African currencies presented a varied picture against the U.S. dollar in May 2026, with a select few registering notable gains. These movements were influenced by shifts in capital flows, commodity prices, central bank interventions, and domestic economic conditions.

Data compiled by Nairametrics Research from central banks indicates that the Zambian Kwacha, Egyptian Pound, and Namibian Dollar emerged as the top-performing currencies on the continent during the month. Despite ongoing global economic uncertainty and domestic inflation concerns impacting many African currencies, these specific currencies managed to post positive returns.

The Zambian Kwacha led the pack with a significant appreciation of 2.91%. Following closely, the Egyptian Pound recorded a gain of 2.61%. The Namibian Dollar also demonstrated strength, appreciating by 2.57%.

Other currencies that showed positive performance include the South African Rand, which appreciated by 2.56%. The Eswatini Lilangeni and Lesotho Loti both saw gains of 2.53%, alongside the Seychellois Rupee which also appreciated by 2.53%.

The Moroccan Dirham experienced a more modest gain of 0.53%, with its exchange rate improving to 9.19 MAD/$ from 9.23 MAD/$. This performance highlights the relative stability of Morocco’s managed exchange rate regime, supported by strong tourism receipts, remittances, and diversified export earnings.

The Congolese Franc appreciated by 0.94%, while the Botswana Pula saw a gain of 0.97%.