The South African rand and Nigerian naira have emerged among the world’s top-performing currencies against the United States dollar over the past year.
Data indicates that the rand appreciated by 16.4 per cent, while the naira gained 13.5 per cent against the dollar, ranking them third and seventh respectively among global currencies.
Analysts attribute the strong performance of the rand to positive domestic economic trends, ongoing reforms, and rising global metals prices, which have bolstered investor confidence.
Similarly, the naira’s appreciation has been linked to economic policy adjustments and improved market fundamentals.
The report also noted that several currencies worldwide recorded double-digit gains within the period, driven largely by capital inflows and favourable economic conditions.
Experts say the trend underscores the impact of sound economic policies and global market dynamics on currency performance.
