The naira was one of the best-performing African currencies in July 2026, according to a report by Nairametrics. The Ghanaian cedi emerged as the strongest currency on the continent during the month, while the naira secured a spot among the top performers.
Naira's Performance in July 2026
The report highlighted that the naira appreciated against the US dollar in July 2026, contributing to its ranking among the top African currencies. The currency's performance was attributed to improved foreign exchange inflows and increased diaspora remittances, according to the report.
Specifically, the naira gained 2.3% against the dollar in July, closing at an exchange rate of 1,450 naira per dollar at the official market. This marked a significant improvement from the previous month's average of 1,484 naira per dollar.
Top Performers on the Continent
The Ghanaian cedi led the pack with a 4.1% appreciation against the dollar in July, driven by stronger export earnings and a successful Eurobond issuance. Other notable performers included the Kenyan shilling, which rose by 3.2%, and the Zambian kwacha, which gained 2.8%.
According to the report, the African currencies that performed best in July 2026 were those with improved fiscal discipline and increased foreign investment inflows. The report also noted that the naira's performance was bolstered by the Central Bank of Nigeria's policy measures aimed at stabilizing the currency.
Impact and Outlook
The naira's appreciation has positive implications for Nigeria's economy, including lower import costs and reduced inflation pressure. Analysts quoted in the report suggest that sustained reforms and oil revenue growth could further strengthen the naira in the coming months.
However, the report cautions that external factors, such as global oil price volatility and changes in US monetary policy, could affect the currency's trajectory. As of August 2026, the naira continues to trade within a stable range, with market participants watching for any new developments.
