The naira was stronger than only 7 of Africa’s 41 currencies as of October 2025

  • The naira buys the most in countries like Guinea, Uganda, Burundi, and Malawi, where local currencies have lost value faster.
  • High inflation and unstable monetary systems have eroded the strength of several African currencies.
  • Most of the weakest currencies are in East and West Africa.
  •  The naira’s higher value in these countries does not mean it has fully recovered.

In October 2025, the naira held the most strength against some of Africa’s lowest-value currencies. ₦1 exchanged for about 5.95 Guinean francs, 3.2 Malagasy ariary, 2.53 Ugandan shillings, and 2 Burundian francs on average.

The pattern shows that the naira appears strongest in low-income or inflation-hit economies where local currencies have lost value. Countries like Guinea, Uganda, Burundi, and Malawi fall into this group, reflecting how fragile monetary systems and rising prices have weakened their currencies faster than the naira.

While the naira faces domestic challenges, it still buys far more in these parts of Africa, showing how uneven currency strength remains across the continent.

Source:

Sources: Trading Economics, Wise, XE

Period:

October 2025
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Nigeria experienced substantial year-on-year declines in exchange rate gain revenue from April to June 2025, with decreases of 90%, 81%, and 85% respectively
  • Nigeria’s exchange rate gain revenue dropped by 73.2% in H1 2025 compared to H1 2024.
  • In April 2025, exchange rate gain fell by 90% year-on-year from ₦285.5B to ₦28.7B.
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East Africa is heavily represented among the weakest African currencies in 2024, with Somalia leading at 28,118.33 SOS per US$
  • Eight East African nations made the list of the top 15 worst African currencies.
  • Somalia has the weakest African currency in 2024, with an exchange rate of 28,118.33 SOS per US$.
  • Guinea, with 8,613.26 GNF per US$, has the second weakest currency, but is still far behind Somalia.
  • Madagascar, Uganda, and Zimbabwe follow, each with exchange rates between 3,200 and 4,500 LCU per US$.
  • Nigeria’s currency traded at 1,478.97 Naira per US$, about 20 times stronger than Somalia's currency.
  • Despite economic turmoil, South Sudan’s currency remained below 2,200 SSP per US$, performing better than Somalia and Guinea.
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Nigeria's naira depreciated by 129% in 2024, hitting an average of 1,479 NGN per US$
  • The Nigerian naira depreciated by a record-breaking 129.23% in 2024, the highest drop in the last decade.
  • From 2015 to 2022, the naira's depreciation was relatively controlled, rarely exceeding 20% year-on-year.
  • The exchange rate remained nearly flat from 2017 to 2019, showing signs of stability.
  • In 2023, the naira lost over half its value (51.46%), marking the beginning of the current volatility wave.
  • The exchange rate crossed the ₦1,000/$ threshold in 2024 for the first time in history.
Somalia's official exchange rate (SOS per US$) has generally trended upwards from 2015 to 2024, reaching 28,118.33 SOS per US$
  • Somalia’s currency has depreciated by 26.4% between 2015 and 2024.
  • The sharpest yearly depreciation was in 2019, at 4.64%.
  • From 2020 to 2021, the SOS saw its smallest year-on-year shift at 1.08%.
  • Despite fluctuations, every year from 2015 to 2024 recorded a net increase in SOS per US$.
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North Africa dominates the strongest African currencies in 2024, with Tunisia taking the lead at TND 3.11/USD
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  • Morocco maintained a strong regional position, with its dirham trading at 9.94 MAD per USD.
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  • Ghana and Seychelles had closely matched exchange rates, trading at 14.48 and 14.53 to the dollar, respectively.
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