The Nigerian Naira has been ranked the ninth weakest currency in Africa, according to the latest September 2025 report by Forbes Currency Calculator, raising fresh concerns about the state of the economy despite recent gains in inflation control.
Forbes, which updates exchange rates every five minutes using data from the Open Exchange Rates API, placed the Naira at ₦1,490 to a dollar, ranking behind currencies such as the São Tomé & Príncipe Dobra (22,282/$1), Sierra Leonean Leone (20,970/$1), and Guinean Franc (8,680/$1). Others ahead of Nigeria include the Ugandan Shilling (3,503/$1), Burundian Franc (2,968/$1), Congolese Franc (2,811/$1), Tanzanian Shilling (2,465/$1), and Malawian Kwacha (1,737/$1). The Rwandan Franc (1,448/$1) completed the top 10 list of Africa’s weakest.
By contrast, the Tunisian Dinar (2.90/$1), Libyan Dinar (5.40/$1), Moroccan Dirham (9.91/$1), Ghanaian Cedi (12.31/$1), and Botswanan Pula (14.15/$1) emerged as the continent’s strongest currencies.
The report comes at a time when Nigeria has recorded five consecutive months of inflation decline. Data from the National Bureau of Statistics (NBS) shows headline inflation dropped from 24.5% in January to 20.12% in August 2025, driven by improved foreign exchange inflows from oil exports, stronger agricultural output, and tighter monetary policy by the Central Bank of Nigeria (CBN), which has maintained the benchmark rate at 27.5%.
The Independent Media and Policy Initiative (IMPI) described the trend as “rare disinflation,” noting it was the sharpest mid-year slowdown in over a decade. Its chairman, Dr. Omoniyi Akinsiju, projected further relief for consumers. “We forecast that inflation could drop to 17% by December 2025, signalling continued disinflation and easing pressure on households,” he said.
Analysts, however, warn that the Naira’s poor ranking points to deeper structural weaknesses in Africa’s largest economy. They argue that without sustained reforms in foreign exchange management, investment inflows, and domestic production, the currency will remain vulnerable despite progress on inflation.
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