If you move money across borders for your business, this was a year you felt deeply. The Naira went on a ride, the Cedi staged one of the most dramatic currency recoveries in recent African history, Kenya held steady, crypto got a legal framework, and continental payments infrastructure quietly made real progress.
What actually happened — and what it means for your business.
The Naira: Fragile Stability
After crashing to nearly ₦1,740/$ in late 2024, the Naira clawed back to the ₦1,350–₦1,450 range by early 2026. The gap between official and parallel market rates shrank to under 2% — down from over 60%.
The CBN’s aggressive tightening played a major role. Rates hit 27.50%, curbing speculation and attracting foreign portfolio investors. The reward came in September 2025; the first rate cut since 2020, down to 27%, then again to 26.5% in February 2026. Inflation eased to 15.10% in January 2026, with food inflation dropping to 8.89%.
But if you were an importer trying to plan around a stable rate during that recovery, “progress” still felt like chaos.
The takeaway: the trend is positive, but if you’re still paying suppliers without locking in a rate, this year should have been your wake-up call.
Ghana: The Comeback of the year
The Cedi appreciated over 40% against the dollar in 2025 — its strongest annual performance in decades. Inflation dropped from nearly 24% to 3.3% by February 2026. The Bank of Ghana slashed its policy rate from 29% to 18%. GDP grew 6.1%. All three major rating agencies upgraded Ghana’s credit in the same year.
The IMF completed its fifth review in December 2025, and the country is on track to exit its $3 billion programme entirely. But the recovery comes with caveats. The Cedi’s sharp appreciation hurt exporters and SMEs on thin margins, and roughly one in three cedis of government revenue still goes to debt servicing.
For businesses in the Ghana corridor: the improved FX environment is a real opportunity. But don’t confuse a good year with a guaranteed trajectory.
Kenya: The Quiet performer
Kenya didn’t make dramatic headlines, which is better than one may think. The Shilling held steady around KSh 129/$, following a strong 17.4% appreciation in 2024. The Central Bank eased rates to 10.75%, and forex reserves improved to $9.3 billion.
For businesses operating in the Kenya corridor, this is one of the more predictable cross-border environments on the continent right now. M-Pesa and Kenya’s mobile money ecosystem continue to lead Africa in digital payment infrastructure. The friction points are lower here, though the high national debt remains a background pressure.
Remittances: Record highs, shifting channels
Nigeria’s remittance inflows hit $23 billion in 2025, a five-year high. External reserves climbed to $50.45 billion in February 2026, the highest in 13 years.
But here’s the nuance: formal IMTO inflows in the first half of 2025 actually dipped by nearly 12%. The gap suggests remittances are increasingly flowing through digital channels and fintech platforms rather than traditional operators. For diaspora senders, digital-first platforms are winning on speed, rates, and experience.
Crypto: Regulated at last
In March 2025, President Tinubu signed the Investments and Securities Act 2025, classifying digital assets as securities under SEC oversight. Banks can now legally service licensed crypto companies, though only two exchanges (Quidax and Busha) hold provisional licenses so far. And the Nigeria Tax Administration Act 2025 brought crypto into the tax framework from January 2026.
For businesses using crypto rails for cross-border payments, the regulatory clarity is good news; fewer account freezes, fewer surprise enforcement actions. The question is whether licensing keeps pace with demand.
The continental picture
Africa’s cross-border payments market was valued at $329 billion in 2025 and is projected to triple to $1 trillion by 2035. In November 2025, Standard Bank became the first African bank to gain direct participation in China’s CIPS — a big deal for Africa-China trade corridors. PAPSS expanded to 17 countries. And the AfCFTA Secretariat began exploring stablecoin-based settlement to slash costs and cut border delays by over 50%.
The infrastructure for seamless cross-border payments is being built. Businesses that position themselves early will have a real edge.
What to watch next
Oil prices may soften toward $55/barrel, pressuring Nigeria’s FX inflows. Ghana’s recovery faces a real test when large bond repayments hit in 2027–2028 without the IMF safety net. Kenya needs to manage high debt without reversing recent gains.
The playbook for businesses
Plan for stability, prepare for volatility.
Lock in rates when you can.
Build payment buffers.
Make sure your cross-border payment partner understands your business well enough to move when you need them to.
That last part matters more than most people think. And it’s exactly why Oneremit exists. Sign up today
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