African currencies posted mixed performances against the U.S. dollar in July 2026, with several currencies recording gains while others came under renewed pressure during the month.
Data from central banks shows that the Botswana pula, Seychellois rupee, and Comorian franc were the best-performing currencies on the continent during the month.
The analysis compares each currency’s official exchange rate at the end of June with the last available official exchange rate at the end of July.
What you should know
The performance of African currencies against the U.S. dollar varied significantly in July, with the Botswana pula emerging as the continent’s strongest-performing currency after recording a 3.18% appreciation.
The Seychellois rupee ranked second with a 1.81% gain, while the Comorian franc placed third after appreciating by 1.32%.
The Nigerian naira also recorded a positive performance during the month, appreciating by 0.58% and ranking eighth among Africa’s best-performing currencies.
However, several other African currencies weakened against the U.S. dollar during the month. The Egyptian pound, Ghanaian cedi, Zambian kwacha, and Ugandan shilling were among the currencies that recorded notable declines.
What the data is saying
10. Moroccan Dirham — 0.52%
The Moroccan dirham appreciated by 0.52% in July, improving to 9.34 MAD/$ from 9.39 MAD/$ at the end of June.
The gain was modest compared with the performances of the top currencies but was enough to place the dirham among the ten best-performing currencies in the July ranking.
9. Sierra Leonean Leone — 0.56%
The Sierra Leonean leone gained 0.56% against the U.S. dollar during July.
The currency strengthened to 24.062 SLE/$ from 24.198 SLE/$ at the end of June.
The appreciation placed the leone ninth among the best-performing currencies in the July ranking, just ahead of the Moroccan dirham.
8. Nigerian Naira — 0.58%
The Nigerian naira appreciated by 0.58% against the U.S. dollar in July, strengthening from N1,376/$ at the end of June to N1,368/$ at the end of July.
Although its gain was smaller than those recorded by the leading currencies, the naira still posted a positive monthly performance and remained among the currencies that appreciated against the dollar during July.
7. Cape Verdean Escudo — 0.91%
The Cape Verdean escudo appreciated by 0.91% in July, moving from 96.82 CVE/$ at the end of June to 95.94 CVE/$ at the end of July.
The currency ranked seventh among the best-performing currencies in the July ranking, maintaining a positive performance against the U.S. dollar during the month.
6. São Tomé and Príncipe Dobra — 0.93%
The São Tomé and Príncipe dobra gained 0.93% against the U.S. dollar during July.
The currency strengthened to 21.47 STN/$ from 21.67 STN/$ at the end of June.
The appreciation placed the dobra among the stronger-performing African currencies during the month, narrowly behind the West African CFA franc.
5. West African CFA Franc — 0.96%
The West African CFA franc recorded a 0.96% appreciation against the U.S. dollar in July.
The exchange rate improved from 575.25 XOF/$ at the end of June to 569.75 XOF/$ at the end of July.
The gain was recorded across the eight countries in the dataset that use the West African CFA franc: Benin, Burkina Faso, Guinea-Bissau, Côte d’Ivoire, Mali, Niger, Senegal, and Togo.
Because these countries share the same currency and exchange rate movement, they recorded an identical monthly performance.
The West African CFA franc therefore ranked as the fifth-best-performing currency in the ranking.
4. Congolese Franc — 1.02%
The Congolese franc strengthened by 1.02% during July, moving from 2,313.50 CDF/$ at the end of June to 2,290.00 CDF/$ at the end of July.
The gain made the Congolese franc the fourth-best-performing currency in the July ranking and one of only four currencies to record an appreciation of more than 1%.
3. Comorian Franc — 1.32%
The Comorian franc gained 1.32% against the U.S. dollar in July.
The exchange rate improved from 432.72 KMF/$ at the end of June to 427.00 KMF/$ by the end of July.
The appreciation made the Comorian franc the third-best-performing currency in Africa during the month, behind the Seychellois rupee and Botswana pula.
2. Seychellois Rupee — 1.81%
The Seychellois rupee was the second-best-performing currency in Africa in July, gaining 1.81% against the U.S. dollar.
The currency strengthened to 13.51 SCR/$ at the end of July from 13.75 SCR/$ at the end of June.
The performance placed the Seychellois rupee well ahead of most other African currencies during the month, with only the Botswana pula recording a larger appreciation.
1. Botswana Pula — 3.18%
The Botswana pula was Africa’s best-performing currency in July 2026, appreciating by 3.18% against the U.S. dollar.
The exchange rate improved to 13.63 BWP/$ at the end of July from 14.08 BWP/$ at the end of June.
The pula’s performance placed it clearly ahead of the other currencies in the ranking, making it Africa’s strongest-performing currency during the month.
While several African currencies strengthened during the month, others recorded notable declines.
The Egyptian pound, Ghanaian cedi, Zambian kwacha, and Ugandan shilling were among the currencies that weakened the most against the U.S. dollar in July.
Overall, the July ranking highlights the divergent performance of African currencies against the U.S. dollar, with the Botswana pula leading the gainers, while the Nigerian naira recorded a modest appreciation that placed it among the continent’s top-performing currencies.
