The naira was among the more resilient African currencies during the second quarter of 2026, despite a wave of exchange rate pressure caused by rising geopolitical tensions and higher energy prices, the World Bank has said.
The World Bank’s October 2026 “Africa Economic Update” found that the naira’s maximum depreciation between March and June was 2.6 per cent, significantly smaller than the losses recorded by several other African currencies.
Ghana’s cedi suffered the sharpest decline among the currencies highlighted, losing as much as 10 per cent during the period.
The currencies of South Africa, Lesotho, Namibia and Eswatini fell by up to 7.2 per cent, while the Democratic Republic of Congo and Uganda recorded maximum declines of 6 per cent and 5 per cent respectively.
The World Bank reviewed exchange rate movements in 22 African countries outside the CFA franc zone, comparing their performance with levels recorded before the escalation of the Middle East conflict.
Nigeria’s currency subsequently regained some ground. By August, the naira had improved by 1.9 per cent from its March-to-June lows, putting it among the currencies that recovered from the period of heightened pressure.
The recovery was stronger than that recorded by several regional peers. Ghana’s cedi remained 2.5 per cent below its end-February level by August, while Uganda’s currency was still down 3.1 per cent.
