The Nigerian Naira (₦) has been ranked as the ninth weakest currency in Africa, according to the latest Forbes Currency Calculator Report for September 2025. The report, which analyzed exchange rates of African currencies against the U.S. dollar, highlights Nigeria’s persistent currency depreciation despite several monetary policy interventions by the Central Bank of Nigeria (CBN).
As of September 2025, the Naira trades at an average of ₦1,512 to $1 on the official window, while the parallel market rate hovers above ₦1,700 per dollar. This sharp decline places it behind stronger African currencies such as the Moroccan Dirham, Botswana Pula, and South African Rand, but weaker than the Ghanaian Cedi and Sierra Leonean Leone, which also feature among the continent’s most devalued currencies.
Forbes noted that factors such as high inflation (currently at 28.6%), heavy dependence on imports, dwindling foreign reserves, and reduced oil revenues continue to exert pressure on the Naira. Additionally, persistent demand for foreign exchange by businesses and individuals has widened the gap between the official and parallel markets.
Economic analysts warn that the weakening of the Naira further threatens Nigeria’s cost of living, with food prices, transport, and housing costs rising sharply. Small and medium-scale businesses dependent on imported raw materials are also bearing the brunt of the currency crisis.
In response, the Federal Government has pledged to intensify efforts toward boosting local production, diversifying exports, and stabilizing the forex market. However, critics argue that without decisive reforms in the oil sector, infrastructure, and governance, the Naira’s downward spiral may continue.
The Forbes report has once again sparked debate among Nigerians on social media, with many expressing concern that Africa’s largest economy should not be among the top 10 weakest currencies on the continent.
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