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African currencies strengthen against the U.S. dollar as exporters assess foreign-exchange reserves, import cover, and payment risks across Nigeria, Zambia, Ghana, Kenya, Uganda, Angola, and South Africa. African currencies strengthen against the U.S. dollar as exporters assess foreign-exchange reserves, import cover, and payment risks across Nigeria, Zambia, Ghana, Kenya, Uganda, Angola, and South Africa.

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Africa’s Currencies Are Rallying. Exporters Should Be Watching Reserves Instead.

Exporters celebrating a stronger naira and rand are looking at the wrong metric. The real danger lies in import cover.

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