The Nigerian Naira has been ranked as the ninth weakest currency in Africa, according to a Forbes report released in September 2025, underscoring continued strain on the nation’s economy even as inflation shows signs of easing.

The ranking, based on data from the Forbes currency calculator, draws from the Open Exchange Rates API, which tracks real-time market values updated every five minutes. The system captures the impact of demand and supply, market sentiment, and broader economic conditions on exchange rates.

At the bottom of the list, the São Tomé & Príncipe Dobra (22,282 per $1) was identified as Africa’s weakest currency, 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 per $1), and Rwandan Franc (1,448).

By contrast, the strongest currencies on the continent 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). The continent currently has 54 recognised countries, according to the United Nations.

Despite currency weakness, Nigeria has recorded progress in addressing inflation. Figures from the National Bureau of Statistics (NBS) show headline inflation eased from 24.5% in January to 20.12% in August 2025, marking the fifth consecutive month of decline.

Analysts attribute the trend to steady foreign exchange inflows from oil exports and remittances, improved agricultural yields, and the Central Bank of Nigeria’s monetary stance, which has maintained the benchmark lending rate at 27.5%.

Earlier this month, the Independent Media and Policy Initiative (IMPI) described the trend as a “rare disinflation,” noting it was the sharpest mid-year slowdown in inflation in over a decade. IMPI chairman, Dr. Omoniyi Akinsiju, projected that inflation could fall further to 17% by December 2025, offering consumers some relief.