On April 21, 2020, fact-checkers at the Centre for Democracy and Development (CDD) spotted a trending report with the headline, Nigerian Naira fast becoming the weakest currency in Africa.
The claim which was widely shared on social media including WhatsApp groups gave a breakdown of the value of the Naira to currencies of 25 other African countries. It claimed the Nigerian naira is weaker than these other currencies including the Angolan Kwanza, Madagascar’s Ariary and the Sudanese Pound.
According to the report, the Angolan 1Kwanza is equal to ₦12, Madagascar’s 1Ariary is equal to ₦14 and the Sudanese 1Pound is ₦42. These and 22 other countries’ currencies were compared to the Naira.
Checks by CDD fact-checkers showed that the claim made in the piece which has been widely shared is misleading.
Our fact-checkers reviewed currency values of the country compared in the claim with that of Nigeria and the review showed that the Kwanza is currently at 1 to N0.58 as opposed to ₦12; the Ariary is 1 to 0.10 Naira as opposed to ₦14 and the Sudanese Pound is 1 to 1 Naira as opposed to ₦42 stated in the report.
However, all figures from the 22 other African countries analyzed in the report are currently higher in value than the Nigerian naira but falsely reported.
CDD can confirm that the claim is misleading and is a deliberate attempt to further devalue the Naira. The CDD urges the public to always read beyond headlines before sharing any claim or report especially on social media.
CDD also urges the media on accurate reporting and the public to always verify the authenticity of stories before sharing them.
You can forward suspicious messages for verification via +2349062910568 or contact us on Twitter @CDDWestAfrica
Center for Democracy and Development West Africa| CDD West Africa