The Forbes tool, which pulls real-time data from the Open Exchange Rates API and updates every five minutes to capture live market fluctuations, places the Naira at approximately ₦1,490 per US dollar.

This positions it behind currencies like the São Tomé & Príncipe Dobra (22,282 per $1), Sierra Leonean Leone (20,970), Guinean Franc (8,680), Ugandan Shilling (3,503), Burundian Franc (2,968), Congolese Franc (2,811), Tanzanian Shilling (2,465), and Malawian Kwacha (1,737), but ahead of the Rwandan Franc (1,448).  

Economists attribute the Naira’s vulnerability to a combination of factors, including volatile global oil prices, Nigeria’s primary export revenue source, persistent high inflation, and heavy reliance on imports for essentials like food, medicine, and fuel.

The currency’s depreciation has exacerbated living costs, eroding purchasing power for millions of Nigerians and fueling debates over the effectiveness of recent Central Bank of Nigeria (CBN) reforms, such as the unification of exchange rates and tighter monetary policy.  

Yet, glimmers of hope emerge on the inflation front. Data from the National Bureau of Statistics (NBS) shows headline inflation declining for the fifth straight month, from 24.5% in January to 20.12% in August 2025, driven by improved oil export inflows, robust agricultural yields, and the CBN’s benchmark interest rate held steady at 27.5%.  

 Dr. Omoniyi Akinsiju, chairman of the Independent Media and Policy Initiative (IMPI), described this as “the sharpest mid-year slowdown in over a decade,” forecasting a further drop to 17% by December.