South African, Nigerian currencies rank among top global performers in 2025

South African, Nigerian currencies rank among top global performers in 2025

South African, Nigerian currencies rank among top global performers in 2025

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A major driver of the gains, however, has been a weaker US dollar against global currencies

Two African currencies ranked among the world’s top performers against the global benchmark, the US dollar, in the one year ending December 2025.
These are the South African rand and the Nigerian naira, which ranked third and seventh globally, appreciating by 16.4 per cent and 13.5 per cent, respectively.
Data analysis from Trading Economics shows that several currencies with large economies posted double-digit gains during the period as global capital flows shifted and domestic economic fundamentals improved.

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Changing monetary policy expectations and investors’ search for higher returns also supported emerging market currencies.
Leading the ranking was the Israeli shekel, which gained 20.2 per cent year-on-year against the dollar, followed by the Colombian peso at 19.7 per cent.
Third, the South African rand’s strong performance was supported by improved commodity export earnings and investor appetite for higher-yielding assets.

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The Mexican peso also posted gains of 16.4 per cent, buoyed by strong tourism inflows and foreign direct investment.
Notably, the Nigerian naira’s inclusion in the top ten reflects a rebound following policy adjustments and tighter monetary conditions aimed at stabilising the currency.
Reforms targeting foreign exchange liquidity and improved investor confidence contributed to the appreciation, although volatility remains a concern in the medium term.
A major driver of the gains, however, has been a weaker US dollar against global currencies.
The latest African Development Bank (AfDB) Macroeconomic Performance and Outlook report shows the US dollar index declined by about 6.5 per cent during the year.
It attributes the dollar’s softness to market concerns over policy uncertainty and expectations of additional interest rate cuts by the Federal Reserve, which encouraged investors to shift funds into higher-yielding emerging markets.
The weakening dollar has broader implications for global trade and investment flows.
A softer greenback makes US exports cheaper and more competitive abroad, while countries with stronger currencies may face reduced export competitiveness.
At the same time, investors holding foreign assets often benefit as returns increase when converted back into dollars.
For African economies, stronger currencies can help ease imported inflation, particularly for fuel and food, but may also pose challenges for export competitiveness.

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