Best performing currencies in Africa – March 2026

Some African currencies gained slightly against the U.S. dollar in March 2026, giving a sense of relief across parts of the continent’s foreign exchange markets.

After stronger gains in February, March was calmer, almost like markets were catching their breath.

Data compiled by Nairametrics Research from central banks show that Zimbabwe, Mozambique, and Mauritania led the gains in March.

However, a closer look at both February and March performance shows momentum is slowing, with earlier gains beginning to fade.

In February, currencies in Madagascar and Nigeria posted stronger gains of 5.45% and 1.62% respectively, but these moderated in March, pointing to a more gradual and less broad-based recovery.

At the same time, currencies in Malawi, Djibouti, Eritrea, and Somalia remained unchanged across both months, reflecting tightly controlled exchange rate regimes that often mask limited market activity.

Nigeria’s naira tells a more volatile story, depreciating by 1.35% to 1,387/$ in March. This comes after a 1.62% increase in February, highlighting persistent pressures in the FX market.

Overall, while February brought optimism, March reflects caution and consolidation, reinforcing that Africa’s currency recovery remains uneven and still unfolding.

What the data is saying

Six currencies appreciated marginally, ranging from 0.01% to 1.55%

Malawian Kwacha, Djiboutian Franc, Eritrean Nakfa, Somali Shilling, Sudanese Pound are the five currencies that remained largely unchanged in the month at official rates due to tightly managed FX regimes.

Thirty currencies depreciated in the month, and the value of the South Sudanese Pound could not be sourced.

African currencies that appreciated in March 2026

Guinea Franc (GNF)  

The Guinea Franc recorded a marginal 0.01% appreciation in March, improving slightly to 8,770.00 GNF/$ from 8,770.50 GNF/$ in February.

This follows a similarly flat performance in February, where the currency gained just 0.05%. Together, both months reflect a tightly managed and highly stable exchange rate environment.

Backed by strong bauxite exports, Guinea’s FX inflows continue to quietly anchor the currency, even if the gains are barely noticeable.

Liberia dollar (LRD)

The Liberian Dollar appreciated by 0.14% in March, strengthening to 183.00 LRD/$ from 183.25 LRD/$ in February.

This marks a turnaround from February’s 0.69% depreciation, suggesting that conditions in Liberia’s FX market may be stabilizing.

With inflation at 3.10% in February and steady inflows from remittances and natural resources, the currency appears to be regaining some balance after earlier pressure.

Madagascar Malagasy Ariary (MGA)  

The Malagasy Ariary gained 0.36% in March, moving to 4,180.86 MGA/$ from 4,195.83 MGA/$.

However, this comes after a much stronger 5.45% appreciation, the highest on the continent in February. The sharp slowdown highlights how exceptional February’s performance was. Even so, continued support from export earnings, particularly vanilla and mining, is helping the currency maintain its strength.

Mauritanian Ouguiya (MRU)  

The Ouguiya appreciated by 0.37% in March, strengthening to 39.90 MRU/$ from 40.05 MRU/$.

This follows February’s 0.28% decline, marking a modest reversal in momentum. The currency’s performance reflects a combination of managed exchange rate policies and steady demand for Mauritanian exports such as iron ore, gold, and fish, which continue to support foreign exchange inflows.

Mozambican Metical (MZN)  

The Mozambican Metical recorded a 0.59% gain in March, improving to 63.60 MZN/$ from 63.98 MZN/$.

In February, the currency had dipped slightly by 0.14%, making March’s performance a recovery. With inflation at 3.2% as of February, and growing expectations around liquefied natural gas (LNG) driven inflows, Mozambique’s currency is beginning to reflect renewed investor confidence.

Zimbabwe Gold (ZiG)  

Zimbabwe’s gold-backed currency recorded the strongest appreciation in March, rising by 1.55% to 25.37 ZiG/$ from 25.77 ZiG/$ in February.

This marks a sharp reversal from February’s 0.75% depreciation, making Zimbabwe’s currency the clearest example of momentum shift during the period.

With inflation down to 4.38% YoY and policy rates kept high at 35.00% in March, authorities appear to be regaining control. The stability of the Zimbabwean dollar is slowly restoring confidence, something that has been elusive for years.