The Nigerian Naira has been ranked as the ninth weakest currency in Africa, according to Forbes’ currency calculator report for September 2025.
The report highlights the lingering strain on Nigeria’s economy despite recent signs of easing inflation. As of September 2025, the Naira trades at ₦1,490 per US dollar.
The Forbes currency calculator sources real-time foreign exchange market data via the Open Exchange Rates API, updating every five minutes to reflect live trading values. This system captures the impact of demand and supply, market sentiment, and broader economic conditions on each nation’s currency performance.
Other weak currencies in Africa include the Congolese Franc, Tanzanian Shilling, Malawian Kwacha, and Rwandan Franc, with exchange rates of 2,811, 2,465, 1,737, and 1,448 per US dollar, respectively. In contrast, the Tunisian Dinar, Libyan Dinar, Moroccan Dirham, Ghanaian Cedi, and Botswanan Pula are the strongest currencies in Africa, with exchange rates of 2.90, 5.40, 9.91, 12.31, and 14.15 per US dollar, respectively.
According to Dr. Omoniyi Akinsiju, chairman of the Independent Media and Policy Initiative, “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.” The slowdown in inflation is attributed to stable foreign exchange inflows from oil exports and diaspora remittances, improved agricultural yields, and sustained monetary policies by the Central Bank of Nigeria, which maintained the benchmark interest rate at 27.5%.
The National Bureau of Statistics reported that Nigeria’s headline inflation eased from 24.5% in January to 20.12% in August 2025, marking the fifth consecutive month of decline. IMPI forecasts that inflation could drop further to 17% by December 2025, signalling continued disinflation and providing relief for households and businesses.
Experts say Nigeria’s placement on the continent’s weakest currency list underscores the urgent need for sustained reforms in foreign exchange management, production, and investment inflows to restore long-term confidence in the Naira. “We forecast that inflation could drop to 17% by December 2025, signalling continued disinflation and easing pressure on consumers,” Dr. Akinsiju added.
The ranking is based on real-time data and reflects the current economic conditions in Nigeria and other African countries. With 54 recognised countries in Africa, according to the United Nations, the performance of the Naira and other currencies will continue to be closely watched by economists and investors.
