Nigeria Ranked Among 10 African Countries With Weakest Currencies Amid Recent Naira Gains

• The Central Bank of Nigeria has been applying fiscal measures to strengthen the naira and curb inflation
• These measures have resulted in some short-term wins, but the naira has not appreciated significantly
• Based on the currency report by the end of June 2025, Nigeria and others are on the list of the top 10 countries with the weakest currencies

Ruth Okwumbu-Imafidon, a journalist with Legit.ng, has over a decade of experience in business reporting across digital and mainstream media.

As the second half of 2025 begins, several countries continue to grapple with currency devaluation and other economic challenges.

African countries have particularly applied several policies and measures to keep their economies stable, reduce import dependence, and address other economic issues.

Some currencies, such as the Nigerian naira and the Egyptian pound, have weakened sharply in the first half, while others have shown improvement thanks to increased export volumes and favorable monetary policies.

The implications of the weaker currency are mainly higher inflation, as seen in Nigeria, but data from the National Bureau of Statistics have shown that inflation is declining.

As of June 30, 2025, several African nations continue to face currency depreciation, reflecting broader economic challenges like inflation, limited foreign reserves, and fiscal instability.

Top 10 countries with the weakest currencies

Below is the ranking of the ten countries on the continent with the lowest-valued currencies against the US dollar, based on the data from the Forbes Currency Calculator as computed by Business Insider Africa.

1. São Tomé and Príncipe: The island nation has the most devalued currency in Africa. The Dobra is currently exchanging at approximately 22,281.80 units per US dollar, making it the weakest on the continent.
2. Sierra Leone: The Leone remains under pressure, trading at about 20,969.50/$.
3. Guinea: The Guinean Franc continues to face headwinds, with the exchange rate at 8,657.48/$, keeping it among the most devalued African currencies.
4. Uganda: The Ugandan Shilling currently trades at roughly 3,605.57/$, placing the East African country in fourth position on the list.
5. Burundi: With a rate of 2,975.85/$, the Burundian Franc continues to reflect economic strain, placing it among the weaker currencies in the region.
6. Democratic Republic of the Congo: The Congolese Franc stands at 2,905.28/$, underscoring the persistent monetary and fiscal challenges facing the country.
7. Tanzania: Despite recent economic reforms, the Tanzanian Shilling trades at 2,653.06/$, showing ongoing currency instability.
8. Malawi: The Malawian Kwacha is valued at 1,732.71/$, pointing to continued pressures on the country’s foreign exchange market.
9. Nigeria: The Naira is currently exchanging at about N1,553.68/$. Though it has seen slight improvement recently, it remains one of Africa’s weakest currencies.
10. Rwanda: Concluding the list, the Rwandan Franc trades at 1,448.29/$.

For Nigerians, the CBN reforms are yielding some good results as July 2025 has started on a strong note, with the naira appreciating against the dollar.

How Nigeria can benefit from a weaker currency

In related news, the naira has depreciated tremendously in the last 25 months, going from N460 to N1,600 to a dollar.

Despite the depreciation, economic experts have strongly resisted the government's efforts to artificially boost the naira.

In an interview with Legit.ng, an economist and data expert listed ways that Nigerians can benefit more from a weaker currency.

Source: Legit.ng