Naira Emerges as Ninth Weakest Currency in Africa

The Nigerian naira has been ranked the ninth weakest currency on the African continent, according to a recent assessment of exchange rate performance against the U.S. dollar.

The ranking reflects the naira’s continued struggles with depreciation, inflationary pressures, and foreign exchange shortages that have weighed heavily on Nigeria’s economy.

Analysts say the weakening currency has contributed to rising import costs, reduced purchasing power, and increased hardship for citizens, while also posing challenges for businesses that rely on foreign inputs.

Despite recent government measures aimed at stabilizing the foreign exchange market, the naira continues to face pressure amid high demand for dollars and limited supply.

Economic experts emphasize that structural reforms, improved export earnings, and strengthened monetary policies will be critical in reversing the currency’s decline and restoring investor confidence.