African Currency Rates — Monthly Tracker

Section 01Overview

Every time an African in the diaspora sends money home, two things happen: the exchange rate moves, and the remittance platform takes a cut. Understanding both is the difference between your family receiving full value or losing 4–8% of every transfer to invisible fees.

This report tracks the monthly exchange rates of the top 10 African currencies against the US Dollar from April 2025 to April 2026, profiles each currency’s annual performance, and compares what five major remittance apps actually deliver per $100 sent across the most active corridors.

Data sources: TheGlobalEconomy.com, Central Bank of Kenya, CBN Nigeria, Bank of Ghana, TradingEconomics, Wise historical rates.

Section 02The 13-Month Performance Snapshot

The 13-month period from April 2025 to April 2026 was one of the most divergent in recent African FX history. Some currencies recovered significantly; others continued to weaken. The story is not uniform.

Winners (strengthened vs USD)

• Ghana — Cedi (GHS): −20.9% (14.15 → 11.19). The cedi’s dramatic recovery is directly tied to Ghana’s successful IMF programme and fiscal consolidation.
• South Africa — Rand (ZAR): −17.3% (19.7 → 16.3). Strengthened on improved global risk appetite and commodity prices.
• Nigeria — Naira (NGN): −9.8% (1,502 → 1,355). Recovered after the 2024 unification crisis on better oil revenues and CBN intervention.

Losers (weakened vs USD)

• Ethiopia — Birr (ETB): +21.7% (129.0 → 157.0). The biggest depreciation on the list, following the 2024 float of the Birr.
• Senegal/CFA (XOF): +11.5% (505 → 563). XOF is pegged to EUR; the move reflects USD strengthening vs EUR.
• Uganda — Shilling (UGX): +2.5% (3,679 → 3,770). Modest weakening.
• Egypt — Pound (EGP): +2.4% (50.5 → 51.7). Continued slide after the 2024 devaluation.

Stable

• Kenya — Shilling (KES): +0.4% (129.2 → 129.7). The continent’s most stable major currency over this period.
• Morocco — Dirham (MAD): +0.5% (10.0 → 10.05).
• Tanzania — Shilling (TZS): +0.2% (2,583 → 2,587).

Section 03Country-by-Country

Nigeria — The Recovery

The naira entered the period under severe pressure after the 2024 unification of exchange rates left it trading near historic lows. From late 2025, it began a measured recovery — driven by improved oil revenues, CBN intervention, and tighter monetary policy. By February 2026, the mid-market rate had recovered to ₦1,358/$, the strongest point in over a year. Best month to send (most NGN per dollar): April 2025 (₦1,502/$).

Kenya — The Steady Hand

The Kenyan shilling stayed in a remarkably tight band of 128.9–129.7 per USD across all 13 months — the most stable currency on this list. This reflects the Central Bank of Kenya’s active management, Kenya’s diversified economy, and the shilling’s ongoing recovery from the 160/USD crisis of early 2024. Kenya completed its $1.5 billion Eurobond repayment in 2024 without default. Ideal for predictable remittance planning.

Ghana — The Cedi Rally

Ghana’s cedi had the most dramatic positive story of 2025–2026. After trading near 14–16 GHS/USD in late 2024, the cedi staged a major recovery — nearly halving the cedis needed per dollar by mid-2025. Directly tied to Ghana’s successful $13 billion IMF programme. By July 2025, the cedi had strengthened to 10.42/$ — a 26% appreciation in three months.

Ethiopia — The Float Continues

The Birr has been on a managed depreciation since the National Bank of Ethiopia’s 2024 decision to liberalise the FX regime. The 21.7% move from 129 to 157 over the 13-month period represents the largest single-currency depreciation tracked here — though it brings the official rate much closer to the historical parallel market rate, reducing the diaspora-side discount that used to apply.

South Africa — The Rand Recovery

The rand strengthened 17.3% from 19.7 to 16.3 per USD over the period, recovering on improved global risk appetite, commodity prices, and a clearer reform path under the GNU government. Best month for senders sending USD to South Africa: April–May 2025 when ZAR was weakest. The corridor is also one of the most competitive for app-based remittance.

The PDF version contains the full 13-month monthly breakdown for all 10 currencies, plus EUR conversions.

Section 04App-by-App Comparison (April 2026, $100 sent)

USD → NGN (Nigeria)

Mid-market: ~1,355 NGN/USD → Recipient should receive ₦135,500.

• Wise: ₦133,600 (1,336 rate) — −₦1,900 (−1.4%)
• NALA: ₦133,200 — −₦2,300 (−1.7%)
• LemFi: ₦133,000 — −₦2,500 (−1.8%)
• Remitly: ₦132,000 — −₦3,500 (−2.6%)
• Western Union: ₦129,500 — −₦6,000 (−4.4%)

Verdict: Wise saves your Nigerian family an extra ₦4,100 per $100 compared to Western Union — every transfer, compounding over every remittance you send.

USD → KES (Kenya)

Mid-market: ~129.7 KES/USD → KES 12,970.

• Wise: KES 12,840 — −KES 130 (−1.0%)
• NALA: KES 12,820 (M-Pesa integration) — −1.2%
• LemFi: KES 12,800 — −1.3%
• Western Union: KES 12,500 — −3.6%

Verdict: The KES corridor is competitive. For M-Pesa delivery (the most common Kenyan payout), NALA and LemFi have the strongest mobile integration.

USD → GHS (Ghana)

Mid-market: ~11.19 GHS/USD → GHS 1,119.

• NALA: GHS 1,108 — −1.0% (best on this corridor)
• Wise: GHS 1,107 — −1.1%
• LemFi: GHS 1,105 — −1.3%
• Western Union: GHS 1,070 — −4.4%

USD → ZAR (South Africa)

Mid-market: ~16.30 ZAR/USD → ZAR 1,630.

• NALA: ZAR 1,615 — −0.9%
• Wise: ZAR 1,614 — −1.0%
• LemFi: ZAR 1,610 — −1.2%
• Western Union: ZAR 1,570 — −3.7%

EUR → XOF (Senegal / West Africa from France, €100 sent)

Mid-market: Always exactly 655.957 XOF/EUR (CFA peg — immovable).

• LemFi (from France): XOF 65,600 (€0 flat fee + minimal spread) — the best deal in African remittances on this corridor.
• NALA: XOF 65,500 — ~€0.30 lost
• Wise: XOF 65,400 — ~€0.40–0.60 lost
• Western Union: XOF 63,500 — €2–3 lost

Because the EUR/XOF rate is permanently fixed at 655.957, LemFi at zero flat fee + minimal spread is almost always the best option for CFA corridors from Europe.

Section 05Three Rules of Smart Remittances

Rule 1 — Never use your bank to send money

Bank wire transfers to African corridors typically apply a 4–8% markup on the exchange rate, plus a flat fee of $15–35. On a $300 transfer at 6% markup, that is $18 disappearing. Over 12 months at monthly cadence, you lose $216 to bank fees alone.

Rule 2 — Compare the rate, not the fee

A “zero fee” app that gives you a rate 3% below mid-market costs more than a “1% fee” app at mid-market. Always calculate what the recipient actually receives — not what the sending fee says.

Rule 3 — Time your large transfers

For volatile currencies (NGN, GHS, EGP), timing a large transfer (annual school fees, land purchase, renovation) can save 5–20%. When the naira is at 1,500/$ instead of 1,350/$, your family gets 11% more naira per dollar — meaningful on a $2,000 transfer.

Section 06Best App per Corridor

• EUR → XOF (Senegal, Côte d’Ivoire, Cameroon): LemFi — zero fee + pegged rate = minimal loss.
• USD/EUR → NGN (Nigeria): Wise — closest to mid-market.
• USD/EUR → KES (Kenya, M-Pesa): NALA or LemFi — mobile integration.
• USD/EUR → GHS (Ghana): NALA — best GHS corridor rate.
• USD/EUR → ZAR (South Africa): Wise or NALA — tight spread on mature corridor.
• USD/EUR → ETB (Ethiopia): Remitly or LemFi — best coverage for Ethiopian payout methods.
• USD/EUR → EGP (Egypt): Wise — most transparent during volatile periods.
• USD/EUR → MAD (Morocco): LemFi — zero fee, strong MAD corridor.
• USD/EUR → TZS (Tanzania): LemFi or WorldRemit — M-Pesa Tanzania.
• USD/EUR → UGX (Uganda): LemFi or Wise.

What this means for your remittance strategy in 2026

The single most important shift you can make: move your remittances off bank transfers and onto Wise, LemFi, or NALA. Western Union costs 4–5x more per transfer than the best apps for every corridor profiled.

For context: if you send $300/month to family in Nigeria, switching from Western Union to Wise saves ~$130–170 per year. That saving, invested at 11% APY, becomes a growing asset. The gap between those who use legacy money transfer and those who use fintech is not just convenience — it is wealth.