Foreign Exchange Markets

Uganda has moved up to third position in Africa’s financial markets rankings, overtaking Nigeria and consolidating its position as the leading financial market in East Africa. According to the Absa Africa Financial Markets Index 2025, Uganda now ranks behind only South Africa and Mauritius on the continent, marking a significant shift in Africa’s financial markets hierarchy and underscoring the impact of sustained, multi-year reform across all six pillars of market development. This upward movement reflects a long reform trajectory that has prioritised institutional credibility, market openness, and resilience over scale. Uganda’s composite score of 66 places it ahead of Nigeria,…