The biggest move this week did not come from Brent, down 2.4% to $71.42 a barrel, but from African currencies against the dollar and euro. USD/MAD rose 3.20% to 9.3764, while USD/TND gained 2.13% to 2.932. By contrast, the South African rand and Nigerian naira strengthened, with USD/ZAR down 0.64% to 16.2706 and USD/NGN lower by 0.79% at 1,368.45. For anyone tracking African stock markets today, that divergence mattered as much as the rise in gold or platinum because it changed real returns, import costs and the earnings outlook.
Key figures
- USD/MAD: 9.3764, up 3.20% on the week
- USD/TND: 2.932, up 2.13%
- USD/ZAR: 16.2706, down 0.64%
- USD/NGN: 1,368.45, down 0.79%
- Brent: $71.42, down 2.4% on the week
Market context: FX, not oil alone, drove African stock markets today
Across African stock markets, commodities rarely feed through in isolation. They move through exchange rates, imported inflation and the cost of capital. In the week to , lower oil prices offered theoretical relief to net importers, but that benefit was partly offset in Morocco and Tunisia by weaker currencies against the dollar. A barrel at is cheaper than a week ago, yet if the loses and the loses versus the dollar, the local-currency relief becomes much smaller.