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3 weeks ago
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- The naira has been ranked among the worst-performing currencies for the period of March 2025
- Forbes, successful its latest currency calculator, revealed that the worth of the Nigerian currency has depreciated to N1,528
- The Nigerian currency continues to depreciate successful some the authoritative and unofficial overseas speech markets contempt efforts by the CBN
Nigeria's currency, the naira, has been ranked the 9th worst-performing successful Africa arsenic it continues to conflict against the US dollar.
This was revealed successful the Forbes currency converter, past updated connected the 25th of March 2025 and obtained by Legit.ng.
Source: Getty Images
Here is simply a Ranking of African currencies against the US dollar
São Tomé & Príncipe (Dobra – 22,281.8 per US$)
The São Tomé & Príncipe currency dobra is presently the weakest currency successful Africa owed to the country’s tiny economy, dense reliance connected imports, and constricted overseas speech reserves.
Sierra Leone (Sierra Leonean Leone – 20,969.5 per US$)
Sierra Leone currency, the Leone, continues to depreciate against the US dollar arsenic the state battles precocious inflation, economical instability, and over-reliance connected commodity exports similar diamonds, which are taxable to terms fluctuations successful planetary markets.
Guinea (Guinean Franc – 8,643.8 per US$)
Guinea's currency is the 3rd weakest. The economy's large root of gross is mining exports, but fluctuations successful commodity prices interaction forex inflows.
Uganda (Ugandan Shilling – 3,665.4 per US$)
The Ugandan shilling faces depreciation against the dollar, which has been attributed to the autumn successful export commodity prices, heavy impacted by export markets.
Burundi (Burundian Franc – 2,962.7 per US$)
Another currency facing challenges is the Burundian franc and it is the aforesaid communicative of constricted forex reserves. Burundi's superior exports are java and tea, which relationship for 90% of overseas speech earnings.
Democratic Republic of the Congo (Congolese Franc – 2,865.2 per US$)
Rich successful minerals, the Democratic Republic of the Congo has a hard past of predatory mineral extraction. The state is facing a civilian war, severely affecting the economy.
Tanzania (Tanzanian Shilling – 2,650 per US$)
The Tanzanian shilling depreciation is simply a effect of respective factors, including a emergence successful request for US dollars occasioned by accrued imports, particularly successful mentation for the beatified period of Ramadhan and the Chinese New Year
Malawi (Malawian Kwacha – 1,733.2 per US$)
The Malawian kwacha faces devaluation. It is thought Malawi has been pressured by the IMF to devalue the kwacha, with the organisation believing it volition stabilise the system .
Nigeria (Nigerian Naira – 1,528.4 per US$)
The naira continues to weaken owed to forex shortages contempt efforts by the Central Bank of Nigeria.
Nigeria heavy relies connected lipid exports for forex earnings, but debased crude accumulation and income arsenic affected that earnings.
Also with superior formation and speculative trading person led to important depreciation.
Rwanda (Rwandan Franc – 1,438.7 per US$)
The Rwandan franc has been battered by its East African peers arsenic a effect of sustained debased accumulation and a widening commercialized deficit.
Naira depreciates again
Earlier, Legit.ng reported that the worth of the naira depreciated further against the US dollar successful the overseas speech markets again.
The latest question affected some the authoritative and unofficial speech complaint for the naira against the dollar.
It was a antithetic communicative for the naira successful the aforesaid authoritative forex marketplace against the British lb and besides the euro.
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Source: Legit.ng
