In 2025, Africa’s foreign exchange market was shaped by selective recoveries rather than broad-based strength, with Ghana’s cedi emerging as the continent’s top performer against the US dollar.
The Ghana cedi’s dramatic rebound led the way, followed closely by Zambia’s kwacha and the Congolese franc.
Across the continent, FX movements reflected a mix of policy interventions, export-driven inflows, and peg-driven stability, showing that strong gains were achievable even in a volatile environment.
Most other currencies experienced moderate appreciation or stabilization, highlighting the uneven nature of the market.
Commodity-rich economies and disciplined macroeconomic policies were central to the strongest trends, while global dollar dynamics continued to influence outcomes.
The Nigerian naira delivered a modest 6.91% appreciation in 2025, ranking 22nd among African currencies and underscoring its relatively subdued FX recovery.
Below are the top 10 best performed African currencies in 2025
The dobra’s appreciation in 2025 was anchored to its euro peg, resulting in low volatility and predictable FX movements. While supportive of price stability, the gains did not reflect domestic FX market depth.
The strongest appreciation occurred in March (-4.07%) and June (-3.73), while the weakest performance was seen in July (3.26%) and October (1.75%).
The dobra experienced low volatility and predictable FX movements, with currency strength reflecting external monetary conditions rather than domestic FX market depth or reform momentum.