Top 10 best-performing African currencies in February 2026

IronHeadMiner · 2026-03-11T12:30:07+00:00

In February 2026, several African currencies, notably Madagascar's ariary and Zambian kwacha, strengthened against the U.S. dollar due to improving macroeconomic indicators and effective foreign exchange interventions. Despite this, many currencies remained unchanged or depreciated.

IronHeadMiner

2026-03-11 12:30:07

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Some African currencies strengthened against the U.S. dollar in February 2026, reflecting that macroeconomic indicators are improving, foreign exchange interventions in some markets are working out, and there are moderate capital inflows across select frontier economies.

The data compiled by Nairametrics Research from central banks show that the Madagascar’s ariary, Zambian Kwacha, and Seychellois Rupee were the best-performing currencies on the continent during the month.

While some currencies gained due to improved external balances and policy adjustments, others benefited from currency stabilization measures and stronger commodity-linked inflows.

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Some currencies remain unchanged from January’s end rates. Of the 42 currencies on the continent, about 12 currencies appreciated against the dollar while 23 depreciated against the dollar.

Below are the top-performing African currencies in February based on their month-to-date (MTD) appreciation against the U.S. dollar.

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10. Tanzanian shilling (TZS) ****

1. **Tanzanian shilling (TZS) **
1. Eswatini’s lilangeni (SZL)
1. **Namibian dollar (NAD) **
1. **South African rand (ZAR) **
1. **Lesotho loti (LSL) **
1. **Nigerian naira (NGN) **
1. **Ghanaian cedi (GHS) **
1. **Seychelles rupee (SCR) **
1. **Zambian kwacha (ZMW) **
1. **Madagascar Malagasy Ariary (MGA) **

The Tanzanian Shilling recorded a 0.39% gain, strengthened slightly from 2,575 TZS/$ in January to 2,565 TZS/$ in February.

The modest gain reflects relative stability in Tanzania’s foreign exchange market during the month.

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10. Tanzanian shilling (TZS) ****

1. **Tanzanian shilling (TZS) **
1. Eswatini’s lilangeni (SZL)
1. **Namibian dollar (NAD) **
1. **South African rand (ZAR) **
1. **Lesotho loti (LSL) **
1. **Nigerian naira (NGN) **
1. **Ghanaian cedi (GHS) **
1. **Seychelles rupee (SCR) **
1. **Zambian kwacha (ZMW) **
1. **Madagascar Malagasy Ariary (MGA) **

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