Top 10 Best-Performing African Currencies in October 2025

Top 10 Best-Performing African Currencies in October 2025

In October 2025, several African currencies showed surprising strength against the US dollar, bucking the continent-wide trend of depreciation that has dominated much of the year.

While many African economies continue to grapple with inflation, high import costs, and external debt pressures, a few currencies — particularly the Liberian dollar, Ugandan shilling, and Zambian kwacha — managed to post gains, reflecting improved fiscal discipline and growing investor confidence.

According to data compiled by the Nairametrics Research Team from Investing.com and Trading Economics, these currencies recorded steady or slightly appreciating performances during the month, highlighting Africa’s growing pockets of monetary stability despite global headwinds.

Currencies That Showed Strong Performance

Countries like Eritrea, which maintains a stable currency regime and Uganda whose currency showed signs of recovery, led the way. These nations benefited from prudent monetary policies, controlled external exposure, and relatively healthy foreign exchange reserves — all key indicators of currency resilience amid global economic uncertainty.

Despite continued global financial pressures and fluctuating commodity prices, these performances signal that some African economies are effectively managing currency risk and inflation, positioning themselves better for 2026.

Best performing African currency in October against the US dollars.

10. Eritrean Nakfa (ERN15, 0.00%)

The Eritrean Nakfa (ERN) remained unchanged against the US dollar in October, maintaining a steady exchange rate of 15.00 ERN/$, the same level recorded by the end of September. This reflects that Eritrea’s exchange rate regime is well-managed. The value of the currency is officially pegged to the dollar with less fluctuation in the open market.

The Bank of Eritrea maintains firm oversight of the exchange market, prioritized stability over flexibility. Notwithstanding, this managed stability comes with constraints, including persistent foreign currency shortages, limited private sector access to hard currency, and a parallel market where rates are typically higher than the official peg.

The Nakfa’s unchanged exchange rate in October reflects Eritrea’s policy-driven currency stability rather than market-based strength.

9. Ugandan Shilling (UGX3,477.05, -0.23%)

The Ugandan Shilling (UGX) appreciated marginally by 0.23% against the US dollar in October. It strengthened from 3,485 UGX/$ at the beginning of the month to 3,477.05 UGX/$ at the end of the month. This modest gain reflects continued foreign exchange inflows and prudence in macroeconomic management by the Bank of Uganda (BoU).

In 2025, the shilling’s performance has been supported by strong remittance inflows, steady agricultural exports, and moderate fiscal spending. The BoU’s tight monetary policy stance has also helped control inflationary expectations and stabilization of the exchange rate. In addition, foreign investor confidence in Uganda’s local bond market has strengthened due to relatively attractive yields and improving macroeconomic fundamentals.

The shilling’s marginal appreciation in October underscores Uganda’s stable macroeconomic environment, effective monetary policy, and healthy foreign exchange inflows.

8. Mozambican Metical (MZN63.62, -0.45%)

The Mozambican Metical (MZN) appreciated slightly by 0.45% against the US dollar in October, strengthening from 63.91 MZN/$ to 63.62 MZN/$ at the end of the month. This marginal gain reflects a continuation of Mozambique’s relative currency stability, supported by prudent monetary policy and stable external inflows.

In 2025, the Metical’s resilience has been supported by robust foreign exchange reserves, steady agricultural and natural gas exports, and cautious policy management by the Bank of Mozambique. The country’s steady progress in liquefied natural gas (LNG) projects has helped sustain investor confidence and foreign investment inflows.

The metical’s modest October appreciation highlights Mozambique’s policy coordination and stable external environment.

7. Seychellois rupee (SCR14.86, -0.67%) 

The Seychellois Rupee (SCR) appreciated by 0.7% against the US dollar in October, strengthening from 14.96 SCR/$ opening rate to 14.86 SCR/$ at month-end. This steady performance highlights Seychelles’ stable macroeconomic framework, supported by strong tourism earnings and cautious fiscal management.

In 2025, the Rupee’s movement has been largely shaped by the country’s sound tourism recovery, which continues to be the main source of foreign exchange inflows. The Central Bank of Seychelles (CBS) has maintained a balanced policy stance, focusing on price stability and exchange rate flexibility. Improved fiscal discipline has also strengthened investor confidence and external buffers.

The Seychellois rupee’s mild October appreciation reflects a well-managed economy supported by solid tourism receipts, sound monetary policy, and fiscal prudence.

6. Sierra Leonean Leone (SLL 23.152, -0.68%) 

The Sierra Leonean Leone (SLL) appreciated by 0.7% against the US dollar in October, strengthening from 23,311 SLL/$ opening price to about 23,152 SLL/$ at the end of the month. This modest gain reflects the central bank’s ongoing efforts to stabilize the currency amid persistent inflationary and fiscal pressures.

In 2025, Sierra Leone’s economy continues to face challenges from high import dependency, limited export diversification, and fiscal constraints. The Bank of Sierra Leone (BSL) has maintained tight monetary policies to control inflation and reduce exchange rate volatility. Improved inflows from donor support and steady export performance in minerals and agriculture have provided some relief to the foreign exchange market.

The Leone’s marginal appreciation in October suggests tentative stabilization supported by monetary tightening and donor inflows.

5. Egyptian pound (EGP 47.24, -1.27%)

The Egyptian Pound (EGP) appreciated marginally by 1.3% against the US dollar in October, strengthening from 47.85 EGP/$ to 47.24 EGP/$ at the end of the month. This marginal gain reflects cautious stability in Egypt’s foreign exchange market following months of policy tightening and external financing support.

In 2025, the pound’s movement has been shaped by the government’s ongoing economic reform program under the International Monetary Fund (IMF) Extended Fund Facility (EFF), aimed at restoring macroeconomic balance and improving investor confidence. The Central Bank of Egypt (CBE) has allowed more exchange rate flexibility while maintaining tight monetary control to curb inflation. Increased foreign direct investment (FDI) inflows, and receipts from stronger tourism have supported the currency.

The Egyptian pound’s marginal appreciation in October indicates gradual stabilization supported by progressive reform and external inflows. However, sustained exchange rate stability will depend on consistent policy execution, inflation control, and improved export competitiveness.

4. Nigerian naira (NGN1,427.50, -3.42%)

The Nigerian Naira (NGN) appreciated by 3.4% against the US dollar in October, strengthening from around 1,478 NGN/$ to 1,427.50 NGN/$ at month-end. This modest recovery came amid tighter monetary measures, improved foreign exchange liquidity, and market interventions by the Central Bank of Nigeria (CBN).

In 2025, Naira’s performance has been shaped by the CBN’s foreign exchange reforms, higher oil prices, and stronger remittance inflows. The increase in global crude oil prices and efforts to boost domestic production have enhanced foreign exchange earnings, providing short-term relief to the naira.

However, structural challenges persist including weak non-oil exports, fiscal imbalances, and speculative demand for dollars.

In summary, the naira’s October appreciation reflects short-term FX liquidity improvements and monetary tightening.

3. Zambian kwacha (ZMW 22.13, -7.29) 

The Zambian kwacha (ZMW) strengthened by 7.3% against the US dollar in October, appreciating from roughly 23.87 ZMW/$ to 22.13 ZMW/$ at the end of the month. This recovery marks a significant improvement largely driven by progress in Zambia’s debt restructuring and improved investor confidence.

In 2025, Zambia’s macroeconomic landscape has been shaped by a combination of external debt negotiations, copper export performance, and monetary policy tightening. The successful restructuring of part of its external debt under the G20 Common Framework helped ease fiscal stress and boost foreign exchange inflows.

The kwacha’s appreciation reflects growing investor optimism, sustained copper export performance, and prudent monetary management. However, the currency remains sensitive to fluctuations in global commodity prices and the pace of fiscal reforms.

2. Ghanaian Cedi – (GHS 10.90, – 12.8%)

The Ghanaian Cedi (GHS) appreciated by 12.8% against the US dollar in October, strengthening from 12.50 GHS/$ to 10.90 GHS/$ at month-end. This marks one of the cedi’s strongest performances in 2025, reflecting improved foreign exchange liquidity and investor sentiment.

The improvement in the cedi has been supported by Ghana’s progress under the IMF Extended Credit Facility (ECF), which has helped restore confidence through fiscal discipline and improved balance-of-payments (BOP) support. Increased inflows from cocoa exports, gold receipts, and remittances have also supported the country’s foreign reserves, eased pressure on the currency.

The Cedi’s October performance reflects improved market confidence and stronger macroeconomic coordination.

1. Congolese Franc – (CDF 2,296.00, −16.32%)

The Congolese franc (CDF) recorded a significant appreciation of 16.3% against the US dollar in October, strengthening from 2,743.65 CDF/$ to 2,296.00 CDF/$ at the end of the month.

This movement reflects a temporary easing of foreign exchange pressures in the Democratic Republic of the Congo (DRC), driven largely by improved foreign inflows from the mining sector and tighter monetary policy measures.

In 2025, the DRC’s macroeconomic environment has remained shaped by its dependence on mineral exports, particularly cobalt and copper, which account for most of its foreign exchange earnings. Higher global demand and stable commodity prices have provided some relief to the exchange rate.

However, internal conflicts, fiscal pressures, and structural weaknesses in production and infrastructure continue to pose downside risks to currency stability.

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