11 African currencies featured among the 25 requiring the most local currency units per US$1 in 2025

Key Takeaways

  • 11 African currencies featured among the 25 listed.
  • Somalia had the highest exchange rate among the African currencies highlighted, at 24,300 shillings per US$1.
  • Nigeria’s naira averaged ₦1,518 per US$1 in 2025.
  • 7 of the 11 African countries were in Eastern Africa, based on the UN M49 subregional classification.
  • Iran was the global outlier, averaging 711,418 rials per US$1, nearly eight times Lebanon’s 89,500.

Africa had a strong presence among the currencies requiring the most local currency units to buy $1 in 2025.

Eleven African currencies featured among the 25 shown, accounting for 44% of the list. Somalia’s shilling led the African group at 24,300 per dollar, followed by Guinea at 8,663, Madagascar at 4,530 and Uganda at 3,596.

The naira also featured on the list, averaging 1,518 per US$1 in 2025. Iran was the clear outlier globally, with the dollar averaging 711,418 Iranian rials, nearly eight times Lebanon’s 89,500.

Using the UN M49 subregional classification, 7 of the 11 African countries were in Eastern Africa: Burundi, Madagascar, Malawi, Rwanda, Somalia, Tanzania and Uganda. The remaining four were Nigeria and Guinea in Western Africa, the Democratic Republic of the Congo in Middle Africa, and Sudan in Northern Africa.

Source:

UNCTADstat

Period:

2025
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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.
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.
  • May saw an 81% drop, with revenue declining from ₦438.9B in 2024 to ₦81.4B in 2025.
  • January 2025 was the only month with a stable figure, matching January 2024’s ₦402.7B.
  • Exchange rate gain revenue for February and March 2025 was unavailable, likely worsening the total.
  • The first half of 2025 generated only ₦589.4B in FX gains, compared to ₦2.2T in the same period in 2024.
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$, performing better than Somalia and Guinea.
  • The gap between Somalia and the rest of Africa’s currencies highlights extreme economic pressures unique to the Somali economy in 2024.
Nigeria's naira depreciated by 129% in 2024, hitting an average of 1,479 NGN per US$
  • 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$.
  • 2017 recorded near-stable currency performance with just a 0.16% change from the previous year.
North Africa dominates the strongest African currencies in 2024, with Tunisia taking the lead at TND 3.11/USD
  • Tunisia held the top spot with the strongest African currency, trading at 3.11 TND per USD in 2024.
  • Libya followed as the second-strongest, with an exchange rate of 4.83 LYD per USD.
  • Morocco maintained a strong regional position, with its dirham trading at 9.94 MAD per USD.
  • Botswana’s pula was relatively stable, exchanging at 13.56 per USD, highlighting Southern Africa’s economic steadiness.
  • Ghana and Seychelles had closely matched exchange rates, trading at 14.48 and 14.53 to the dollar, respectively.
  • South Africa, Lesotho, Namibia, and Eswatini all shared almost identical exchange rates of around 18.32–18.33 per USD, showing tight regional monetary coordination.
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