A Forbes currency calculator analysis for September 2025 ranks the Nigerian Naira as the ninth weakest currency in Africa, highlighting the persistent pressure on Nigeria’s economy despite recent indications that inflation is abating.
The Forbes currency calculator, which sources real-time foreign exchange market data via the Open Exchange Rates API, updates every five minutes to reflect live trading values.
The approach accounts for the influence of supply and demand, market mood, and general economic circumstances on the currency performance of each country.
According to the data, the São Tomé & Príncipe Dobra (22,282 per $1) topped the list of Africa’s weakest currencies, 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).
On the other hand, the strongest African currencies are the Tunisian Dinar (2.90 per $1), Libyan Dinar (5.40), Moroccan Dirham (9.91), Ghanaian Cedi (12.31), and Botswanan Pula (14.15).
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Meanwhile, Nigeria has made strides in combating inflation in the meantime. According to National Bureau of Statistics (NBS) data, Naira inflation fell for the fifth consecutive month in August 2025, from 24.5% in January to 20.12%.
Experts attribute the decline to improved agricultural productivity, stricter monetary policies by the Central Bank of Nigeria, which maintained the loan rate at 27.5%, and consistent inflows of foreign currencies from oil sales and remittances.
Additionally, earlier in September, the Independent Media and Policy Initiative (IMPI) claimed that Nigeria has suffered from “rare disinflation” this year, the most severe mid-year decrease in inflation in over a decade. Consumers may find some respite as IMPI chairman Dr. Omoniyi Akinsiju forecast that inflation may drop even more to 17% by December 2025.
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