African currencies delivered mixed performances against the US dollar in May 2026 as inflation concerns, global market uncertainty and shifting capital flows continued to shape foreign exchange markets across the continent. While several currencies remained under pressure, a handful recorded gains, supported by stronger export earnings, improved foreign exchange inflows and central bank interventions aimed at stabilising local markets.
According to data compiled by Nairametrics from central banks across Africa, the Zambian kwacha emerged as the continent’s best-performing currency in May, appreciating by 2.91 percent against the dollar. The Egyptian pound followed with a 2.61 percent gain, while the Namibian dollar strengthened by 2.57 percent. The South African rand appreciated by 2.56 percent, while the Seychellois rupee, Eswatini lilangeni and Lesotho loti each gained 2.53 percent during the month.
1. Zambia – Zambian Kwacha (+2.91%)
The kwacha ranked as Africa’s strongest-performing currency in May, supported by improved investor confidence and stronger copper export earnings, which remain a major source of foreign exchange for the country.
2. Egypt – Egyptian Pound (+2.61%)
