Section
Currencies & Forex
The CFA franc, the naira, the rand, the cedi and the shilling — rates, the decisions behind them, and what a move means for anyone importing, exporting or investing across a border.
The numbers
| Pair | Rate | Change | % | Source |
|---|---|---|---|---|
| XAF/USD | 586.20 | up +0.77 | +0.13% | Trading Economics USD/XAF market rate, 23 Oct 2026 (morning quote; fixed peg 655.957 XAF per EUR) |
| XOF/USD | 586.08 | up +3.08 | +0.53% | Trading Economics USD/XOF market rate, 23 Oct 2026 (morning quote; fixed peg 655.957 XOF per EUR) |
| NGN/USD | 1,330.77 | down -1.76 | -0.13% | Trading Economics USD/NGN official market rate, close 23 Oct 2026 (read 24 Oct) |
| ZAR/USD | 16.66 | up +0.17 | +1.03% | Trading Economics USD/ZAR interbank rate, 23 Oct 2026 (morning quote) |
| GHS/USD | 11.65 | up +0.04 | +0.30% | Trading Economics USD/GHS interbank rate, 23 Oct 2026 (morning quote) |
| KES/USD | 129.93 | up +0.08 | +0.06% | Trading Economics USD/KES interbank rate, close 22 Oct 2026 (read 23 Oct) |
| ETB/USD | 127.00 | down -34.15 | -21.19% | Trading Economics USD/ETB official rate, 23 Oct 2026 (morning quote) |
| TZS/USD | 2,600.25 | down -44.54 | -1.68% | Trading Economics USD/TZS interbank rate, 23 Oct 2026 (morning quote) |
Analysis
Uganda Shilling Hits Record Low Near Shs4,250/$ as Central Bank Returns to Dollar Sales
The Uganda shilling fell to a record low near Shs4,250 per dollar, wiping out the gains from a 225-point rate hike. Why it is sliding and what comes next.
Naira Exchange Rate Falls to N1,365/$: Sharpest Daily Drop in 18 Months as FX Demand Stays High
The naira exchange rate fell N28 to N1,365/$ on 22 October, its sharpest daily drop since April 2025. What CBN data shows and what to watch next.
Ghana Cedi Steadies at GH¢11.61 After Losing 10% of Its Value in 2026
The Ghana cedi firmed to GH¢11.61 per dollar on the Bank of Ghana interbank market, but it is still about 10% weaker than at the start of 2026. Here is why.
Nigeria FX Turnover Falls 22% to $2.62bn as Forward Deals Drop 81%
Nigeria FX turnover fell 22.23% to $2.62bn in the week to 16 October as forwards dropped 81%. The naira held near N1,333/$ after a $430.6m CBN sale.
Nigeria FX Demand Hits $18.34bn in Q2 2026, Its Highest Since 2011
Nigeria FX demand rose to $18.34bn in Q2 2026, its highest since 2011, as financial services outflows doubled imports and CBN dollar sales fell to $418m.
Nigeria-China Payments: CBN's Cardoso Takes Settlement Talks to Beijing
Nigeria-China payments are on the CBN's agenda as Governor Cardoso plans Beijing talks on settlement, fintech and trade finance with the People's Bank of China.
Nigeria’s $5bn swap trades certainty for cheaper money
Nigeria's $5bn swap with First Abu Dhabi Bank trades fixed-cost certainty for flexible dollar liquidity — here's how the deal actually works.
Naira Holds Near Two-Year High as Nigeria's FX Reserves Strengthen
The naira is holding near a two-year high, supported by record Nigerian FX reserves and rising remittance inflows
African Forex Watch: Naira Stabilises, Rand Under Pressure, Shilling Steady
African currencies showed divergent trends in early August, with the Nigerian naira stabilising, the South African rand facing pressure and the Kenyan shilling remaining relatively steady. Here's what the latest currency movements mean for businesses, trade and investors across Africa.
Central Bank & Inflation Watch: Nigeria, South Africa and Kenya Hold Interest Rates Steady
Africa's three largest central banks kept interest rates unchanged as policymakers balanced inflation risks against economic growth. Discover how the latest decisions from Nigeria, South Africa and Kenya could shape markets, currencies and business activity.
African Forex Watch: Naira Stabilises, Rand Weakens, Kenyan Shilling Holds Firm
African currencies posted mixed performances in early August 2026 as Nigeria's naira remained stable, South Africa's rand weakened following the SARB's rate decision, and Kenya's shilling continued to trade steadily. Here's what the latest FX movements mean for businesses, investors, and regional trade.
BEAC Rate Decision: What Central Africa's Monetary Policy Means for Borrowing, Investment and the FCFA
The Bank of Central African States sets monetary policy for six CEMAC nations. Its decisions reach corporate borrowing costs, government financing and the investment climate across a region of roughly 55 million people.