Nigerian Naira weakest currency ranked ninth in Africa by Forbes, despite easing inflation and improving forex inflows

Nigerian Naira weakest currency ranking has once again placed the spotlight on the country’s fragile economy, after a new Forbes report listed it as the ninth weakest currency in Africa.

Also read: Naira Strengthens to N1,480 Amid Forex Market Reforms

The September 2025 report shows the Naira trading at ₦1,490 per US dollar, underscoring the strain on Nigeria’s foreign exchange market despite recent signs of inflation relief.

Forbes explained that its ranking was based on real-time data collected through the Open Exchange Rates API, which updates every five minutes to reflect live market conditions, demand, supply and overall economic sentiment.

At the bottom of the list is the São Tomé & Príncipe Dobra (22,282 per $1), 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 the Rwandan Franc (1,448).

In 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 the Botswanan Pula (14.15).

The report comes at a time when Nigeria is recording progress in curbing inflation. Figures from the National Bureau of Statistics (NBS) show inflation dropped from 24.5% in January to 20.12% in August 2025—its fifth consecutive monthly decline.

Analysts attribute the slowdown to stronger foreign exchange inflows from oil sales and remittances, improved agricultural output, and tighter monetary policies by the Central Bank of Nigeria, which has kept its lending rate at 27.5%.

Earlier in September, the Independent Media and Policy Initiative (IMPI) described Nigeria’s experience as a “rare disinflation,” the sharpest mid-year slowdown in over a decade.

Also read: Naira Strengthens to N1,500/$ as Reserves Hit $41.6bn

IMPI chairman, Dr Omoniyi Akinsiju, forecasted that inflation could drop further to 17% by December 2025, offering consumers some long-awaited relief.