Naira Avoids Africa’s 10 Weakest Currencies in February 2026 as Fresh Data Shows Hardest-Hit Nations

• February 2026 data reveals Nigeria's naira is not among Africa's 10 weakest currencies
• The impact of weak currencies leads to inflation and increased prices for essential goods
• Currency stability is crucial for attracting investment and safeguarding economic growth in Africa

Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.

Fresh data released in February 2026 has revealed the 10 weakest currencies in Africa, and, notably, Nigeria’s naira did not feature on the list, despite depreciating recently due CBN's interventions.

The ranking, compiled using figures from the Forbes currency calculator, highlights countries whose currencies have depreciated sharply against major global currencies such as the US dollar and euro.

While the naira has faced its own challenges in recent years, it was absent from the latest lineup of Africa’s weakest-performing currencies.

Why weak currencies hurt economies

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A weak currency is more than just a number on a trading screen. It carries real consequences for households, businesses and governments.

For countries heavily dependent on imports, depreciation quickly translates into higher prices.

Food, medicine, fuel, machinery and other essential goods become more expensive as the local currency loses value against the dollar or euro. The result is inflation, which erodes purchasing power and pushes up the cost of living.

The impact extends beyond consumers. Many African nations hold significant external debts denominated in foreign currencies. When their local currencies weaken, repaying those loans becomes more costly.

Governments are often forced to divert funds from development projects or increase taxes to meet debt obligations, slowing economic growth in the process, Business Insider Africa reported.

Investor confidence and capital flight

Currency weakness can also send worrying signals to investors. Exchange rate volatility fuels uncertainty, prompting both foreign and local investors to tread cautiously.

In severe cases, capital flight can occur, making it harder for governments to attract the foreign direct investment needed for infrastructure, industrial expansion and job creation.

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Over time, persistent depreciation can deepen inequality. Wages frequently struggle to keep pace with rising prices, especially in urban centres where imported goods account for a large share of household spending. Lower-income families tend to bear the brunt of these pressures.

Africa’s weakest currencies in February 2026

According to the latest data, the following countries currently have the weakest currencies on the continent:

1. São Tomé and Príncipe – São Tomé & Príncipe Dobra (22,282 per US dollar)
2. Sierra Leone – Sierra Leonean Leone (20,970 per US dollar)
3. Guinea – Guinean Franc (8,765 per US dollar)
4. Madagascar – Malagasy Ariary (4,270 per US dollar)
5. Uganda – Ugandan Shilling (3,598 per US dollar)
6. Burundi – Burundian Franc (2,964 per US dollar)
7. Tanzania – Tanzanian Shilling (2,559 per US dollar)
8. Democratic Republic of the Congo – Congolese Franc (2,311 per US dollar)

What it means for Nigeria

Although the naira continues to face volatility, its absence from the bottom 10 suggests relative improvement compared to some peers. Currency stability often depends on a combination of sound monetary policy, fiscal discipline and broader structural reforms.

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Without these, depreciation can become self-reinforcing, feeding inflation, weakening investor confidence and straining public finances.

For African economies navigating global uncertainty, maintaining currency stability remains central to safeguarding growth, protecting citizens’ purchasing power and attracting long-term investment.

Top 10 strongest currencies in the world

Legit.ng earlier reported that global currency strength is often assessed by how much a single unit of a currency can buy in US dollars, rather than how widely the currency is used, Vanguard reported.

Using exchange rates as of February 2026, data from Open Exchange shows that several currencies remain stronger than the US dollar in terms of unit value.

Below is a list of the world’s strongest currencies based on how much each unit is worth in dollars, according to figures obtained via a currency converter.

Source: Legit.ng