South African rand and Nigerian naira ranked among currencies soaring against the U.S. dollar

The rand led Africa’s performance, ranking third on the list with a 16.4% gain against the dollar. The Nigerian naira ranked seventh, recording a notable 13.5% increase, placing both currencies among the top global performers.

Business Insider Africa earlier reported that the rand entered 2026 at its strongest level since 2022, supported by positive domestic trends, including ongoing economic reforms and rising metals prices.

Efforts by the government to stimulate growth in Africa’s most industrialised economy, where expansion has averaged less than 1% over the past decade, are beginning to show results.

Globally, several currencies have posted double-digit gains against the dollar over the past year, driven by shifting capital flows, evolving monetary policy expectations, and stronger economic fundamentals.

According to data compiled by Visual Capitalist, which tracked countries with annual GDP of at least $250 billion, the Israeli shekel emerged as the top performer, gaining 20.2% year-on-year.

A key driver behind the broad rise in global currencies is the weakening U.S. dollar. Analysts attribute the decline to growing market concerns over the unpredictability of U.S. policy direction.

Earlier in 2025, expectations of further Federal Reserve rate cuts also weighed on the dollar, as investors shifted capital in search of higher returns elsewhere.