Zambia’s Forex Market Steady as ACCESS, ZICB, First Capital and UBA Lead Yesterday’s Best Retail Rates

LUSAKA, 27 November 2025 – Zambia’s retail foreign exchange market remained stable yesterday, with only marginal differences across bank rates, according to a day-end comparison of the best USD/ZMW quotations offered to customers.

ACCESS Bank Zambia and Zambia Industrial & Commercial Bank (ZICB) emerged as the most competitive institutions for customers buying US dollars, both offering the lowest sell rate at K23.10 per USD. Bank of China followed closely at K23.1055, while UBA and First Capital Bank rounded off the top tier with sell rates just fractions of a ngwee higher.

Meanwhile, customers selling US dollars saw the best returns from First Capital Bank Zambia and United Bank for Africa (UBA), which jointly topped the buy-rate board at K22.9750 per USD. First Alliance Bank and Indo-Zambia Bank offered the second-best rate at K22.9500, with ACCESS Bank and ABSA posting K22.9000.

Market analysts say the narrow gap between the top buy and sell rates roughly K23.10 to buy USD versus K22.98 when selling signals an efficiently priced forex market with limited arbitrage opportunities. “The spreads remain tight, reflecting stable liquidity conditions and balanced supply and demand,” one analyst noted.

Although differences across banks were minimal, the ranking shows potential savings for customers dealing in larger volumes. ACCESS and ZICB provided the most affordable route for kwacha-to-dollar purchases, while First Capital and UBA delivered the strongest value for customers converting USD back to kwacha.

Yesterday’s rates were captured at 15:30, and financial experts caution that morning or midday movements may vary. Customers are also advised to consider additional bank fees or commissions, which can slightly adjust the effective exchange rate.

The broader outlook remains steady, with banks maintaining competitive pricing as the kwacha continues to trade within a narrow band against the dollar.