The Nigerian Naira has been ranked as the ninth weakest currency in Africa, according to a Forbes currency calculator report for September 2025.
The Naira’s value has been under pressure, with an exchange rate of approximately ₦1,490 per $1.
Despite this ranking, Nigeria’s inflation rate has shown significant improvement in 2025, with a rare disinflationary trend.
The country’s headline inflation fell from 24.5% in January to 20.12% in August, its fifth consecutive month of decline.
According to Dr. Omoniyi Akinsiju, chairman of the Independent Media and Policy Initiative, “Nigeria recorded a rare disinflation in 2025, with inflation falling from 24.5% in January to 20.12% in August, the sharpest mid-year slowdown in over a decade.”
The decline in inflation is attributed to stable foreign exchange inflows from oil exports and remittances, better agricultural yields, and the Central Bank of Nigeria’s monetary policy, which held the benchmark rate at 27.5%.
The IMPI forecasts that inflation could drop to 17% by December 2025, signaling continued disinflation and easing pressure on consumers.
The Naira’s weakness is largely due to fluctuating global oil prices, high inflation, and overdependence on importation.
To strengthen the Naira, Nigeria needs sustained economic reforms, reduced importation of non-essential items, and better inflation control.
In contrast, the strongest currencies in Africa include the Tunisian Dinar, valued at 2.90 per $1, the Libyan Dinar at 5.40 per $1, and the Moroccan Dirham at 9.91 per $1. These currencies have demonstrated stability and strength in the African foreign exchange market.
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