Most African currencies weaken in October; naira down 1.24%, Ghana cedi rebounds

Nairametrics Research analysis of official exchange rates shows 39 of 54 African currencies depreciated against the dollar in October 2026, with only nine gaining and six flat. The Sierra Leonean leone led gains at 3.14% (23,351 SLE/$), followed by Seychellois rupee at 1.89% and Mauritian rupee at 1.01%.

The Nigerian naira weakened 1.24% month-on-month, while the Ghanaian cedi rebounded 0.60% to 11.64 GHS/$ after recording Africa's largest depreciation in September. Liberia's dollar, September's top performer, slowed to 0.59% appreciation. Uganda's shilling suffered the continent's worst decline at 8.67%, followed by Egypt's pound at 7.89%.

Both CFA francs (used across 14 West and Central African countries) are counted separately per country in the dataset. Six currencies—Sudanese pound, Tanzanian shilling, Malawian kwacha, Djiboutian franc, Angolan kwanza, and Eritrean nakfa—were unchanged.

For Nigerian businesses and travelers, the naira's continued slide adds pressure on import costs and foreign tuition payments. Ghana's recovery signals possible stabilization after September's crash.

With most of the continent trending weaker, will you hedge dollar exposure now or bet on a November reversal?

SOURCE: https://nairametrics.com/2026/11/03/best-performing-african-currencies-in-october-2026/