…up from four in H1
Seven African currencies strengthened against the United States dollar in July, marking an improvement over the first half of the year, when only four currencies posted gains against the US dollar.
The stronger performance came as global markets stabilized following the ceasefire between the United States and Iran, easing fears of a prolonged disruption to global oil supplies that had unsettled investors earlier in the year. Brent crude prices also retreated from $100 recorded during the conflict, to less than $85, reducing some pressure on oil-importing economies across Africa, although fuel costs remained elevated in many countries.
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According to data compiled by real-time trading platform African Markets, seven of the 17 major African currencies tracked appreciated against the US dollar in July, while 10 depreciated. The gains were largely driven by improved foreign exchange inflows, stronger commodity exports, tourism receipts and prudent monetary policies in some economies, even as others continued to face pressure from strong demand for dollars and domestic economic challenges.
Here are the seven African currencies that outperformed the dollar in July
Botswana Pula
The Botswana pula appreciated by 1.92 percent against the dollar in July.
The currency strengthened from 14.32 pula per dollar at the beginning of the month to 14.06 by the end of July. The pula continued to benefit from Botswana’s prudent exchange rate management, strong foreign exchange reserves and the central bank’s policy of maintaining currency stability despite a challenging external environment.
CFA Franc
The CFA franc gained 1.16 percent against the dollar during the month.
The currency appreciated from 576.15 CFA francs per dollar at the beginning of July to 569.52 at month-end. The CFA franc’s performance was largely supported by the euro’s strength against the dollar, as the currency is pegged to the euro.
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Nigerian Naira
The Nigerian naira was among Africa’s best-performing currencies in July, appreciating by 0.81 percent against the United States dollar.
The naira strengthened from N1,375.13 per dollar at the beginning of July to N1,363.95 at the end of the month. The gains were supported by improved dollar liquidity, stronger foreign exchange inflows and the Central Bank of Nigeria’s continued efforts to improve liquidity and transparency in the foreign exchange market.
Zimbabwean ZiG
Zimbabwe’s ZiG appreciated by 0.71 percent against the dollar in July.
The currency strengthened from 26.87 ZiG per dollar at the beginning of the month to 26.68 at the end of July. The improvement reflected the authorities’ tight monetary policy stance and continued efforts to stabilise the exchange rate by limiting excess liquidity.
Moroccan Dirham
The Moroccan dirham appreciated by 0.53 percent against the dollar.
The currency strengthened from 9.41 dirhams per dollar at the beginning of July to 9.36 at the end of the month. Strong tourism arrivals, robust phosphate exports and growing automobile exports continued to support Morocco’s foreign exchange earnings.
Tunisian Dinar
Tunisia’s dinar appreciated by 0.34 percent during the month.
The currency strengthened from 2.95 dinars per dollar at the beginning of July to 2.94 at the end of the month. Seasonal tourism inflows and stable foreign exchange reserves helped support the dinar despite broader global market uncertainty.
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Mauritian Rupee
Mauritius’ rupee appreciated by 0.23 percent in July.
The currency strengthened from 47.14 rupees per dollar at the start of the month to 47.03 by the end of July. The appreciation reflected steady tourism receipts, stronger foreign exchange earnings from the services sector and relatively stable macroeconomic conditions.
Currencies that weakened
Ten African currencies depreciated against the dollar in July.
The Egyptian pound recorded the biggest decline, weakening by 4.02 percent.
The Zambian kwacha weakened by 3.50 percent as traders turned cautious ahead of the country’s August 13 presidential and parliamentary elections. Rising demand for dollars from companies meeting foreign obligations and investors remaining on the sidelines also weighed on the currency, while Ghana’s cedi depreciated by 2.99 percent, pressured by persistent corporate demand for dollars from energy firms, dividend repatriation by foreign companies and lower foreign exchange supply from the central bank compared with June.
The Ugandan shilling fell by 0.92 percent, while the South African rand depreciated by 0.84 percent as a stronger United States dollar and lower gold prices weighed on the risk sensitive currency ahead of the US Federal Reserve’s policy decision.
Namibia’s dollar declined by 0.72 percent, Tanzania’s shilling weakened by 0.70 percent, Rwanda’s franc lost 0.30 percent and Malawi’s kwacha depreciated by 0.39 percent.
The Kenyan shilling remained broadly stable despite a marginal decline, supported by month-end diaspora remittance inflows, which helped offset demand for dollars during the month.
