Naira Ranks High Among 10 Best-Performing Currencies in Africa; Full List Emerges
- The Nigerian currency, the naira has defied headwinds to rank high among Africa’s 10 best-performing currencies
- The local currency has seen impressive appreciation since September, making it to stand tall among Africa’s best currencies
- The naira appreciated by 3.4%, strengthening from ₦1,478 per dollar to ₦1,427.50 per dollar, outperforming six other currencies
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigerian naira has been ranked among Africa’s ten best-performing currencies for October 2025, according to data from Investing.com and Trading Economics.
The naira appreciated by 3.4%, strengthening from ₦1,478/$ to ₦1,427.50/$, outperforming six other currencies on the continent.
Source: Getty Images
This modest yet significant rebound follows a string of foreign exchange reforms implemented by the Central Bank of Nigeria (CBN).
High oil prices boosts naira’s value
The reforms, including market unification, tighter liquidity control, and curbs on speculative trading, have helped stabilize the currency after a turbulent start to the year.
Higher oil prices, improved remittance inflows, and a firmer grip on monetary policy have all contributed to the naira’s recent stability.
However, analysts warn that structural bottlenecks, particularly weak non-oil exports and persistent dollar demand, could still limit further appreciation.
Congo, Ghana lead the pack
Topping the list is the Congolese Franc (CDF), which appreciated by 16.3% in October, the strongest performance across the continent.
The currency’s strength was driven by surging mining exports, particularly cobalt and copper, and tighter monetary policies designed to keep inflation in check.
Close behind is the Ghanaian Cedi (GHS), which gained 12.8%, reflecting renewed confidence under Ghana’s IMF Extended Credit Facility.
The West African nation benefited from improved cocoa and gold export revenues, strong remittance flows, and fiscal discipline after a challenging 2024 marked by inflation and external shocks.
Zambia’s Kwacha (ZMW) ranked third, rising 7.3% amid progress on debt restructuring under the G20 Common Framework, improved copper export performance, and a noticeable return of investor optimism.
Other regional performers
Egypt’s Pound (EGP) also made the list with a 1.3% appreciation, supported by steady progress under the IMF Extended Fund Facility and stronger inflows from tourism and foreign direct investments.
The Sierra Leonean Leone (SLL) and the Seychellois Rupee (SCR) both appreciated by 0.7%, reflecting successful monetary tightening and fiscal prudence. Seychelles, in particular, benefited from a robust tourism rebound that has kept its economy relatively stable.
Mozambique’s Metical (MZN) gained 0.45%, supported by strong foreign reserves, growing LNG exports, and a cautious monetary policy stance.
Meanwhile, Uganda’s Shilling (UGX) rose by 0.23%, helped by healthy remittance inflows, agricultural export performance, and attractive government bond yields that drew foreign investors.
At the bottom of the list, the Eritrean Nakfa (ERN) remained stable at 15.00 ERN/$, maintaining its long-standing peg to the US dollar.
While its exchange rate appears unchanged, analysts note that this stability is policy-driven rather than a reflection of market strength, as strict controls have led to foreign currency shortages in the parallel market.
A continent learning fiscal discipline
Despite ongoing challenges such as inflation, debt overhang, and external shocks, a handful of African nations are showing that fiscal discipline and strategic policy management can restore investor trust.
Countries like Ghana, Zambia, and Nigeria stand out for implementing reforms that balance market stability with growth, proving that recovery is possible even in uncertain global conditions.
As 2025 winds down, the key question remains: Can these gains endure amid tightening global financial conditions, or are they simply short-lived rebounds in an unpredictable market?
Source: Getty Images
Either way, the resurgence of Africa’s currencies, led by the naira’s quiet comeback, signals a renewed optimism that the continent’s economies are learning to navigate global storms with greater resilience and confidence.
Naira rebounds as Nigeria’s Eurobond sale smashes records
Legit.ng earlier reported that The Nigerian naira demonstrated renewed resilience on Thursday, November 6, 2025, appreciating against the US dollar in both official and parallel markets amid easing demand pressures and stronger foreign reserves.
Data released by the Central Bank of Nigeria (CBN) showed that the local currency climbed to ₦1,436 per dollar at the official window, strengthening from ₦1,446 per dollar recorded the previous day.
The naira also hit an intraday high of ₦1,441 per dollar, with a low of ₦1,434, reflecting improved liquidity and reduced speculative pressure.
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Source: Legit.ng
