Best performing African currencies in November 2025 

African currencies closed November 2025 with mixed performances, but only a handful delivered meaningful gains against the U.S. dollar amid persistent global monetary tightening.

The month’s foreign exchange (FX) movements highlight how policy tightening, commodity prices, and regional monetary unions shaped currency stability across the continent.

Despite global financial uncertainty, a number of African currencies posted noticeable gains in November, supported by improved external inflows and sector-specific recoveries.

Africa’s currency landscape in November 2025 reflected shifting macroeconomic conditions, with monetary discipline, trade activity, and commodity trends driving the direction of several national currencies.

From mineral-rich economies to regional monetary blocs, November’s FX performance showed that countries with stronger policy frameworks and export momentum were better positioned to record currency appreciation.

Nigeria’s naira, which gained 3.4% against the U.S. dollar in October 2025 and ranked as the month’s fourth-best performer, reversed course in November with a 1.36% decline.

Below are the best-performing African currencies in November against the US dollar.

Congolese Franc (CDF)-0.66%

• November Close: 2,280.75/$ | October: 2,296.00/$ 

The Congolese Franc appreciated slightly in November, reflecting stronger mining export volumes, especially in cobalt and copper. Global demand for battery minerals remained firm, supporting FX inflows.

Despite fiscal strain from ongoing security operations in the eastern region, the CDF benefited from improved central bank oversight of FX transactions. The currency’s stability remains closely tied to commodity market performance.

Zimbabwean Dollar (ZWL)-0.68%

• November Close: 26.19/$ | October: 26.37/$ 

The Zimbabwean Dollar recorded mild gains, supported by stricter monetary controls and continued use of the multi-currency regime. The government’s clampdown on parallel market speculation helped reduce volatility across FX channels. Increased tobacco export receipts provided seasonal FX support.

However, inflationary pressures remain a concern, limiting the extent of ZWL strengthening despite tighter policy enforcement.

Central African CFA Franc (XAF) –0.73%

• November Close: 566.31/$ | October: 570.48/$ 

The Central African CFA franc (XAF) appreciated slightly by 0.73% in November, reflecting minor regional pressures within the BEAC monetary zone. Member countries—including Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, and Gabon saw relatively stable currency movements supported by the franc’s peg to the euro and coordinated monetary policy.

Strong oil exports in Gabon and Equatorial Guinea, alongside commodity-driven inflows in Cameroon and Congo, helped cushion the currency against external volatility. While domestic fiscal challenges persisted in some economies, regional monetary discipline and continued euro strength maintained overall stability for the XAF bloc.

South African Rand (ZAR)-1.08%

• November Close: 17.11/$ | October: 17.30/$ 

The South African Rand appreciated moderately in November as markets responded positively to ongoing fiscal consolidation measures announced in the Medium-Term Budget Policy Statement.

Investor appetite improved following better-than-expected mining sector output, particularly in platinum group metals. Although load shedding concerns persisted, reduced stage levels in Q4 helped stabilize business sentiment. A weaker U.S. dollar index in the latter part of the month also contributed to ZAR strength.

Namibian Dollar (NAD)-1.21%

• November Close: 17.11/$ | October: 17.32/$ 

Namibia’s currency gained as investor confidence rose following progress on its landmark green hydrogen projects in late 2025. The NAD, which is pegged to the South African Rand, also mirrored ZAR strength. Rising diamond and uranium export earnings contributed to a more balanced FX market. The Bank of Namibia maintained a tight monetary stance to support the currency amid lingering global volatility.

Lesotho Loti (LSL)-1.28%

• November Close: 17.11/$ | October: 17.33/$ 

The Lesotho Loti strengthened in line with the South African Rand, reflecting the fixed parity arrangement under the Common Monetary Area (CMA). Improved remittance inflows during the year-end period supported FX liquidity.

Domestic inflation eased slightly in November, aided by lower food imports and stable energy costs. As a small open economy, Lesotho continues to benefit from regional monetary convergence.

Eswatini Lilangeni (SZL)-1.29%

• November Close: 17.10/$ | October: 17.33/$ 

The Eswatini Lilangeni appreciated in November, tracking gains in the South African Rand due to the one-to-one peg between both currencies. Eswatini benefited from subdued inflation and improved SACU revenue prospects, which strengthened investor sentiment.

The economy also saw steady export activity in sugar and soft drink concentrates, supporting FX stability. Monetary tightening in the region further anchored short-term gains in the SZL.

West African CFA Franc (XOF) -2.16%

• November Close:565/$ | October: 577.50/$ 

The West African CFA franc appreciated by 2.16% in November, benefiting from the euro’s strengthening as Eurozone inflation eased and monetary conditions improved in late 2025. Across the UEMOA bloc, member countries—including Benin, Burkina Faso, Guinea-Bissau, Côte d’Ivoire, Mali, Niger, Senegal, and Togo—recorded gains driven by stable regional monetary policy under the BCEAO and stronger export performance.

Benin and Togo saw improved trade flows through their major ports, while Côte d’Ivoire and Mali benefited from elevated cocoa and gold prices respectively. Burkina Faso and Niger recorded steady FX inflows from agriculture and mineral commodities despite lingering security pressures.

Senegal maintained strong services and tourism momentum, and Guinea-Bissau enjoyed a boost from cashew exports and renewed political stability. Overall, the currency’s appreciation reflects a combination of regional monetary discipline, commodity-backed earnings, and improved external conditions supporting the euro peg.

Liberian Dollar (LRD) -3.22%

• November Close:177.60/$ | October: 183.50/$ 

The Liberian Dollar posted a solid appreciation in November, supported by improved confidence following the rollout of Liberia’s digital financial transparency reforms in mid-2025. Increased donor inflows and seasonal diaspora remittances also boosted FX supply, helping to ease pressure on the currency.

The Central Bank’s move to tighten monetary controls and limit speculative activity around FX trading contributed to the month’s stability. Despite structural vulnerabilities, the LRD’s sustained gains reflect stronger policy discipline and better liquidity conditions heading into the end of the year.

Seychellois Rupee (SCR) -8.67%

• November Close: 13.57/$ | October: 14.86/$ 

The Seychellois Rupee emerged as Africa’s best-performing currency in November 2025, marking its strongest monthly gain in over a year. The appreciation was largely supported by a surge in tourism inflows as European travel recovered strongly in Q4 2025, boosting FX liquidity.

Seychelles also benefited from restrained imports and a stable inflation environment, thanks to the government’s fiscal consolidation program under its macroeconomic reform plan. The Central Bank’s cautious FX interventions helped smooth volatility without weakening reserves. Overall, robust external receipts and effective currency management positioned the SCR as the continent’s top performer for the month.