World Bank: Naira Outperforms Most African Currencies in Q2 2026

According to an October World Bank assessment, Nigeria's naira demonstrated greater resilience than most other African currencies in Q2 2026. From March through June, the naira depreciated by no more than 2.6 percent, a relatively small decline when set against the substantial losses suffered by other regional currencies.

The assessment examined exchange rate movements across 22 African nations that operate outside the CFA franc zone. Several forces created considerable strain on African currencies during this period.

Rising geopolitical tensions, higher energy prices, and investor demand for US dollars all exerted downward pressure on exchange rates throughout the region. Nigeria's naira, however, demonstrated stronger resilience than its counterparts.

According to the World Bank, this relative strength stemmed partly from Nigeria's economic fundamentals alongside improved growth forecasts, with one source noting a projection of 4.3 percent for 2026. Comparable regional currencies fared much worse.

Ghana's cedi experienced the worst performance among currencies tracked by the bank, depreciating up to 10 percent during the same quarter. Nations across Africa recorded substantially steeper depreciations than Nigeria observed.

These differences point to how unevenly external shocks affected various African economies. The naira's relative strength highlights how global economic pressures produce divergent outcomes across the continent.

While nearly all 22 nations examined saw their currencies weaken when compared to end-February levels, the extent and intensity of those declines varied considerably. Each country's commodity export profile, economic position, and monetary policy approach shaped how severely it weathered the regional turbulence.