Naira Gets New Ranking in List of Weakest Currencies in Africa

• The naira has been ranked among the worst-performing currencies for March 2025
• Forbes, in its latest currency calculator, revealed that the value of the Nigerian currency has depreciated to N1,528
• The Nigerian currency continues to depreciate in both the official and unofficial foreign exchange markets despite efforts by the CBN

Nigeria's currency, the naira, has been ranked the 9th worst-performing in Africa as it continues to struggle against the US dollar.

This was revealed in the Forbes currency converter, last updated on March 25, 2025, and obtained by Legit.ng.

Here is a Ranking of African currencies against the US dollar

São Tomé & Príncipe (Dobra – 22,281.8 per US$)

The São Tomé & Príncipe currency dobra is currently the weakest currency in Africa due to the country’s small economy, heavy reliance on imports, and limited foreign exchange reserves.

Sierra Leone (Sierra Leonean Leone – 20,969.5 per US$)

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Sierra Leone's currency, the Leone, continues to depreciate against the US dollar as the country battles high inflation, economic instability, and over-reliance on commodity exports like diamonds, which are subject to price fluctuations in global markets.

Guinea (Guinean Franc – 8,643.8 per US$)

Guinea's currency is the third weakest. The economy's major source of revenue is mining exports, but fluctuations in commodity prices impact forex inflows.

Uganda (Ugandan Shilling – 3,665.4 per US$)

The Ugandan shilling faces depreciation against the dollar, which has been attributed to the fall in export commodity prices, heavily impacted by export markets.

Burundi (Burundian Franc – 2,962.7 per US$)

Another currency facing challenges is the Burundian franc and it is the same story of limited forex reserves. Burundi's primary exports are coffee and tea, which account for 90% of foreign exchange earnings.

Democratic Republic of the Congo (Congolese Franc – 2,865.2 per US$)

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Rich in minerals, the Democratic Republic of the Congo has a difficult history of predatory mineral extraction. The country is facing a civil war, badly affecting the economy.

Tanzania (Tanzanian Shilling – 2,650 per US$)

The Tanzanian shilling depreciation is a result of several factors, including a rise in demand for US dollars occasioned by increased imports, especially in preparation for the holy month of Ramadhan and the Chinese New Year

Malawi (Malawian Kwacha – 1,733.2 per US$)

The Malawian kwacha faces devaluation. It is thought Malawi has been pressured by the IMF to devalue the kwacha, with the organisation believing it will stabilise the economy .

Nigeria (Nigerian Naira – 1,528.4 per US$)

The naira continues to weaken due to forex shortages despite efforts by the Central Bank of Nigeria.

Nigeria heavily relies on oil exports for forex earnings, but low crude production and sales as affected that earnings.

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CBN speaks as naira crashes against US dollar, traders sell at new exchange rate

Also, capital flight and speculative trading have led to significant depreciation.

Rwanda (Rwandan Franc – 1,438.7 per US$)

The Rwandan franc has been battered by its East African peers as a result of sustained low production and a widening trade deficit.

10 strongest currencies in Africa

Conversely, the list of 10 strongest African currencies against the US dollar is as follows:

1. Tunisian Dinar – 3.09 per US$
2. Libyan Dinar – 4.83 per US$
3. Moroccan Dirham – 9.57 per US$
4. Botswana Pula – 13.62 per US$
5. Seychellois Rupee – 14.37 per US$
6. Eritrean Nakfa – 15.00 per US$
7. Ghanaian Cedi – 15.49 per US$
8. Lesotho Loti – 18.15 per US$
9. Namibian Dollar – 18.15 per US$
10. South African Rand – 18.15 per US$

Naira depreciates again

Earlier, Legit.ng reported that the value of the naira depreciated further against the US dollar in the foreign exchange markets again.

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Importers to pay less as CBN reduce customs rate to clear goods as naira appreciates against dollar

The latest movement affected both the official and unofficial exchange rate for the naira against the dollar.

It was a different story for the naira in the same official forex market against the British pound and also the euro.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng