong foreign reserves, steady Liquefied Natural Gas (LNG), agricultural exports, and prudent monetary policy, the Metical remains one of Africa’s most stable currencies. Progress in LNG projects continues to support investor confidence.

The Ugandan Shilling (UGX) gained 0.23%, from 3,485 UGX/$ to 3,477.05 UGX/$. This small but steady rise was powered by remittance inflows, agricultural exports, and the Bank of Uganda’s tight monetary stance. Attractive yields in Uganda’s bond market have also drawn foreign investors, bolstering the currency’s stability.

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The Eritrean Nakfa (ERN) remained unchanged at 15.00 ERN/$, maintaining its official peg to the US dollar. While this reflects policy-driven stability, the fixed regime limits flexibility and creates foreign currency shortages in the parallel market. The Nakfa’s steadiness is therefore more a result of strict regulation than market strength.

While many nations continue to face inflation, debt, and external pressure, a few have shown that discipline, diversification, and sound policy can yield tangible results. Countries like Ghana, Zambia, and Nigeria exemplify how monetary reforms and investor confidence can stabilize currencies even amid global headwinds.

As 2025 winds down, will these gains be sustained, or are they merely short-lived rebounds in a volatile global market?

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