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Former Nigerian President Olusegun Obasanjo has renewed his call for a single African currency, citing the continent’s heavy reliance on foreign currencies as a barrier to economic growth and intra-African trade.
He made the remarks during a Fireside Chat moderated by CNBC Africa’s Fifi Peters at the ongoing Intra-African Trade Fair (IATF 2025) in Algiers, Algeria.
Obasanjo criticized the current state of the naira, noting its steep decline over the decades.
“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,” he said.
He recalled that in 1979, one naira was equivalent to $1.80, whereas today, a dollar trades at approximately ₦1,600.
The former president, who chairs the IATF Advisory Council, highlighted the potential benefits of trading in local currencies. He commended the African Export-Import Bank (Afreximbank) for its Pan-African Payment and Settlement System (PAPSS), which allows businesses to transact directly in local currencies.
“If we are trading between Algeria and Uganda, why should we be looking for dollars or euros? The Ugandan trader wants his shillings, not dollars. That is the kind of system Afreximbank is promoting, and it is the kind of solution Africa urgently needs,” he said.
Obasanjo linked Africa’s economic vulnerabilities to historical factors, including slavery, colonialism, and the global economic system, which he said perpetuates dependency.
He urged African leaders to pursue integration, drawing lessons from the continent’s achievements in ending apartheid and establishing the African Continental Free Trade Area (AfCFTA).
“Slavery was bad for us. Colonialism was bad for us. Even globalisation, in the way it has been structured, is bad for us. But coming together to establish the AfCFTA is good for us. Talking about Global Africa is good for us,” Obasanjo said.
He also addressed internal challenges, emphasising the need for inclusive management of ethnic, cultural, and religious diversity to prevent marginalisation and conflict. Obasanjo cited his ongoing mediation efforts between Rwanda and the Democratic Republic of Congo as an example of African-led conflict resolution.
Obasanjo reiterated the importance of revisiting the vision of Africa’s founding leaders. “The IMF, the World Bank, the United Nations—all these institutions were created before most of Africa was independent.
They were not designed for us. That is why we must design our own systems, including a single African currency, to build the future we deserve,” he said.
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