The Nigerian naira has been tagged one of the weakest currencies on the continent after a new Forbes currency calculator report for September 2025 ranked it ninth weakest in Africa.
According to the Forbes data, which is powered by the Open Exchange Rates API and updated every five minutes, the naira now trades at around ₦1,490 to $1, pushing it further down the list of struggling African currencies.
The ranking placed the naira behind currencies such as the Malawian Kwacha, Tanzanian Shilling, and Congolese Franc, with only the Rwandan Franc trailing Nigeria in tenth position.
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Why the Naira Keeps Falling
Analysts link the naira’s weakness to persistent inflation, Nigeria’s overdependence on crude oil exports, instability in the foreign exchange market, and rising debt servicing obligations.
Other factors include capital flight, low investor confidence, and inadequate industrial capacity.
Economic & Social Impact
The steady depreciation has worsened living costs for Nigerians as import prices soar. Families paying tuition abroad, small businesses relying on foreign raw materials, and households struggling with food inflation are all feeling the pinch.
Expert Opinions
Financial experts argue that without diversifying the economy beyond oil, boosting manufacturing, and ensuring consistent policies, the naira will continue to weaken.
On social media, many Nigerians reacted with frustration, with some describing the naira as a “one minute man” currency strong in name but weak in performance.
The Bigger Picture
The naira, once one of Africa’s most stable currencies in the 1970s, now stands among the weakest, underscoring the urgent need for structural reforms to restore confidence in Nigeria’s economy.