Naira ranks ninth weakest currency in Africa – Forbes report

The Nigerian Naira has been named the ninth weakest currency on the continent, according to a September 2025 Forbes currency calculator report, highlighting ongoing pressure on the economy despite signs of cooling inflation.

The Forbes ranking, based on real-time data from the Open Exchange Rates API, updates every five minutes to track market sentiment, supply-and-demand trends, and other economic indicators.

São Tomé & Príncipe’s Dobra topped the list at 22,282 per U.S. dollar, followed by the Sierra Leonean Leone (20,970), Guinean Franc (8,680), Ugandan Shilling (3,503), Burundian Franc (2,968), Congolese Franc (2,811), Tanzanian Shilling (2,465), Malawian Kwacha (1,737), Nigerian Naira (₦1,490), and Rwandan Franc (1,448).

By contrast, Africa’s strongest currencies were the Tunisian Dinar (2.90 per $1), Libyan Dinar (5.40), Moroccan Dirham (9.91), Ghanaian Cedi (12.31), and Botswanan Pula (14.15). The continent has 54 recognized countries, according to United Nations data.

Meanwhile, Nigeria’s inflation has been easing. The National Bureau of Statistics reported headline inflation fell from 24.5 percent in January to 20.12 percent in August 2025, marking a fifth consecutive monthly decline.

Analysts attribute the slowdown to steady foreign-exchange inflows from oil exports and remittances, improved agricultural output, and the Central Bank of Nigeria’s decision to maintain its benchmark rate at 27.5 percent.

The Independent Media and Policy Initiative projects inflation could drop further to around 17 percent by December, signaling continued disinflation and some relief for consumers.