Contents

• Executive Summary 
• Côte d'Ivoire
• Ghana
• Nigeria
• Senegal
• Quarterly & Annual Data Tables

Executive summary

• Macroeconomic fundamentals in West Africa continue to improve. The Nigerian naira saw a narrowing in the official-parallel market FX spread from 3% in June to 1% July, signalling increased liquidity and near convergence. Meanwhile, Ghana’s cedi has rebounded over 40% YTD, buoyed by fiscal reforms. However, global shocks, such as the recent US tariff impositions, a strong US dollar, and Fed tightening, have led to renewed currency pressure across the region. The West African CFA franc depreciated 2% in July, reversing a 3.5% gain in June, while the cedi and naira weakened by 1.8% and 0.3%, respectively.
• Still, rising oil prices, more substantial reserves, and improving capital inflows are expected to cushion currency pressure in the near term for most West African nations. For instance, Brent crude rose 7% m/m between June and July, while Nigeria’s oil output