The Nigerian Naira has been ranked as the ninth weakest currency in Africa, trading at ₦1,490 to the US dollar, according to Forbes’ September 2025 currency calculator. This ranking underscores the ongoing pressure on Nigeria’s economy despite signs of inflation easing and positive economic trends.
Forbes uses live foreign exchange data from the Open Exchange Rates API, updating every five minutes, to track currency performance affected by market demand, supply, and broader economic conditions. According to the latest data, the Nigerian Naira stands behind only the São Tomé & Príncipe Dobra, Sierra Leonean Leone, Guinean Franc, Ugandan Shilling, Burundian Franc, Congolese Franc, Tanzanian Shilling, and Malawian Kwacha in terms of weakness among African currencies.
Despite its weak place in the ranking, Nigeria’s inflation outlook has gradually brightened in 2025. The National Bureau of Statistics reported a drop in headline inflation from 24.5 percent in January to 20.12 percent in August, marking five consecutive months of decline. The notable slowdown is the sharpest mid-year disinflation Nigeria has experienced in over a decade.
Experts attribute this positive inflation trend to consistent foreign exchange inflows driven by oil exports and remittances, improved agricultural productivity, and the Central Bank of Nigeria’s maintained benchmark interest rate at 27.5 percent. Dr. Omoniyi Akinsiju, chairman of the Independent Media and Policy Initiative, said inflation could further decline to 17 percent by December 2025, offering some respite to households and businesses struggling with high costs.
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The weakness of the Naira is still linked to global oil price fluctuations, high inflation, and Nigeria’s reliance on imports, which exacerbate currency volatility. Meanwhile, other African currencies such as the Tunisian Dinar, Libyan Dinar, and Moroccan Dirham continue to show relative strength compared to the Naira.
As Nigeria navigates economic challenges, the interplay between currency value, inflation control, and policy measures remains critical for stabilizing and improving the nation’s financial health in the remaining months of 2025 .
