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Nigeria’s Naira, Alongside Ethiopia and South Sudan, Ranked Among Africa’s Worst-Performing Currencies
Nigeria’s currency, the naira, has been ranked among the worst-performing currencies in Africa, alongside the Ethiopian birr and South Sudanese pound. The ranking, which has raised concerns among financial experts and citizens alike, highlights the ongoing economic challenges facing these countries, particularly in managing currency stability and inflation.
The naira’s decline has been attributed to a combination of factors, including rising inflation, dwindling foreign reserves, and a high demand for foreign currency, particularly the US dollar. Over the past year, the naira has experienced significant depreciation against major global currencies, further weakening the purchasing power of Nigerians and contributing to a rise in the cost of living. The currency’s poor performance has led to heightened inflation, especially in the cost of imported goods and services.
Ethiopia and South Sudan are facing similar economic pressures. The Ethiopian birr has struggled under the weight of political instability and high inflation, while South Sudan’s economy, which is largely dependent on oil exports, has been hampered by low production and internal conflict. Both countries, like Nigeria, are grappling with the effects of external debt, declining foreign investment, and global economic pressures.
Analysts have noted that for Nigeria, addressing the naira’s poor performance requires a combination of strong fiscal policies, increased domestic production, and a more diversified economy. The Central Bank of Nigeria has implemented several measures, including the unification of exchange rates and restrictions on forex access for certain imports, but the desired impact on currency stabilization has yet to be fully realized.
In conclusion, the naira’s ranking as one of the worst-performing currencies in Africa underscores the need for comprehensive economic reforms to restore confidence in Nigeria’s financial system and improve overall currency stability.
Late gospel singer, Big Bolaji was out to rest at the funeral ceremony held in Ibadan, Oyo state.
It can be recalled that the late singer passed away from an illness on the 19th of April, 2025.
Friends, family and colleagues gather at the ceremony to honour their late friend and singer. Many also take to social media to share a heartwarming tribute to the gospel singer.
Two years into his administration, President Tinubu highlights key achievements in Nigeria’s economy and social sectors. He reminds Nigerians of the tough choices made early on, like removing fuel subsidies and fixing foreign exchange policies, to stop the country from slipping into crisis. These bold moves have started to pay off.
Inflation is easing, staple food prices are dropping, and the oil sector is seeing renewed growth with billions invested. The government has improved revenue collection, narrowed the fiscal deficit, and built up reserves to protect Nigeria from shocks.
Tax reforms are helping small businesses and protecting low-income families by cutting VAT on essentials like food and education. The administration is also supporting new industries through targeted incentives and making trade easier and fairer.
On the social front, health services are expanding with thousands of primary health centers being upgraded and new cancer treatment centers opening. Free and subsidized medical care is reaching more Nigerians, while health insurance coverage grows steadily.
The president also points to progress in education, youth empowerment, and infrastructure development as the foundation for long-term growth. Despite challenges, these efforts show that Nigeria is moving in the right direction, building a stronger economy and better future for all its people.
Since taking office two years ago, President Tinubu has been clear that improving security and investing in the nation’s people are top priorities. He recognizes that without safety, the economy and daily life cannot thrive. His administration has worked hard to strengthen collaboration among security agencies, increase intelligence operations, and support the welfare of the military and police. According to him, it is thanks to these efforts, some regions once troubled by bandits have seen peace return, allowing farmers to get back to work and roads to become safer for travelers.
Beyond security, the government is focused on building a brighter future through education, healthcare, and youth empowerment. Investments in schools and student loans aim to give more Nigerians access to quality education. Health programs have upgraded thousands of primary health centers, introduced cancer treatment centers, and expanded health insurance coverage. The administration has also launched initiatives to create jobs, support small businesses, and encourage innovation—especially among young people eager to shape Nigeria’s tomorrow.
President Tinubu believes these steps are creating a foundation for lasting growth and opportunity. While challenges remain, the commitment to protecting citizens and developing human capital signals a hopeful path forward for Nigeria’s future.
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