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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.
President Bola Ahmed Tinubu has paid tribute to late Nigerian actor Olu Jacobs, recalling his contributions to the creative industry and his impact on Nigeria’s cultural identity.
In his tribute, Tinubu described Jacobs as a giant of the Nigerian creative industry and said “He was a giant of the Nigerian creative industry. His passing is a great loss to Nigeria, the African film industry and the global community of lovers of the performing arts. His remarkable body of work will continue to speak to generations yet unborn.
“The nation recognises the enormous contributions of Nigeria’s creative practitioners to the country’s cultural identity, global image and economic development. Olu Jacobs played a big role in creating this identity.”
Human rights lawyer and activist Deji Adeyanju has called on President Bola Ahmed Tinubu to declare a state of emergency over the proliferation of counterfeit and substandard drugs and consumer products in Nigeria.
Adeyanju also called for the removal of the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), Professor Mojisola Adeyeye, as well as the heads of other regulatory agencies, including the Standards Organisation of Nigeria (SON).
“Nigerians are being exposed to dangerous products daily, from fake and substandard medicines to unsafe consumer goods, with reports of drugs being sold wholesale in the open under the hot sun. No responsible government should expose its citizens to such risks and expect mortality rates not to rise.”
Adeyanju also called out NAFDAC over what he described as failures in regulating the circulation of counterfeit and substandard products in the country.
It can be noted that various counterfeit products continue to circulate in Nigerian markets, while NAFDAC has also reported seizures and destruction of counterfeit, expired and substandard products.
Lagosians have lamented heavy traffic caused by ongoing construction work at Kara Bridge along the Lagos-Ibadan Expressway.
The Federal Government announced that repairs on the damaged expansion joints at Kara Bridge would begin on September 8, 2026. The project, initially scheduled to begin in August, was delayed to allow further traffic management planning due to concerns over its impact on motorists.
Since work began, traffic around the Kara area has become heavy, with Lagosians sharing updates on social media about spending two hours or more on the road.
Some commuters say the delays have made their 9-to-5 routines difficult, with several hours spent travelling to and from work.
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