Former Nigerian President Olusegun Obasanjo has once again bared his frustration over Africa’s continued dependence on foreign currencies, renewing his call for a single African currency to safeguard the continent’s economic future.
Speaking at a Fireside Chat during the Intra-African Trade Fair (IATF 2025) in Algiers, Algeria, the elder statesman warned that Africa is sitting on shaky ground unless decisive steps are taken to achieve financial independence.
The session, moderated by CNBC Africa’s Fifi Peters, saw Obasanjo cut straight to the heart of the matter — the collapse of Nigeria’s currency.
“Nigeria’s currency today is not worth the paper it is printed on,” he declared, his voice heavy with disappointment. Obasanjo recalled how, when he stepped down as military Head of State in 1979, the naira was trading at nearly two dollars. “In 1979, one naira was $1.80. Today, $1 is equivalent to about ₦1,600,” he lamented.
With visible disbelief, the former President asked: “What have we done to devalue our currency to this extent? Something must be wrong. I cannot believe that in my own lifetime, the naira has become so devalued that it is not even worth the paper it is printed on.”
Beyond Nigeria, Obasanjo pointed to a wider African problem — the suffocating reliance on the US dollar and euro, which, in his view, choke intra-African trade and stunt development. As Chair of the IATF Advisory Council, he stressed that the continent must liberate itself from this economic bondage.
He commended the African Export-Import Bank (Afreximbank) for pioneering the Pan-African Payment and Settlement System (PAPSS), which allows cross-border trade in local currencies. For him, PAPSS represents a breakthrough moment in Africa’s long walk away from foreign dependency.
