THE Nigerian Naira has been ranked the ninth weakest currency in Africa, according to Forbes’ currency calculator report for September 2025.
The Forbes currency calculator draws on real-time foreign exchange data through the Open Exchange Rates API, refreshing every five minutes to reflect live market conditions.
It factors in demand and supply, investor sentiment, and broader economic indicators shaping each nation’s currency performance.
According to the ranking, the São Tomé & Príncipe Dobra (22,282 per $1) emerged as Africa’s weakest currency, 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), the Nigerian Naira (₦1,490 per $1), and the Rwandan Franc (1,448).
At the stronger end of the spectrum, the Tunisian Dinar (2.90 per $1), Libyan Dinar (5.40), Moroccan Dirham (9.91), Ghanaian Cedi (12.31), and Botswanan Pula (14.15) ranked as the continent’s five strongest currencies.
The naira’s sharp depreciation has been partly linked to policy shifts that followed President Bola Tinubu’s emergence in May 2023.
On his inauguration day, Tinubu announced the removal of fuel subsidy and later moved to unify Nigeria’s multiple exchange rates—two major reforms aimed at stabilising public finances and attracting foreign investment.
However, the sudden implementation without adequate cushioning measures triggered inflationary pressures, created currency problems, and increased demand for foreign currency, driving the naira into one of its steepest declines in decades.
Nurudeen Akewushola is an investigative reporter and fact-checker with The ICIR. He believes courageous in-depth investigative reporting is the key to social justice, accountability and good governance in society. You can reach him via nyahaya@icirnigeria.org and @NurudeenAkewus1 on Twitter.