Top 10 strongest currencies in Africa at the start of August 2026: See full list

• The latest rankings highlight the 10 strongest currencies in Africa against the US dollar at the start of August 2026.

• The article examines the economic and policy factors supporting the continent's best-performing currencies, as well as the challenges facing weaker ones.

• It also explores the latest market forecasts and what they suggest about the direction of Africa's foreign exchange markets in the coming weeks.

According to exchange rate data compiled by Forbes Advisor's Currency Converter, which tracks real-time conversions between the US dollar and currencies worldwide, Tunisia, Libya and Morocco remain home to Africa's three strongest currencies against the US dollar.

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Tunisia tops the rankings, with the dinar trading at 2.96 to the US dollar, making it the strongest currency on the continent. Libya follows in second place at 6.41 dinars per US dollar, while Morocco's dirham ranks third at 9.38 to the US dollar.

Tunisia has maintained its position despite ongoing fiscal pressures. The African Development Bank projects the country's economy will grow by 2.1 % in 2026, supported by tourism and industrial exports, while inflation is expected to average 5.7 %.

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Libya's dinar has also remained among Africa's strongest currencies despite a turbulent year. The Central Bank of Libya devalued the currency by nearly 15 % in January 2026, citing lower oil revenues, political divisions and the absence of a unified national budget. Since then, Libya's first unified national budget in 13 years and a recovery in oil production have helped improve confidence in the currency.

Morocco completes the top three, with analysts expecting the dirham to remain relatively stable over the next year.

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Beyond the top three, the picture is less encouraging. Afreximbank's African Economic Outlook 2026 found that by the end of March, the currencies of 29 African countries had depreciated against the US dollar. The bank attributed much of the weakness to higher global oil prices following tensions in the Middle East, which increased import costs and inflation across many oil-importing economies. African Markets also reported that 13 of the 17 major African currencies it tracks lost value against the dollar during the first half of 2026.

Among the strongest performers during the first half of the year was Zambia's kwacha, which appreciated by more than 7.7 %, driven by stronger copper export earnings and improved investor confidence. Nigeria's naira also gained more than 3 %, supported by foreign exchange reforms and improved dollar liquidity.

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However, the outlook for some currencies has become less favourable. According to Reuters, Zambia's kwacha is expected to weaken ahead of the country's presidential and parliamentary elections on 13 August as demand for US dollars increases.

Ghana's cedi is also forecast to edge lower due to sustained corporate demand for foreign exchange from the energy and commerce sectors, although traders expect the final US$371 million disbursement under the IMF's Extended Credit Facility to provide some short-term support.

Meanwhile, Uganda's shilling is expected to strengthen on the back of month-end export inflows, while Kenya's shilling and Nigeria's naira are projected to remain broadly stable.

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Taken together, the rankings and market forecasts show that Africa's foreign exchange outlook is becoming increasingly country-specific.