The broad theme across African FX in Q1 2026 was appreciation against the US dollar. Of the sixteen major African currencies tracked in our database, most gained or held their ground in the first quarter.
Nigeria’s Naira told a nuanced story. It opened the year near ₦1,543/$ (CBN NFEM average), recovered strongly to ₦1,368.5/$ by February, and pushed below ₦1,350/$ in March, its strongest level since May 2024.Nigeria’s external reserves reached $50.45 billion as of February 16, the highest in 13 years, per CBN data, underpinning Naira stability.