Former Nigerian President, Olusegun Obasanjo, has renewed his longstanding call for the adoption of a single African currency, warning that the continent’s overreliance on the US dollar continues to weaken local economies and undermine Africa’s development agenda.

Speaking during a Fireside Chat moderated by CNBC Africa’s Fifi Peters at the ongoing Intra-African Trade Fair (IATF 2025) in Algiers, Algeria, Obasanjo decried the naira’s free fall, stressing that Nigeria’s currency today is not worth the paper it is printed on. He noted that in 1979, when he ventured into farming after leaving office as military Head of State, one naira exchanged for $1.80, almost two dollars. Today, he said, $1 is equivalent to about ?1,600.

“What have we done to devalue our currency to this extent?” Obasanjo asked. “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.

The former president, who also chairs the IATF Advisory Council, argued that Africa’s continued dependence on foreign currencies, particularly the dollar and the euro, is unnecessary and detrimental to intra-African trade. He praised Afreximbank’s efforts in championing a 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?” he asked. “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 stated.

Obasanjo linked the continent’s economic challenges to historical injustices, including slavery, colonialism, and what he described as the destructive effects of globalisation. According to him, these external forces were never designed in Africa’s favor and continue to keep the continent in a cycle of dependency.

He urged African leaders to take decisive steps towards integration, drawing lessons from the continent’s success in fighting apartheid and establishing the African Continental Free Trade Area (AfCFTA).

“Slavery was bad for us. Colonialism was bad for us. Even globalization, in the way it has been structured, is bad for us,” Obasanjo said. “But coming together to establish the AfCFTA is good for us. Talking about Global Africa is good for us. We need to build on the positives and make sure the negatives do not continue to hold us back,” he said.

The elder statesman emphasized that political will alone is not sufficient to address Africa’s economic problems. What is required, he said, is political action backed by unity of purpose. He pointed to his ongoing mediation role in the conflict between Rwanda and the Democratic Republic of Congo as an example of how African-led solutions could foster greater stability and cooperation.

Obasanjo also addressed Africa’s internal challenges, particularly the mismanagement of diversity. He argued that many conflicts across the continent stem from the poor handling of ethnic, cultural, and religious differences. “There is no community without the good, the bad, and the ugly,” he said. “But our job as leaders is to manage diversity inclusively so that no one feels marginalized or excluded.”

Despite the challenges, Obasanjo expressed optimism about Africa’s future, pointing to the growing recognition of the continent’s cultural and economic influence. “Global Africa is not shaking the world yet, but it will—from our musicians to our artists, our chefs, and our entrepreneurs,” he declared adding: “We may not be fully there yet, but we will shake the world.”

He concluded with a passionate call for African leaders to revisit the vision of the continent’s founding fathers, who saw unity as the key to Africa’s strength. “Our leaders at independence knew we needed a united Africa. They were clear in their vision, but how much do we understand the world in which we find ourselves today? 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,” Obasanjo said. (Nigerian Tribune)

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