In March 2026, some African currencies witnessed a turnaround, gaining slightly against the United States dollar.
Pan-Atlantic Kompass reports that some of Africa’s best-performing currencies in March 2026 were boosted due to monetary reforms to stabilize their exchange rates.
It was also gathered that a combination of commodity price surges and tightened central bank policies has allowed Africa’s best-performing currencies to gain against the U.S Dollar.
While traditional heavyweights like the Tunisian Dinar remain strong in value, March 2026 was defined by the resilience and recovery of emerging stablecoins and reformed tenders.
Data compiled from central banks across Africa show that Zimbabwe, Mozambique, and Mauritania led the gains in March.
However, a closer look at both February and March performance shows momentum is slowing, with earlier gains beginning to fade.
In February, currencies in Madagascar and Nigeria posted stronger gains of 5.45% and 1.62% respectively, but these moderated in March, pointing to a more gradual and less broad-based recovery.
Also, in March 2026, the Malawian Kwacha, the Djiboutian Franc, the Eritrean Nakfa, the Somali Shilling, and the Sudanese Pound are the five currencies that remained largely unchanged in the month at official rates due to tightly managed FX regimes.
Also, 30 African currencies depreciated in March 2026.
Below is the list of five Africa’s best-performing currencies in March 2026;
Zimbabwe Gold (ZiG)
The Zimbabwe Gold (ZiG) continues to surprise markets as it cements its position as a leader in stability. Backed by extensive gold and foreign exchange reserves, the ZiG has benefited from the central bank’s commitment to maintaining a 35% policy rate and increasing gold purchases.
Zimbabwe’s gold-backed currency recorded the strongest appreciation in March, rising by 1.55% to 25.37 ZiG/$ from 25.77 ZiG/$ in February.
This marks a sharp reversal from February’s 0.75% depreciation, making Zimbabwe’s currency the clearest example of momentum shift during the period.
Mozambican Metical (MZN)
The Mozambique Metical has maintained a remarkably steady trajectory throughout March. The currency recorded a 0.59% gain in March, improving to 63.60 MZN/$ from 63.98 MZN/$.
In February, the currency had dipped slightly by 0.14%, making March’s performance a recovery.
Mauritanian Ouguiya (MRU)
Mauritania’s Ouguiya emerged as a standout performer this month. Bolstered by strong demand for iron ore and fishing exports, the MRU saw a steady appreciation. The MRU appreciated by 0.37% in March, strengthening to 39.90 MRU/$ from 40.05 MRU/$.
This follows February’s 0.28% decline, marking a modest reversal in momentum.
Madagascar Malagasy Ariary (MGA)
Despite global economic pressures, the Malagasy Ariary showed impressive gains in March 2026. The currency’s strength is attributed to a rebound in the vanilla and nickel export markets, which are Madagascar’s primary foreign exchange earners.
The Malagasy Ariary gained 0.36% in March, moving to 4,180.86 MGA/$ from 4,195.83 MGA/$.
Liberian dollar (LRD)
Rounding out the top five is the Liberian Dollar. The LRD has benefited from a period of sustained macroeconomic calm and improved transparency in the mining sector.
The Liberian Dollar appreciated by 0.14% in March, strengthening to 183.00 LRD/$ from 183.25 LRD/$ in February.
This marks a turnaround from February’s 0.69% depreciation, suggesting that conditions in Liberia’s FX market may be stabilizing.
