Last updated on May 2nd, 2022 at 03:26 pm
Ever wondered about the strongest currencies in the world? If you think that the United States Dollar (USD) or the Great British Pound (GBP) or the Euro is the strongest, take a few minutes to check this list.
According to the United Nations (UN) there are currently 180 currencies that are used in 195 countries around the world. So, what are the most valuable currencies in the world today, and how does it perform against the Nigerian Naira?
While the US Dollar, Pounds Sterling, and Euro are the most popular among Nigerians and other African countries, in reality, some currencies in the Arabian countries like Kuwait, Bahrain, Omar are worth more than the US dollar and would mean a great deal if converted to Naira.
Findings show that over 60 countries either peg their currency to the US dollar or use it as their currency, this is peculiar with the economy with the weakest currencies in Africa e.g Nigeria.
With all these, how do they rank in terms of exchange rate i.e value and how strong are they if placed side by side with the Nigerian currency?
To compare the value of the currencies listed in this article, we compared the Nigerian Naira against other top currencies across the World in terms of value.
Currency code – KWD
Without gainsaying, Kuwaiti Dinar remains the strongest currency in Asia and the most valuable currency in the world. It came into being in 1960 and was initially equivalent to one pound sterling.
Kuwait is a small Arabian country that is nestled between Iraq and Saudi Arabia whose major source of wealth is oil.
The country generates more than 80% of its revenue from large global exports of oil with a tax-free system thereby driving investments into the country which has culminated in a very low unemployment rate.
There is demand for Kuwaiti oil in the international market and buyers need KWD for such trade.
You can take time to check one of our articles on why Kuwaiti Dinar is more valuable than US Dollar in terms of the exchange rate.
- 1 KWD to Naira=N1,375.15
- 1 KWD to US Dollar=$3.31
- 1 KWD to Euro=2.77
- 1 KWD to Pound=2.93
Currency code: BHD
One Bahrain dinar or BHD will buy over 1000 Naira at the exchange market. Like most Arabic currencies on this list of the strongest currency in the World, BHD is divided into 1000 smaller currency units, in this case, called ‘fils’.
The Bahraini dinar is only used in Bahrain and is pegged against the US dollar.
- 1 BHD to Naira=N1,103.33
- 1 BHD to US Dollar=$2.65
- 1 BHD to Euro=2.25
- 1 BHD to Pound=2.03
Currency code: OMR
One Omani rial or OMR which is the official currency of Oman will fetch you at least 996 Naira here.
Unlike most conventional currencies that are split into 100units, the Omani rial is split into 1000 smaller divisions known as baisa.
- 1 OMR to Naira=NGN1,081.96
- 1 OMR to US Dollar=$2.60
- 1 OMR to Euro=2.30
- 1 OMR to Pound=1.92
OMR and being pegged against the US dollar.
If you think the GBP or US dollar is the strongest currency against the Naira, it means you haven’t checked how valuable the Jordan dinar is against the Naira.
Jordanian dinar is the official currency that has been in use since 1950. It is widely used alongside the Israeli shekel in the West Bank.
The dinar is divided into 10 dirhams, 100 qirsh or 1000 fulus. It is pegged to the US dollar.
JOD ranks amongst the most expensive currencies in the World. Right now, 1 JOD will buy at least 540 Naira.
- 1 JOD to Naira=NGN586.72
- 1 JOD to US Dollar=$1.41
- 1 JOD to Euro=1.25
- 1 JOD to Pound=1.04
Currency code: GBP
GBP is the abbreviation for the British pound sterling which is the official currency of the United Kingdom, the British Overseas Territories of South Georgia, the South Sandwich Islands, and British Antarctic Territory and the U.K. crown dependencies the Isle of Man and the Channel Islands.
The Great British pound, the pound sterling or the GBP ranks among the strongest currencies against the Nigerian Naira. It is also the fourth most traded currency in the World.
Nigeria is one of the former colonies of Great Britain and there are still the strongest economic ties between the two countries.
Apart from that, GBP is one of the strongest currencies in the world that is widely used and one of the most traded currencies globally, accounting for around 12.8% of daily trades on the foreign exchange market.
One GBP will fetch you more than five hundred Nigerian Naira at the CBN rate and 766 at the black market rate.
You can store your Naira in pounds and be sure of gain against the Naira.
- 1 GBP to Naira=NGN567.08
- 1 GBP to US Dollar=$1.36
- 1 GBP to Euro=1.20
Cayman Island Dollar
Currency code: KYD
As unpopular the Cayman Island is, surprisingly KYD is among the currencies that have more value than the US dollar.
Can’t believe that?
Unbelievably, KYD is more expensive than the Nigerian Naira and it’s among the strongest currencies in the World.
Cayman Island Dollar is abbreviated with the dollar sign $, or alternatively CI$ to distinguish it from other dollar-denominated currencies.
Cayman Islands separated from Jamaica and officially unveil the use of KYD in 1972, 10 years after separation from the Colony of Jamaica.
- 1 KYD to Naira=NGN497.44
- 1 KYDto US Dollar=$1.20
- 1 KYD to Euro=1.02
- 1 KYD to Pound=0.92
Currency code: EUR (€)
The Euro is the official currency of 19 of the 27 member states of the European Union.
In terms of availability, the Euro is one of the most expensive currencies among Nigerians because of its value against the Nigeria Naira.
At the time of this report, 1EUR can buy 448.44 Naira at the CBN rate and buy 538 Naira at the black market rate.
- 1 EUR to Naira=NGN470.91
- 1 EUR to US Dollar=$1.13
- 1 EUR to Kuwaiti Dinar=0.34
- 1 EUR to Pound=0.83
Currency code: CHF
The Swiss franc or CHF is the national currency of both Switzerland and Liechtenstein. At the FX market, 1 CHF will buy at least 420 Naira, however, there is a slight difference in the rate at the CBN.
Swiss Franc may not be popular in Nigeria, yet its value is high against the Naira. You can easily do the exchange on Moneygram
1 CHF will buy $1.10 US dollar, so the Swiss franc is one of the currencies that is more expensive than the US dollar at the exchange market.
The franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave of Campione d’Italia. The Swiss National Bank issues banknotes and the federal mint Swissmint issues coins
- 1 CHF to Naira=NGN453.21
- 1 CHF to US Dollar=$0.09
- 1 CHF to Euro=0.96
- 1 CHF to Pound=0.80
Is it safe to store Swiss Franc?
Among traders and global economists, CHF is regarded as a “safe bet” when trading or storing currency, due to its strict monetary policies and low debt levels.
As such, it is safer to store CHF for future use because Switzerland is the financial refuge due to the stability of the Swiss government and financial system.
This is one of the reasons some corrupt politicians in Nigeria store illegally acquired funds in Swiss banks.
United States dollar
Currency code: USD
The US dollar is the most traded currency against other currencies on forex and most popular in the international exchange market.
A report says that the US dollar accounts for around 88.3% of daily trades in the foreign exchange market.
Because of the economic stability of the US dollar, it is the world’s primary reserve currency and is held by most central banks and commercial banks globally.
It is one of the strongest currencies. At the CBN exchange rate, the one US dollar will buy at least 379 Naira while 1USD will buy at least 460 Naira at the black market rate.
- 1 USD to Naira=NGN415.98
- 1 USD to Kuwaiti Dinar=$0.30
- 1 USD to Euro=0.89
- 1 USD to Pound=0.74
Currency code: PAB
Apart from Balboa which is the official currency of Panama, the United States dollar is also accepted as a means of exchange.
Panamanian Balboa is named in honor of the Spanish explorer/conquistador Vasco Núñez de Balboa.
- 1 PAB to Naira=NGN383.63
- 1 PAB to US Dollar=$1.00
- 1 PAB to Euro=0.85
- 1 PAB to Pound=0.77
Currency code: LYD
If you think Nigeria or South Africa has the most valuable currency in Africa, then you haven’t taken your time to study Libya’s economy and its currency.
Despite the bloodshed and unrest that followed the brutal assassination of its late leader Muammar Gaddafi, Libyan Dinar remains the most expensive and highest currency on the African continent.
The fact is: Nigeria has a strong economy, but the highest percentage of its people live in poverty even as the country relies on oil revenue worth several trillion every year from revenue, yet Nigerian leaders continue to mismanage the resources at their disposal.
- 1 LYD to Naira=NGN90.30
- 1 LYD to US Dollar=$0.22
- 1 LYD to Euro=0.19
- 1 LYD to Pound=0.16
Currency code: AUD
The Australian dollar (AUD) is the legal currency of Australia. Its external territories like Christmas Island, Cocos Islands, and Norfolk Island also use AUD as a means of exchange.
It is also officially used as currency by three independent Pacific Island states Kiribati, Nauru, and Tuvalu.
The Australian dollar may not be the most valuable currency in the world, it is one of the strongest currencies against the Nigerian Naira.
- 1 AUD to Naira=NGN299.47
- 1 AUD to US Dollar=$0.72
- 1 AUD to Euro=0.64
- 1 AUD to Pound=0.53
Currency code: SGD
The Singapore dollar is the official currency of Singapore which is divided into 100 cents. It is normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar-denominated currencies.
Singapore dollar is used in both Singapore and Brunei. It has more value than the Nigerian Naira one SGD is worth N282.66 at the time of compiling this report.
- 1 SGD to Naira=NGN308.56
- 1 SGD to US Dollar=$0.74
- 1 SGD to Euro=0.66
- 1 SGD to Pound=0.55
Currency code: BND
Since 1967, the Brunei dollar (BND) has been the currency for the Sultanate of Brunei which is interchangeable with the Singapore dollar at face value and both currencies are legal tender in each country, no wonder the two currencies have the same exchange value against Nigerian Naira (1 BND to Naira=N307.84) and other top currencies across the World.
At the time of publishing this article, 1 US dollar will exchange for around 0.74 Brunei dollars, making the BND slightly more expensive than the US dollar
It is normally abbreviated with the dollar sign $, or alternatively B$ to distinguish it from other dollar-denominated currencies. It is divided into 100 sen or cents.
The official currency is issued by the Autoriti Monetari Brunei Darussalam.
- 1 BND to Naira=NGN307.84
- 1 BND to US Dollar=$0.74
- 1 BND to Euro=0.65
- 1 BND to Pound=0.55
Currency code: CAD
One of the most popular currencies in the World is the Canadian dollar. Most of the central banks across the World hold CAD as foreign exchange reserves, due to Canada’s legal and political stability.
Apart from that, the Canadian dollar is a very popular option in forex trading and accounts for around 5% of daily trades in the global foreign exchange market.
A single Canadian dollar will purchase over 292 Nigerian Naira, making CAD one of the hottest currencies among Nigerians.
- 1 CAD to Naira=NGN325.93
- 1 CAD to US Dollar=$0.78
- 1 CAD to Euro=0.69
- 1 CAD to Pound=0.58
Currency code: BMD
The Bermudian dollar which is the official currency of the British Overseas Territory of Bermuda is pegged to the United States dollar at a one-to-one ratio.
Even as the Bermudian dollar is not normally traded outside Bermuda, is more valuable when compared with the Naira.
- 1 BMD to Naira=N415.98
- 1 BMD to US Dollar=$1.00
- 1 BMD to Euro=0.88
- 1 BMD to Pound=0.74
New Zealand dollar
Currency code: NZD
New Zealand dollar makes this list of most expensive currency and strongest currency against Naira.
The strength of NZD has been rising, most likely caused by the nation’s political stability, high-interest rates and GDP growth.
NZD is one of the most traded currencies in the World
- 1 NZD to Naira=NGN279.22
- 1 NZD to US Dollar=$0.67
- 1 NZD to Euro=0.59
- 1 NZD to Pound=0.49
The Gibraltar pound is the official currency of the Government of Gibraltar which is pegged to – and exchangeable with – the British pound sterling at par value.
Currency code = TRY
The official currency of Turkey is the Turkish Lira. It is one of the prominent countries in Europe. Its main source of wealth is the exportation of minerals
- 1 TRY to Naira=NGN30.31
- 1 TRY to US Dollar=$0.073
- 1 TRY to Euro=0.064
- 1 TRY to Pound=0.054
Currency code: SEK (KR)
The krona (KR or SEK) is the official currency of Sweden. Despite the weak krona which is partly driven by the negative interest rate of -0.25% set by Riksbanken, SEK is more valuable than the Nigerian Naira.
At the CBN exchange rate, 1 SEK buys more than 40 Naira. Check below how the KR performs against other currencies.
Why is Kuwaiti Dinar the strongest currency in the world?
The Kuwaiti Dinar is the most powerful currency because the country’s leaders were able to positively utilize proceeds from oil sales. The Kuwaiti dinar is not subjected to supply and demand, thereby making demand for it so high.
Today, 1KWD will buy 3.29 US dollars. Its value isn’t just limited to the USD, but against other currencies globally. 1KWD is worth 1,368,504.04 Nigerian Naira.
Why is Bahraini dinar so expensive?
Bahrain is very small with High income from rich Oil deposits just like Kuwait
Why is the Swiss franc so strong?
Switzerland is one of the most stable and wealthy countries in the world which plays a significant role in the value of its currency among its competitors in the exchange market.
Why is Omani Rial so strong?
The Omani rial quickly rose in value after being introduced due to the success of Oman’s oil exports like other Arabian countries with rich crude oil deposits.
In an actual sense, bitcoin, ethereum, Bitcoin Cash, Litecoin and a few other cryptocurrencies are the most powerful currencies in the World, but they are “invisible”
We didn’t include them on this list because they are different from fiat currencies and they do not have a centralized system of control.
Above all, now you know that the British Pounds Sterling isn’t actually the strongest currency in the World neither is the US dollar.
You can see that lots of currencies have higher value are in the Asia.