Africa’s currency landscape at the beginning of August 2026 continues to show a wide gap between countries with relatively stable currencies and those experiencing significant exchange rate pressures.
The latest ranking highlights the 10 strongest currencies on the continent against the United States dollar, while examining the economic policies and market conditions influencing their performance.
Data compiled from exchange rate information tracked by Forbes Advisor’s Currency Converter shows that Tunisia, Libya and Morocco currently have the strongest currencies in Africa when measured against the US dollar.
Tunisia’s dinar ranks as the continent’s strongest currency, trading at 2.96 dinars to one US dollar. Libya follows in second place with its dinar exchanging at 6.41 per dollar, while Morocco’s dirham occupies the third position at 9.38 per dollar.
Tunisia has maintained its leading position despite facing fiscal challenges. The African Development Bank projects the country’s economy will expand by 2.1 per cent in 2026, driven by growth in tourism and industrial exports, while inflation is expected to average 5.7 per cent.
Libya’s dinar has also remained among Africa’s top-performing currencies despite political and economic difficulties. The currency experienced a devaluation of nearly 15 per cent in January 2026 due to reduced oil earnings, political disagreements and the absence of a unified national budget. However, improved oil production and the introduction of Libya’s first unified national budget in 13 years have helped boost confidence.
Morocco completes the top three, with analysts expecting the dirham to maintain relative stability over the coming year.
Beyond the leading currencies, the broader outlook for African currencies remains mixed. Afreximbank’s African Economic Outlook 2026 reported that 29 African currencies had weakened against the US dollar by the end of March, with rising global oil prices and increased import costs contributing to inflationary pressures in several countries.
Some currencies, however, recorded improvements. Zambia’s kwacha emerged as one of the strongest performers in the first half of 2026, gaining more than 7.7 per cent due to stronger copper export earnings and improved investor confidence. Nigeria’s naira also appreciated by over 3 per cent, supported by foreign exchange reforms and improved dollar liquidity.
Despite these gains, some currencies face possible pressure ahead. Zambia’s kwacha is expected to weaken as demand for foreign currency rises ahead of the country’s presidential and parliamentary elections scheduled for August 13.
Ghana’s cedi is also projected to experience some decline due to continued corporate demand for foreign exchange, although traders expect financial support from the IMF’s Extended Credit Facility to provide short-term relief.
Uganda’s shilling is expected to benefit from export inflows, while Kenya’s shilling and Nigeria’s naira are forecast to remain relatively stable.
The rankings show that Africa’s foreign exchange performance is increasingly shaped by country-specific economic conditions, policy decisions and market confidence.
10 strongest currencies in Africa at the start of August 2026
| Rank | Country | Exchange rate per US$1 | Currency |
|---|---|---|---|
| 1 | Tunisia | 2.96 | Tunisian Dinar (TND) |
| 2 | Libya | 6.41 | Libyan Dinar (LYD) |
| 3 | Morocco | 9.38 | Moroccan Dirham (MAD) |
| 4 | Ghana | 11.64 | Ghanaian Cedi (GHS) |
| 5 | Seychelles | 13.52 | Seychellois Rupee (SCR) |
| 6 | Botswana | 13.77 | Botswanan Pula (BWP) |
| 7 | Eritrea | 15.00 | Eritrean Nakfa (ERN) |
| 8 | South Africa | 16.74 | South African Rand (ZAR) |
| 9 | Eswatini | 16.80 | Swazi Lilangeni (SZL) |
| 10 | Namibia | 16.80 | Namibian Dollar (NAD) |