The Nigerian Naira has been ranked as the ninth weakest currency in Africa, according to a Forbes currency calculator report for September 2025. The development reflects continued pressure on Nigeria’s exchange rate despite a recent slowdown in inflation.

The Forbes calculator draws on real-time foreign exchange market data via the Open Exchange Rates API, refreshing every five minutes to capture demand and supply, investor sentiment, and other economic conditions affecting currencies.

According to the data, ten African currencies are currently the weakest against the United States Dollar.

Full list of Africa’s weakest currencies (September 2025):

São Tomé & Príncipe Dobra – 22,282 per $1

Sierra Leonean Leone – 20,970 per $1

Guinean Franc – 8,680 per $1

Ugandan Shilling – 3,503 per $1

Burundian Franc – 2,968 per $1

Congolese Franc – 2,811 per $1

Tanzanian Shilling – 2,465 per $1

Malawian Kwacha – 1,737 per $1

Nigerian Naira – ₦1,490 per $1

Rwandan Franc – 1,448 per $1

In contrast, Forbes listed the Tunisian Dinar (2.90 per $1), Libyan Dinar (5.40 per $1), Moroccan Dirham (9.91 per $1), Ghanaian Cedi (12.31 per $1), and Botswanan Pula (14.15 per $1) as the five strongest currencies on the continent.

Nigeria’s inflation rate, however, has shown improvement this year. The National Bureau of Statistics (NBS) reported that headline inflation fell from 24.5 percent in January to 20.12 percent in August, marking the fifth consecutive month of decline.

The Independent Media and Policy Initiative (IMPI) noted the rare disinflationary trend, describing it as “the sharpest mid-year slowdown in over a decade.” IMPI chairman Dr. Omoniyi Akinsiju said, “Nigeria recorded a rare disinflation in 2025, with inflation falling from 24.5% in January to 20.12% in August.”

The group forecast that inflation could fall further to 17 percent by December 2025, though pressure on the naira persists in the foreign exchange market.