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.