Edit Content
Contact Us

Exchange Rate Performance: Selected African Countries in 2020

Exchange Rate Performance: Selected African Countries in 2020


It’s been a volatile stretch for the currency market in 2020 following the general slowdown in economic activities resulting from the COVID-19 pandemic. In this article, Tesah Capital analyzed the performance of sixteen (16) currencies on the Africa continent.

The Ivory Coast’s CFA against the Dollar averaged USD/XOF 574.45 throughout the year at a YTD appreciation rate of 9.03%, making it one of the best performing currencies in Africa. This is followed by the Moroccan Dirham, the Tunisian Dinar, the Egyptian Pound ad the Ugandan Shilling, which appreciated by 7.03%, 2.95%, 1.95%, and 0.25% against the USD respectively.

On the other hand, the currencies of other African economies (Zimbabwean RTGS, Zambian Kwacha, Nigerian Naira) depreciated sharply against the USD. These currencies shed more than 20% of their values during the period under review (please see Table 1 below for more details).

Data in Table 1 as at December 31, 2020 revealed, the Mauritian Rupee had depreciated against the United States Dollar by 9.22%; the Kenyan Shilling had depreciated by 7.31%, Rwandan Franc by 5.10%, South African Rand by 4.96%, Malawian Kwacha by 4.57%, Turkish Lira Botswana Pula by 2.11%, and the Tanzanian Shilling by 0.91%. Notwithstanding the devastating effect of the pandemic on the Ghanaian economy, the Ghana Cedi depreciated by 4.09% compared to 14.81% in 2019.

Below are the exchange rate performance selected Africa countries as at December 31, 2020:
Table 1:

CurrencyCodeLast (1 USD)YTDRank
Ivory CoastXOF536.97-9.03%1
Moroccan DirhamMAD8.89-7.03%2
Tunisian DinarTND2.72-2.95%3
Egyptian PoundEGP15.73-1.95%4
Ugandan ShillingUGX3,655.26-0.25%5
Tanzanian ShillingTZS2,318.540.91%6
Botswana PulaBWP10.82.11%7
Ghana CediGHS5.764.09%8
Malawian KwachaMWK770.414.57%9
South African RandZAR14.694.96%10
Rwandan FrancRWF990.815.10%11
Kenyan ShillingKES109.177.31%12
Mauritian RupeeMUR39.709.22%13
Nigerian NairaNGN379.0023.86%14
Zambian KwachaZMW21.1749.59%15
Zimbabwean RTGSZWL81.79387.60%16

African Currencies Performance against the US Dollar (USD) and Euro (EUR) in 2020

More Articles

Let us work together to put your funds to smart use and grow your investment portfolio.

Get in touch with an investment professional.