Precious Metals Gains Pushing Several African Currencies Higher

A surge in the price of precious metals is helping several African currencies to rebound from a weak start to the year.

The Zambian kwacha is up about 8% so far in June, the best performance globally. It’s followed by the Tanzanian shilling, up 4% this month, and not far after by the Nigerian naira, up 3.1%, according to data compiled by Bloomberg.