₦airaland Forum

Former Nigerian President Olusegun Obasanjo has reiterated his persistent call for the adoption of a single African currency, highlighting the detrimental effects of the continent’s dependence on the US dollar.

Speaking at the ongoing Intra-African Trade Fair (IATF 2025) in Algiers, Algeria, during a Fireside Chat moderated by CNBC Africa’s Fifi Peters, Obasanjo expressed deep concern over the decline of the naira.

He described Nigeria’s currency as having lost its intrinsic value, saying, “Nigeria’s currency today is not worth the paper it is printed on.”

He reflected on the dramatic shift in the naira’s value over the decades, recalling that in 1979, after leaving office as military Head of State and venturing into farming, one naira was equivalent to $1.80—almost two dollars.

“Today, $1 is equivalent to about ₦1,600,” he stated, underscoring the severe depreciation.

His comments painted a stark picture of the financial challenges facing Nigeria, reflecting concerns over both macroeconomic mismanagement and the broader impact on trade and investment.

He argued that such reliance is unnecessary and has negative implications for intra-African commerce.

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Just look at what Tinubu has turned the land of my forebears to? Are there no longer noble men left in Nigeria? Has evil won over Nigeria?

A single currency for Africa would hardly work...

Most African countries are in a different stage of development economically. Would countries with stronger currencies like Botswana and sounth Africa and stronger economies agree to a single currency with same value with Nigeria for example that obasanjo has said it's currency is worth less than the paper it was printed on?

Again who would be the central authority to oversee the currency?

It's highly unlikely to succeed. I think what should be promoted and encouraged is better trade and investments between African countries instead of single currency.

Africa should be more united in cooperation and trade within Africa!

Why didn't he reference 1999-2007 when he was also the President & only referenced 1979?

What's the value of Naira to Dollar in 2007?

I detest hypocrisy.

The key question now is: what is the true value of the Naira? Government is a continuum, and what matters most are the current realities. Rather than blaming the messenger, we should focus on the message. Is OBJ correct or not? It’s time to stop justifying failures.[/sup]

DarkLover:
Why didn't he reference 1999-2007 when he was also the President & only referenced 1979?

What's the value of Naira to Dollar in 2007?

I detest hypocrisy.

What action floated the Naira ₦ that can not strengthen it the same way?

DarkLover:
Why didn't he reference 1999-2007 when he was also the President & only referenced 1979?

What's the value of Naira to Dollar in 2007?

I detest hypocrisy.

..anytime someone especially a former President says what is reasonable..FDL's Crews begin having anger issues..

..even between 1999-2007..the currency had a lot more value than it has under your messiah tilumbu..

..Obasanjo said the absolute truth..dont ever get angry again for a man who did exceptionally better than those you called darling daddy & guru strategist..

Tochi3:


..anytime someone especially a former President says what is reasonable..FDL's Crews begin having anger issues..

..even between 1999-2007..the currency had a lot more value than it has under your messiah tilumbu..

..Obasanjo said the absolute truth..dont ever get angry again for a man who did exceptionally better than those you called darling daddy & guru strategist..

Maybe you should take your time to check who you're calling FDL crew whatever that means.

No doubt Naira has lost its value, but that's a result of overlayed & repeated rots in the entire system. It isn't just as a result of one man's policies.

Nigeria's system of government is faulty foundationally, and until those structural faults are addressed head-on, we will continue running in circles.

The drug lord has destroyed what's left. It's my turn them you don collect power by force only to be confused on how to utilize it

DarkLover:
Maybe you should take your time to check who you're calling FDL crew whatever that means.

No doubt Naira has lost its value, but that's a result of overlayed & repeated rots in the entire system. It isn't just as a result of one man's policies.

Nigeria's system of government is faulty foundationally, and until those structural faults are addressed head-on, we will continue running in circles.

..you are lying..stop all this lies..in your effort to defend a failed maladministration of tilumbu..you want to blame & lump all past administration to make tilumbu look efficient..

..no matter how you try to Twist the simple facts that the Naira had value up to 2015..when folks like you brought Apc through darling daddy upon Nigeria..

..before 2015..I can comfortably tell you that the value of the Naira Was strong..even the darling daddy your folks are condemning today after tilumbu grabbed..made the value more stable than your messiah tilumbu..

..you should go concentrate your Laptop on asking your messiah where are the achievements you all stood on his mandate for..instead of the lies..

DarkLover:
Maybe you should take your time to check who you're calling FDL crew whatever that means.

No doubt Naira has lost its value, but that's a result of overlayed & repeated rots in the entire system. It isn't just as a result of one man's policies.

Nigeria's system of government is faulty foundationally, and until those structural faults are addressed head-on, we will continue running in circles.

When a good doctor appears the patient gets better.

But in Nigeria the patient get worse while the doctor gets rich.

Policies that does not lift people from poverty is bad.

Celebrating IGRs while citizens become poorer.


Those who are celebrating this government should continue, after social media the market will bring us to reality.

They all suddenly have solution to our problems immediately they live office. The same way Tinubu will have solution once his tenure expires. I no blame una, na Nigerians I blame. One agulu fake statistics man who failed as governor now have all the solution to Nigeria problem. Make una continue.

Chubhie:
Just look at what Tinubu has turned the land of my forebears to? Are there no longer noble men left in Nigeria? Has evil won over Nigeria?

Obasanjo is ignorant, he never wanted good for Nigeria. Naira was worse under him in reality, how is it so difficult for you and your likes to understand that from Babangida era till 2023 that we never had true economy, Naira was heavily subsidized, only few of them and their friends had opportunity of getting the official subsidised rate and again sell it at N500 to people at black market.

Baba you started this. You paved the way for people like bulaba

Implement eNaira as a Trade and Stabilization Tool

Leverage the eNaira as a stable, efficient instrument for intra-African trade settlement and partial USD substitution, while maintaining currency stability and reducing speculative pressures on the Naira.

Implementation Framework

1. Partial Peg Mechanism
• Proposal: Peg the eNaira to the USD, but maintain a controlled trading band of ±2–3% to allow natural market adjustments.
• Rationale: A partial peg mitigates the risk of speculative attacks while providing predictability for exporters, importers, and financial institutions.
• Outcome: Reduced pressure on Naira reserves and improved confidence in the eNaira as a medium for trade.

2. Collateralization with Hard Assets
• Proposal: Back the eNaira peg with tangible assets, including:
• Oil export receipts
• Local Treasury Bills (T-bills)
• Liquid gold or other commodity contracts
• Rationale: Ensures credibility of the eNaira, allowing holders to trust its value relative to the USD.
• Outcome: Creates a digital equivalent of a stabilization fund, reducing volatility and enhancing adoption.

3. Integration with African Payment Systems
• Proposal: Enable interoperability of eNaira with African CBDC networks and the Pan-African Payment and Settlement System (PAPSS).
• Partner currencies: Ghanaian Cedi, Kenyan Shilling, South African Rand
• Rationale: Allows intra-African trade to be settled in eNaira without converting to USD, fostering continental economic independence.
• Outcome: Strengthens regional trade, reduces dollar dependence, and boosts eNaira liquidity and credibility.

4. Exporter Incentives
• Proposal: Offer preferential settlement rates for exporters who:
• Invoice in eNaira
• Convert a portion of proceeds into domestic investment projects
• Rationale: Encourages adoption of eNaira in real trade, ensures inflows stay within the domestic economy, and supports industrial and export diversification goals.
• Outcome: Builds onshore liquidity, strengthens domestic investment, and gradually reduces reliance on the dollar for African trade.

This proposal positions the eNaira as a credible, practical tool for stabilizing the Naira, fostering intra-African trade, and reducing USD dependency. By implementing a partial peg, securing hard-asset collateral, integrating with African CBDCs/PAPSS, and incentivizing exporters, We can create a sustainable, homegrown solution to currency volatility while encouraging economic growth.

Dear Obasanjo sir, you are on a very dangerous mission.


Africa having one currency is dangerous, especially with African nations being the headquarters of corrupt, senseless leaders without direction.


West and Central African countries will make that singular currency policy a miserable one

They will harmonize it with local currency by removing zeros. If you're a millionaire in naira, you might be worth 100k in the new currency.

Europe uses euro but they weren't in the same economic development when it was adopted.

If the entire Africa decides to use dollar, everybody will get dollars equivalent to their exchange rate now

brain54:
A single currency for Africa would hardly work...

Most African countries are in a different stage of development economically. Would countries with stronger currencies like Botswana and sounth Africa and stronger economies agree to a single currency with same value with Nigeria for example that obasanjo has said it's currency is worth less than the paper it was printed on?

Again who would be the central authority to oversee the currency?

It's highly unlikely to succeed. I think what should be promoted and encouraged is better trade and investments between African countries instead of single currency.

Africa should be more united in cooperation and trade within Africa!

You dont detest hypocrisy, you lacked knowledge. Obj was the head of state in 1979

DarkLover:
Why didn't he reference 1999-2007 when he was also the President & only referenced 1979?

What's the value of Naira to Dollar in 2007?

I detest hypocrisy.

Its as a result of Tinubu's incompetence. Why are you defending failure?

DarkLover:
Maybe you should take your time to check who you're calling FDL crew whatever that means.

No doubt Naira has lost its value, but that's a result of overlayed & repeated rots in the entire system. It isn't just as a result of one man's policies.

Nigeria's system of government is faulty foundationally, and until those structural faults are addressed head-on, we will continue running in circles.

If Tinubu wasn't borrowing more than previous administration, then your removal of subsidy would have been justified.

You're not making sense when you celebrate a government who removed all subsidies but borrowing far more than those who paid subsidies.

Tilumbu is a fraud!

BabaO2:
Obasanjo is ignorant, he never wanted good for Nigeria. Naira was worse under him in reality, how is it so difficult for you and your likes to understand that from Babangida era till 2023 that we never had true economy, Naira was heavily subsidized, only few of them and their friends had opportunity of getting the official subsidised rate and again sell it at N500 to people at black market.

DMerciful:
If Tinubu wasn't borrowing more than previous administration, then your removal of subsidy would have been justified.

You're not making sense when you celebrate a government who removed all subsidies but borrowing far more than those who paid subsidies.

Tilumbu is a fraud!

it is poor nations/people that don't borrow. Dangotes,otedolas etc are not using their personal monies to create wealth. America is indebted into trillions of dollars.
open up your understanding of issues

So why remove subsidies and crash an economy from $450 billion to $188 billion when he could continue to borrow like he has continued even more despite removing subsidies?

You're not making sense, I'm sorry!

BabaO2:
it is poor nations/people that don't borrow. Dangotes,otedolas etc are not using their personal monies to create wealth. America is indebted into trillions of dollars.
open up your understanding of issues

Chubhie:
Just look at what Tinubu has turned the land of my forebears to? Are there no longer noble men left in Nigeria? Has evil won over Nigeria?

The same Obsanjo in the late 1970’s that set the foundation for the devaluation of the Naira?

brain54:
A single currency for Africa would hardly work...

Most African countries are in a different stage of development economically. Would countries with stronger currencies like Botswana and sounth Africa and stronger economies agree to a single currency with same value with Nigeria for example that obasanjo has said it's currency is worth less than the paper it was printed on?

Again who would be the central authority to oversee the currency?

It's highly unlikely to succeed. I think what should be promoted and encouraged is better trade and investments between African countries instead of single currency.

Africa should be more united in cooperation and trade within Africa!

Counterfeiting and Money Laundering will be the order of the day.

Sorry sir 🤭

Today, $1 is equivalent to about ₦1,600,” he stated, underscoring the severe depreciation.

Oh! Sorry HE i am at fault.

When my street game was hot. The highest dollar was 770 naira.not now that game don hard without ogun

amazingspiderma:
When a good doctor appears the patient gets better.

But in Nigeria the patient get worse while the doctor gets rich.

Policies that does not lift people from poverty is bad.

Celebrating IGRs while citizens become poorer.


Those who are celebrating this government should continue, after social media the market will bring us to reality.

God bless you for this analogy,they always parrot the lies ,it is a necessary pain,it is temporary but yet nobody can see any light at the end of the tunnel of their policy and their patient ,the Nigerian nation is getting worse in the hands of their messiah doctor, which is very strange.
Instead of them to be ashamed of their overhyped incompetent Jagaban, they try to gaslight the people

DMerciful:
Its as a result of Tinubu's incompetence. Why are you defending failure?

For my sanity, I don't engage men like you, you're an ideologue who wrote ‘is either Obi or nothing’. That is, all other people opinion are voided. This could've been acceptable if Obi wasn't part of the system, or hadn't been tested as a state governor for 8 years.

Now answer me, what has changed in Anambra? Is Anambra now the most prosperous state in Nigeria? Or a cynosure of developments in the country?

Either you believe it or not, I can comfortably inform you that Tinubu isn't just the problem, the problem starts from your ward, to the local governments, to the states & the federal. The states & the local government for years have been hiding their ineptitude, using the FG.

Until the structural defects are tackled head-on, even if Emperor Meiji were to be reincarnated & given Nigeria to govern, he would have little success.

DarkLover:
Why didn't he reference 1999-2007 when he was also the President & only referenced 1979?

What's the value of Naira to Dollar in 2007?

I detest hypocrisy.

Use your kafa