Zambian Kwacha leads African currency gains in May 2026
By Aboki Forex —
African currencies ended May 2026 on a mixed note against the U.S. dollar. Only a handful managed meaningful gains as capital flows, commodity prices, central bank policies, and domestic economic conditions shifted across the continent.
Data from central banks compiled by Nairametrics Research show the Zambian Kwacha, Egyptian Pound, and Namibian Dollar were the top performers. Many African currencies remain under pressure from global uncertainty and high domestic inflation. But these currencies posted positive returns.
Top 10 best performing African currencies in May 2026
10. Moroccan Dirham (0.53%)
9. Congolese Franc (0.94%)
8. Botswana Pula (0.97%)
7. Lesotho Loti (2.53%)
6. Eswatini Lilangeni (2.53%)
5. Seychellois Rupee (2.53%)
4. South African Rand (2.56%)
3. Namibian Dollar (2.57%)
2. Egyptian Pound (2.61%)
1. Zambian Kwacha (2.91%)
The Moroccan Dirham rose 0.53% in May, trading at 9.19 MAD/$ from 9.23 MAD/$. The gain was modest but reflects the stability of Morocco's managed exchange rate system. Strong tourism receipts, remittances, and diversified exports supported the currency.
The Zambian Kwacha topped the list with a 2.91% gain. Analysts point to improved copper prices and tighter monetary policy as key drivers. The Egyptian Pound gained 2.61% on continued foreign inflows into local debt markets. The Namibian Dollar rose 2.57%, tracking the South African Rand higher.
Other gainers included the South African Rand (2.56%), the Seychellois Rupee (2.53%), and the Eswatini Lilangeni (2.53%). The Lesotho Loti also rose 2.53%. The Botswana Pula added 0.97%, while the Congolese Franc gained 0.94%.