Naira Ranked Among Africa's Weakest Currencies at ₦1,490/$1

Nigeria has been fare worst under the APC leadership since the days of Major General Muhammadu Buhari's draconian civilian regime and as succeed by a very obvious anti people Bola Ahmed Tinubu's maximum pains for greater numbers of citizens as Nigeria's Naira ranked among the worst currencies in Africa.

According to Forbes, the Nigerian Naira ranks ninth weakest currency in Africa, amidst economic strain despite recent improvements. 

Forbes' currency calculator tracks currency performance across Africa, factoring market demand, supply, and economic conditions. The São Tomé & Príncipe Dobra ranks weakest at 22,282 per dollar, followed by Sierra Leonean Leone, Guinean Franc, Ugandan Shilling, and Burundian Franc.

 Others on the list include Congolese Franc, Tanzanian Shilling, Malawian Kwacha, Nigerian Naira, and Rwandan Franc. 

In contrast, Africa's strongest currencies are led by Tunisian Dinar, Libyan Dinar, Moroccan Dirham, Ghanaian Cedi, and Botswanan Pula. 

Forbes report that despite the Naira's weak standing, Nigeria's inflation outlook has improved in 2025, with headline inflation dropping from 24.5% in January to 20.12% in August. 

The decline is attributed to steady foreign exchange inflows, improved agricultural yields, and the Central Bank of Nigeria's decision to maintain its benchmark interest rate. Experts predict inflation could fall to 17% by December 2025, providing relief for households and businesses.

What the report failed to acknowledge is that the purchasing power of the citizens has been drastically reduced.

Lagos Court Jails Man Three Months for Hawking New Naira Notes

The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, has secured the conviction and sentence of one Hammed Saka to three months imprisonment for hawking new Naira notes

He was jailed by  Justice Ayokunle Faji of the Federal High Court sitting in Ikoyi, Lagos.

The charge reads: “That you, Hammed Saka, on or about the 14h day of December, 2024, at Villa Dome Event Centre, Okotie-Eboh Street, Ikoyi, in Lagos, within the jurisdiction of this Honourable Court, hawked the sum of N800,000.00 (Eight Hundred Thousand Naira) issued by the Central Bank of Nigeria and thereby committed an offence contrary to and punishable under Section 21(4) of the Central Bank of Nigeria Act, 2007.”

He pleaded guilty to the charge when it was read to him.

In view of his plea, prosecution counsel, S.I. Suleiman, tendered the defendant’s confessional statement as well as the money recovered from him, while also urging the court to convict him as charged. 

 Delivering judgment on March 19, 2025, Justice Faji convicted and sentenced Saka to three months imprisonment, with a fine of N100,000.00. 

The judge also ordered the sum of N800,000 recovered from the convict to be forfeited to the Federal Government of Nigeria.

 The convict bagged his imprisonment when he was arrested for hawking new Naira notes against existing laws.  He was charged to court and convicted.

Source:

EFCC Arrests Kelly Okungbowa (a.k.a Ebo Stone) for Alleged Naira Abuse

Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission,  EFCC, on Monday March 17, 2025 arrested Kelly Okungbowa (a.k.a Ebo Stone) for alleged naira abuse.

Okungbowa,  who until recently was the coordinator of the Edo State Public Safety Response Team , PSRT,  now suspended by the State Government,  was  arrested owing to a viral video where he was seen spra

ying and mutilating the Naira at a bar on  March 9,  2025.

 He will be charged to court as soon as investigations are completed.

Source: EFCC 

EFCC Arrests Kano TikTok Influencer, Murja Kunya for Alleged Naira Mutilation

Operatives of the Kano Zonal Directorate of the Economic and Financial Crimes Commission , EFCC, have arrested popular TikTok influencer, Murja Ibrahim Kunya, for allegedly abusing and mutilating the Naira.

Specifically, Kunya was arrested for allegedly spraying Naira notes for fun during her stay in a hotel room at Tahir Guest Palace in Kano. The arrest followed her diligent pursuit by EFCC operatives after she jumped an administrative bail granted her by the Commission over one month ago.

She was initially arrested in January 2025 for violating the Central Bank of Nigeria CBN, Act which prohibits the abuse and mutilation of the Naira. She was granted an administrative bail by the Commission pending her arraignment before the Federal High Court in Kano. However, when it was time for her court appearance, Kunya absconded, evading the legal processes.

However, after weeks of intensive investigation and surveillance, EFCC operatives successfully re-arrested the TikTok Influencer on Sunday March 16, 2025. She was subsequently conveyed to the Kano Zonal Directorate of the Commission, where she is currently in custody awaiting her arraignment.

The EFCC reiterates its commitment to enforcing laws protecting the integrity of the Nigerian currency and warned against acts of abuse including spraying, stamping, or mutilating the currency during social events.

Source: EFCC 

EFCC Arrests Three for Suspected Naira Mutilation in Benin

Operatives of the Benin Zonal Command of the Economic and Financial Crimes Commission,EFCC, have arrested three persons for suspected naira mutilation and abuse.

The suspects were arrested following credible intelligence on their suspected involvement in Naira abuse. 

 

The suspects are: Stanley Ogbolu, 35, Odiaka Sorwu 42, and Kelvin Anyakwu, 42

 

They were arrested in Asaba, Delta State at a burial ceremony allegedly spraying naira notes on a celebrant.

The suspects will be charged to court as soon as investigations are concluded.

 

Source: EFCC 

Naira Abuse: Court Adjourns Cubana’s Trial till June 5

Justice  Kehinde Ogundare of the Federal High Court sitting in Ikoyi, Lagos, on Thursday,  May 2,  2024 adjourned further hearing in the trial of   Pascal Okechukwu, a.k.a. Cubana Chief till June 5,  2024.

Okejukwu was arraigned on Wednesday, April 17, 2024 by the EFCC on a three-count charge bordering on abuse of the Naira.

One of the counts reads: That you, Okechukwu Pascal, on 13th February, 2024, at Eko Hotel Hotel, Victoria Island, Lagos, within the jurisdiction of this Honourable Court, while dancing during a social event, tampered with funds in the denomination of N500(Five Hundred Naira) issued by the Central Bank of Nigeria by spraying, thereby committed an offence contrary to and punishable under Section 21(1) of the Central Bank Act, 2007.”

Another count reads: “That you, Okechukwu Pascal, sometime in 2020, in Lagos, within the jurisdiction of this Honorable Court, during a social event tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours and you thereby committed an offence contrary to and punishable under Section Section 21(1) of the Central Bank Act, 2007.”

At the resumed sitting of the court on Thursday, , Okechukwu  through his lawyer, Chikaosolu Ojukwu, SAN, told the court about a plan of his client to enter a plea bargain with the EFCC.

Ojukwu also sought to withdraw his  earlier preliminary objection filed on April 24, 2024, challenging the jurisdiction of the court to entertain the charge. "In the interest of justice, we are urging the court to strike out the motion because the prosecution has not responded to it,” he said.

The prosecution counsel did not oppose the withdraw of the application.

Consequently, Justice Ogundare struck out the application, having been withdrawn by the defence, and also  adjourned the case till June 5, 2024.

Source: EFCC