The South African rand and Nigerian naira have been listed among global currencies that recorded solid appreciation against the United States dollar over the last year, highlighting changing market trends and stronger domestic conditions.
Among African currencies, the rand stood out by securing third place with a 16.4% rise against the dollar. The naira followed in seventh position, posting an impressive 13.5% gain, placing both currencies among the world’s top performers.
Earlier reporting by Business Insider Africa indicated that the rand began 2026 at its highest level since 2022, buoyed by favourable local developments such as continued economic reforms and increasing metal prices.
Government initiatives aimed at boosting growth in Africa’s most industrialised economy—where expansion has remained below 1% on average over the past decade—are gradually yielding positive outcomes.
Global currencies rally
Across the world, a number of currencies have achieved double-digit gains against the dollar within the past year, supported by shifting investment flows, changing monetary policy expectations, and stronger economic fundamentals.
Data compiled by Visual Capitalist, focusing on countries with annual GDPs of at least $250 billion, showed that the Israeli shekel was the best performer, climbing 20.2% year-on-year.
A major factor driving the widespread rise in currencies has been the decline of the U.S. dollar, with analysts pointing to increasing uncertainty surrounding U.S. policy direction.
Earlier in 2025, expectations that the Federal Reserve would implement further rate cuts also weakened the dollar, as investors redirected funds to markets offering higher returns.