Across Africa, currencies recorded mixed movements against the US dollar in July 2026, with the Botswana pula emerging as the continent’s strongest performer after gaining 3.18% during the month.

Data compiled from central bank exchange-rate figures show that the pula was followed by the Seychellois rupee, Comorian franc and Congolese franc, while the Nigerian naira also featured among the continent’s 10 strongest currencies.

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The July performance highlights the different economic conditions shaping African foreign exchange markets, with some currencies benefiting from improved exchange-rate conditions while others came under renewed pressure from dollar demand and domestic economic challenges.

The 10 best performing African currencies in July 2026 were:

1. Botswana pula, 3.18%

The Botswana pula recorded the strongest performance, appreciating by 3.18% against the US dollar.

The currency strengthened from 14.08 pula per dollar at the end of June to 13.63 pula by the end of July.

The gain was significantly larger than that of the other currencies in the top 10, placing the pula comfortably at the top of the ranking.

Botswana’s performance is notable because the country continues to face economic challenges linked to weakness in the global diamond market.

Diamonds remain an important source of Botswana’s export and government revenues, making movements in the sector particularly significant for the country’s economy.

The Bank of Botswana has also maintained a relatively tight monetary-policy stance. The central bank raised its Monetary Policy Rate from 3.5% to 5.5% in April and kept the rate unchanged through July.

2. Seychellois rupee, 1.81%

The Seychellois rupee was the second-best performer, gaining 1.81% against the dollar.

The currency strengthened from 13.75 rupees per dollar at the end of June to 13.51 by the end of July.

Its performance was well ahead of most other African currencies during the month, although it remained more than one percentage point behind the Botswana pula.

3. Comorian franc, 1.32%

The Comorian franc gained 1.32% during July.

It strengthened from 432.72 francs per dollar at the end of June to 427.00 francs by the end of July.

The appreciation placed the currency third in the continental ranking.

4. Congolese franc, 1.02%

The Congolese franc was the fourth-best performer after gaining 1.02%.

The currency moved from 2,313.50 francs per dollar at the end of June to 2,290.00 francs at the end of July.

The gain made the Congolese franc one of only four African currencies in the ranking to appreciate by more than 1%.

5. West African CFA franc, 0.96%

The West African CFA franc appreciated by 0.96% against the US dollar during July.

The exchange rate improved from 575.25 CFA francs per dollar at the end of June to 569.75 by the end of July.

The movement applied across the eight countries in the dataset using the currency, including Benin, Burkina Faso, Guinea-Bissau, Côte d’Ivoire, Mali, Niger, Senegal and Togo.

Because the countries share the same currency and exchange-rate movement, they recorded the same monthly performance.

6. São Tomé and Príncipe dobra, 0.93%

The São Tomé and Príncipe dobra gained 0.93% during July.

The currency strengthened from 21.67 dobra per dollar at the end of June to 21.47 by the end of July.

The move placed the dobra narrowly behind the West African CFA franc in sixth position.

7. Cape Verdean escudo, 0.91%

The Cape Verdean escudo appreciated by 0.91%.

The currency moved from 96.82 escudos per dollar at the end of June to 95.94 at the end of July.

The performance placed Cape Verde’s currency seventh among the strongest African performers during the month.

8. Nigerian naira, 0.58%

The Nigerian naira recorded a 0.58% appreciation against the US dollar in July.

The currency strengthened from N1,376 per dollar at the end of June to N1,368 by the end of July.

The gain was relatively modest compared with the leading performers, but it still placed the naira among the 10 African currencies that strengthened the most during the month.

The movement came as Nigeria continued efforts to improve foreign-exchange market stability and liquidity.

The Central Bank of Nigeria has continued to use various measures aimed at improving the functioning of the FX market, while dollar supply and demand remain important factors influencing the naira’s performance.

9. Sierra Leonean leone, 0.56%

The Sierra Leonean leone gained 0.56% against the dollar in July.

It strengthened from 24,198 leones per dollar at the end of June to 24,062 by the end of July.

The move placed the leone just ahead of the Moroccan dirham in the monthly ranking.

10. Moroccan dirham, 0.52%

The Moroccan dirham completed the top 10 after gaining 0.52%.

The currency strengthened from 9.39 dirhams per dollar at the end of June to 9.34 by the end of July.

Although its appreciation was modest, the move was enough to keep the dirham among the continent’s strongest currencies for the month.

The July figures also show that currency performance across Africa was far from uniform.

While the 10 currencies above recorded gains, 19 of the 54 African currencies in the dataset weakened against the US dollar during the month.

The South Sudanese pound recorded the largest decline, falling by 6.37%. The Egyptian pound followed with a 4.11% drop, while the Ghanaian cedi declined by 3.18%.

The Zambian kwacha, Ugandan shilling, Malagasy ariary and Ethiopian birr also recorded declines of more than 1%.

Meanwhile, the currencies of Malawi, Djibouti, Eritrea, Somalia and Mozambique recorded no change between the end of June and the end of July.

The contrasting performances underline the different pressures facing African economies.

Exchange-rate movements can be influenced by central-bank policy, foreign-exchange liquidity, commodity prices, capital flows, inflation, import demand and the availability of US dollars in domestic markets.

For countries such as Botswana, movements in commodity earnings can have an especially important impact because of the economy’s exposure to diamonds.

For Nigeria, meanwhile, the naira’s July gain provides another indication of the relative stability that has emerged in the country’s official foreign-exchange market after a period of significant volatility.

However, a stronger currency does not automatically translate into stronger household purchasing power.

The impact depends partly on domestic inflation and how quickly exchange-rate movements affect the prices of imported goods and services.

The July ranking therefore provides a useful snapshot rather than a definitive measure of economic strength.

The Botswana pula’s 3.18% appreciation nevertheless stands out as the most striking movement among African currencies during the month, with the Seychellois rupee and Comorian franc also recording notable gains.

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As August progresses, the durability of those gains will depend on whether the economic and monetary conditions supporting the currencies can be maintained.