Top Ten African Strongest Currencies in 2026

As 2026 unfolds, Africa’s economic landscape continues to showcase a mix of resilience and challenges, with currency strength serving as a key barometer of macroeconomic stability. While global headwinds—such as commodity price fluctuations, geopolitical tensions, and interest rate shifts by major central banks—continue to influence exchange rates, several African nations have managed to maintain relatively strong currencies through sound fiscal policies, diversified economies, and strategic resource management.

These stronger currencies help reduce import costs for essential goods, enhance investor confidence, and provide buffers against external shocks.

However, the continent’s overall picture remains varied, with several countries grappling with currency depreciation amid inflationary pressures, structural weaknesses, and political instability.

The Weakest Currencies in Africa

Africa’s weakest currencies continue to face significant headwinds, often exacerbated by high inflation, political instability, limited industrial capacity, and reliance on commodity exports. Many of these currencies require thousands of units to exchange for a single US dollar, driving up import costs and placing pressure on domestic economies.

Based on exchange rates from early 2026, here are the ten weakest African currencies:

1. São Tomé and Príncipe Dobra (STN) – Trading at approximately 22,282 per USD, this remains the continent’s weakest currency due to limited economic diversification and heavy reliance on imports.
2. Sierra Leonean Leone (SLL) – At around 20,970 per USD, persistent inflation and slow post-crisis recovery continue to undermine its strength.
3. Guinean Franc (GNF) – Exchanging at about 8,700 per USD, political transitions and mining sector volatility contribute to its weakness.
4. Malagasy Ariary (MGA) – Around 4,483 per USD, affected by environmental challenges and slow industrial growth in Madagascar.
5. Ugandan Shilling (UGX) – At approximately 3,541 per USD, inflationary pressures and rising external debt weigh on the currency.
6. Burundian Franc (BIF) – Valued at about 2,938 per USD, prolonged political instability continues to affect economic performance.
7. Tanzanian Shilling (TZS) – Trading near 2,548 per USD, recent depreciation is linked to global commodity shifts and domestic fiscal pressures.
8. Congolese Franc (CDF) – Approximately 2,300 per USD, with conflict and resource mismanagement in the Democratic Republic of Congo sustaining weakness.
9. Malawian Kwacha (MWK) – Around 1,700 per USD, impacted by agricultural vulnerabilities and aid dependence.
10. Rwandan Franc (RWF) – At about 1,450 per USD, despite Rwanda’s growth narrative, inflation and trade imbalances keep it among the weaker African currencies.

These currencies highlight the urgent need for structural reforms, inflation control, and reserve accumulation to stabilize exchange rates.

Strongest Currencies in Africa

Africa’s strongest currencies in 2026 are supported by a combination of oil revenues, tourism earnings, manufacturing exports, and prudent monetary management.

These countries often benefit from relatively stable governance and strong international partnerships, helping their currencies remain resilient despite broader pressures facing emerging markets.

Their currencies trade at lower nominal rates against the US dollar, reducing import costs and enhancing investor appeal.

1. Tunisian Dinar (TND) – Approximately 2.86 TND per USD
   Tunisia’s dinar tops the list, supported by strict exchange controls and a diversified economy spanning manufacturing, agriculture, and tourism.Despite political challenges, the Central Bank of Tunisia has maintained relatively low inflation and steady foreign reserves, helping keep import costs manageable and supporting domestic consumption.
2. Libyan Dinar (LYD) – Approximately 6.31 LYD per USD
   Libya’s dinar ranks second, driven largely by vast oil reserves that generate significant foreign exchange earnings.However, recent devaluations—including a reported 14.7% adjustment in mid-January 2026—underscore ongoing vulnerabilities, even as oil revenues provide a critical anchor.
3. Moroccan Dirham (MAD) – Approximately 9.01 MAD per USD
   Morocco’s dirham benefits from economic diversification into renewable energy, manufacturing, and the automotive sector, alongside stable macroeconomic management.Strong trade ties with Europe and steady foreign investment inflows have reinforced its resilience.
4. Ghanaian Cedi (GHS) – About 10.96 GHS per USD
   Ghana’s cedi has shown relative improvement following monetary reforms and strong cocoa export earnings.Central bank interventions have helped curb inflation, restoring some investor confidence.
5. Botswana Pula (BWP) – Approximately 13.65 BWP per USD
   Supported by diamond revenues and low public debt, Botswana’s pula reflects fiscal discipline and stable governance.Investment-grade credit ratings continue to bolster confidence in the currency.
6. Seychelles Rupee (SCR) – Around 14.99 SCR per USD
   Tourism and fisheries remain key drivers, with post-pandemic recovery strengthening foreign exchange inflows.A focus on sustainability has helped maintain currency stability.
7. Eritrean Nakfa (ERN) – Fixed at 15.00 ERN per USD
   Pegged to the US dollar, the nakfa offers predictability, though limited transparency and economic isolation pose long-term risks.
8. Swazi Lilangeni (SZL) – Approximately 16.12 SZL per USD
   Pegged to the South African rand, the lilangeni reflects regional economic trends and benefits from sugar and textile exports.
9. South African Rand (ZAR) – Around 16.02 ZAR per USD
   Africa’s most traded currency, the rand is supported by mineral exports such as gold and platinum, despite domestic economic challenges.
10. Namibian Dollar (NAD) – Approximately 16.02 NAD per USD
    Pegged one-to-one with the rand, Namibia’s dollar benefits from uranium and diamond exports, alongside relatively stable governance.

These currencies represent pockets of stability across the continent, often anchored by natural resources or disciplined economic policies, and remain attractive for foreign direct investment and trade.

Currency Performance Over the Last Five Years (2021–2026)

Over the past five years, Africa’s strongest currencies have followed varied trajectories amid global shocks such as the COVID-19 pandemic, commodity price cycles, and global interest rate hikes.

• Tunisian Dinar (TND): Relatively stable, fluctuating between 2.7–3.1 per USD.
• Libyan Dinar (LYD): Volatile, weakening from around 4.5 in 2021 to about 6.3 in 2026.
• Moroccan Dirham (MAD): Stable within the 8.9–9.5 range.
• Ghanaian Cedi (GHS): Significant depreciation from 5.92 in 2021 to 10.96 in 2026.
• Botswana Pula (BWP): Gradual weakening from 11.0 to 13.65.
• Seychelles Rupee (SCR): Volatile but stabilizing post-pandemic.
• Eritrean Nakfa (ERN): Fixed at 15 per USD throughout.
• Swazi Lilangeni (SZL): Depreciated alongside the rand.
• South African Rand (ZAR): Highly volatile, recovering to around 16 by 2026.
• Namibian Dollar (NAD): Closely mirrored rand movements.

Overall, North African currencies such as the TND and MAD have remained relatively stable, while others—particularly the GHS—have experienced notable depreciation. Sustained diversification, inflation control, and policy discipline will remain crucial for long-term currency strength.