Economy
Naira in 9th position as Weakest Currency In Africa-Report
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The Nigerian Naira has been positioned as the ninth weakest currency in Africa, according to the latest Forbes currency calculator report for September 2025.
The ranking, which relies on real-time data provided through the Open Exchange Rates API, updates every five minutes to reflect live trading activity. It factors in demand and supply dynamics, economic stability, and overall market sentiment affecting different African currencies.
According to the report, the São Tomé & Príncipe Dobra topped the list as the weakest African currency at 22,282 per $1, followed by the Sierra Leonean Leone at 20,970 per $1, and the Guinean Franc at 8,680 per $1.
Other currencies on the weak list included:
Ugandan Shilling – 3,503 per $1
Burundian Franc – 2,968 per $1
Congolese Franc – 2,811 per $1
Tanzanian Shilling – 2,465 per $1
Malawian Kwacha – 1,737 per $1
Nigerian Naira – ₦1,490 per $1
Rwandan Franc – rounding off the top 10
On the other hand, the continent’s strongest currencies were listed as:
Tunisian Dinar – 2.90 per $1
Libyan Dinar – 5.40 per $1
Moroccan Dirham – 9.91 per $1
Ghanaian Cedi – 12.31 per $1
Botswanan Pula – 14.15 per $1
Africa currently consists of 54 recognized countries, according to the United Nations.
Naira’s Weakness Amid Signs of Economic Stability
Although the Naira remains among Africa’s weakest-performing currencies, recent figures suggest that Nigeria’s broader economy may be experiencing some relief.
Data from the National Bureau of Statistics (NBS) shows that headline inflation dropped from 24.5% in January 2025 to 20.12% in August 2025, representing the fifth consecutive month of disinflation.
Analysts attribute this improvement to:
Steady foreign exchange inflows from oil exports and diaspora remittances
A boost in agricultural output
The Central Bank of Nigeria’s (CBN) tight monetary stance, which kept the benchmark interest rate at 27.5%
Expert View and Outlook
According to Dr. Omoniyi Akinsiju, chairman of the Independent Media and Policy Initiative (IMPI):
“Nigeria recorded a rare disinflation in 2025, with inflation falling from 24.5% in January to 20.12% in August the sharpest mid-year slowdown in over a decade.”
Looking ahead, IMPI projects that inflation could fall further to 17% by December 2025, offering hope that consumer prices may stabilize and provide some relief to households battered by years of rising costs.
While the Naira continues to rank low against other African currencies, signs of easing inflation and stable forex inflows suggest that Nigeria may be inching toward economic stability, even if currency strength remains a major challenge.
See Exchange Rate As Naira Gains 0.07%
The Black Market Dollar-to-Naira Exchange Rate for 24th June 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 24th June 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1395 and buy at ₦1385 on Wednesday, 24th June, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1395
Buying Rate ₦1385
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1375
Lowest Rate ₦1365
The Nigerian naira traded at relatively stable levels against the United States dollar on Tuesday, June 23, 2026, across both the official and parallel foreign exchange markets, as market participants continued to monitor liquidity conditions and foreign exchange demand.
Latest data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira exchanged at approximately ₦1,366.41 per dollar at the official market. The NFEM rate, which is published by the Central Bank of Nigeria, represents the volume-weighted average exchange rate for the day.
The official exchange rate has remained within the ₦1,350-₦1,370 range in recent weeks, supported by improved liquidity and sustained foreign portfolio inflows into local assets.
In the parallel market, also known as the black market, the dollar traded at around ₦1,400 for buying and between ₦1,410 and ₦1,420 for selling, depending on location and dealer quotations.
The spread between the official and parallel market rates remained relatively narrow compared with previous years, reflecting ongoing reforms aimed at improving transparency and efficiency in Nigeria’s foreign exchange market.
Currency traders said demand for dollars from importers, travellers and businesses remained steady, although the naira has benefited from increased confidence in the foreign exchange market and improved dollar supply.
Analysts noted that exchange rates could continue to fluctuate in response to changes in foreign exchange inflows, global oil prices and domestic economic conditions.
As of the prevailing rates, $100 would exchange for about ₦136,641 at the official NFEM window, while the same amount could fetch between ₦141,000 and ₦142,000 in the parallel market.
Foreign exchange rates remain subject to intraday movements and may vary across banks, bureaux de change operators and other market participants.
A total sum of N2.300 trillion, being the May 2026 Federation Account Revenue, has been shared between the federal government, states, and the local government councils.
In a statement on Wednesday by the spokesperson of the Office of the Accountant General of the Federation, Bawa Mokwa, the revenue was shared at the June 2026 Federation Account Allocation Committee FAAC meeting held in Abuja.
The N2.300 trillion total distributable revenue comprised distributable statutory revenue of N1.611 trillion and distributable Value Added Tax (VAT) revenue of N688.785 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that the total gross revenue of N3.395 trillion was available in the month of May 2026. Total deduction for cost of collection was N123.546 billion, while total transfers and refunds were N971.610 billion.
According to the communiqué, gross statutory revenue of N2.651 trillion was received for the month of May 2026. This was higher than the sum of N2.378 trillion received in the preceding month by N273.623 billion.
Gross revenue of N743.668 billion was available from the Value Added Tax (VAT) in May 2026. This was lower than the N806.617 billion available in the month of April 2026 by N62.949 billion.
The communiqué stated that from the N2.300 trillion total distributable revenue, the federal government received a total sum of N818.680 billion, and the state governments received a total sum of N759.141 billion.
The local government council received N534.277 billion, while the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting state as derivation revenue.
On the N1.611 trillion distributable statutory revenue, the communiqué stated that the federal government received N749.801 billion and the state governments received N380.309 billion.
The local government councils received N293.202 billion, and the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N688.785 billion distributable Value Added Tax (VAT) revenue, the federal government received N68.879 billion, the state governments received N378.832 billion, and the local government councils received N241.075 billion.
In May 2026, Companies Income Tax (CIT), CGT, SDT, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Oil and Gas Royalty increased significantly, while Import Duty, Value Added Tax (VAT), Excise Duty, and CET Levies decreased considerably.
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