The Nigerian Naira has been ranked as the ninth weakest currency in Africa in Forbes’ September 2025 currency calculator report, highlighting persistent pressure on the country’s economy despite recent gains in easing inflation.
The Forbes currency calculator, which uses real-time foreign exchange data sourced through the Open Exchange Rates API, updates every five minutes to capture live trading values.
Daily Trust reports that naira has underperformed in recent years worsened by the devaluation and the elimination of multiple exchange rates in Nigeria.
From N460.702 in May 2023, the currency has depreciated, exchanging currently at N1,500 to one dollar. This has triggered inflation in the country as the cost of goods and machineries not produced in Nigeria increased.
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The ranking by Forbes reflects the demand and supply dynamics, market sentiment, and broader economic conditions affecting currency performance across the continent.
According to the data, the São Tomé & Príncipe Dobra (22,282 per $1) was listed as the weakest currency in Africa, followed by the Sierra Leonean Leone (20,970), Guinean Franc (8,680), Ugandan Shilling (3,503), and Burundian Franc (2,968).
Others on the list include the Congolese Franc (2,811), Tanzanian Shilling (2,465), Malawian Kwacha (1,737), Nigerian Naira (N1,490 per $1), and the Rwandan Franc (1,448).
In contrast, the Tunisian Dinar (2.90 per $1), Libyan Dinar (5.40), Moroccan Dirham (9.91), Ghanaian Cedi (12.31), and Botswanan Pula (14.15) were ranked as the five strongest currencies in Africa.
The report covers all 54 recognised countries on the continent, based on United Nations and geographic data sources.
Meanwhile, the National Bureau of Statistics (NBS) disclosed that Nigeria’s headline inflation rate dropped from 24.5% in January to 20.12% in August, marking the fifth consecutive month of decline. Analysts attribute the trend to steady foreign exchange inflows from oil exports and remittances, improved agricultural yields, and the Central Bank of Nigeria’s decision to maintain the benchmark interest rate at 27.5%.
With 54 recognised African countries covered in the survey, Nigeria placed ninth on the list of weakest currencies, despite five consecutive months of easing inflation.
