Forbes ranks Naira among Africa's weakest currencies

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00:00the nigerian naira has been ranked as the ninth weakest currency in africa according to the latest

00:06forbes currency calculator report the report highlights that despite recent signs of easing

00:12inflation nigeria's economy continues to face significant pressure reflected in the performance

00:19of the naira the forbes currency calculator sources its data from the live foreign exchange

00:25market through the open exchange rate it updates every five minutes capturing the effect of demand

00:32and supply market sentiment and broader economic conditions now looking at the rankings the

00:40south tome and principe dobro emerged as the weakest currency on the continent trading at over 22 000

00:48unit to 1 us dollar it is closely followed by the serialonian loan guinea and frank uganda shilling

00:55and burundian frank others that made the list include the congolese frank tanzanian shilling

01:02malawian kwata and then the nigerian naira which currently trades at about 1419 naira to one us

01:10dollar rounding off the top 10 is the rwandan frank in sharp contrast the report also ranked africa's

01:18strongest currencies leading the park is the tunisian dina trading at just 2.90 to the dollar

01:25following by the libyan dina moroccan diram ghanian sedi and the botswana pula africa currently has 54

01:34recognized countries and these wide differences in currency strength underline the varying economic

01:40realities across the continent for nigeria being listed among the weakest currencies underscores the

01:48urgent need for stronger fiscal and monetary measures to stabilize the naira and restore investor

01:55confidence in the economy