According to Forbes Advisor, there are 180-odd local fiat currencies recognized as legal tender worldwide. These currencies are valued relatively against the US dollar which is certainly the most traded currency in the world. However, the Nigerian’s Naira is ranking as 96 strongest among these currencies.
The United States Dollar (USD) is the world’s biggest economy but that doesn’t automatically make it the most valued currency in the world. The Kuwaiti dinar (KWD) is the most valued currency in the world with 1 Kuwaiti dinar buying 3.26 US dollars (that’s 1KWD to 3.26USD). Followed by the Bahraini dinar which is valued at 0.38BHD to 1USD.
The Nigerians Naira ranks 96 most valued currency in world, a new appreciating position set by some factors including the gaining of foreign investors to invest in the country that helps increase the demand for Naira and reduce dollar demands. Here’s all the factors that’s appreciating naira against dollars these days.
The 96th position of Naira make its head of 84 currencies including the North Korean Won (KPW) and the Iranian Rial (INR) that are also considered as legal tender in the world.
Top 10 Most Valued Legal Tenders in the World
Here’s the list of strongest legal tenders in the world, based on their relative value against the US dollar.
| Currency | Buy (USD) | Sell (USD) |
|---|---|---|
| 1. Kuwaiti Dinar (KWD) | 1KWD to 3.26USD | 1USD to 0.31KWD |
| 2. Bahraini Dinar (BHD) | 1BHD to 2.65USD | 1USD to 0.38BHD |
| 3. Omani Rial (OMR) | 1OMR to 2.60USD | 1USD to 0.38OMR |
| 4. Jordanian Dinar (JOD) | 1JOD to 1.41USD | 1USD to 0.71JOD |
| 5. British Pound (GBP) | 1GBP to 1.28USD | 1USD to 0.78GBP |
| 6. Gibraltar pound (GIP) | 1GIP to 1.28USD | 1USD to 0.78GIP |
| 7. Cayman Islands Dollar (KYD) | 1KYD to 1.20USD | 1USD to 0.83KYD |
| 8. Swiss Franc (CHF) | 1CHF to 1.15USD | 1USD to 0.87CHF |
| 9. European Euro (EUR) | 1EUR to 1.10USD | 1USD to 0.91EUR |
| 10. United State Dollar (USD) | 1USD to 1.00USD | 1USD to 1.00USD |
The United State dollar is by far the most-traded legal tender and the largest reverse currency in the world by GDP. It’s created in 1700s by Congress after the U.S. Constitution was ratified. Dollar is a legal tender in the United State of America (USA) and its sovereign nations including Zimbabwe and Ecuador.
In conclusion, the Iranian Rial seat at the lowest valued currency in the world with 1INR buying 0.000024 United State Dollar. This low ranking currency has posed the country to a position where it’s lacking foreign investors.
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