Several African currencies bucked global trends in October 2025, showing rare strength against the U.S. dollar amid market pressures.
Despite widespread global currency weakness, a handful of African currencies appreciated against the U.S. dollar in October 2025, led by the Congolese franc (+16.3%), Ghanaian cedi (+12.8%), and Zambian kwacha (+7.3%). These gains reflected stronger export earnings, debt restructuring progress, and tighter monetary policies.
The Nigerian naira also strengthened 3.4%, buoyed by higher oil prices and Central Bank FX reforms, while Egypt’s pound (+1.3%), Sierra Leone’s leone (+0.7%), Seychellois rupee (+0.7%), Ugandan shilling (+0.23%), and Mozambican metical (+0.45%) posted modest advances. Meanwhile, the Eritrean nakfa remained unchanged due to its fixed peg system.
Analysts say October’s resilience was driven by disciplined monetary policy, external inflows, and IMF-backed reforms, underscoring improved confidence and stability across select African economies.
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