World’s strongest currencies… see Naira’s position

According to a report by Forbes Advisor, the ranking to determine the strongest of the 180-odd traditional fiat currencies recognised as legal tender worldwide was carried out based on their relative value against the US dollar.

The ranking is carried out to compared other currencies with the US dollar to determine the strongest out of 180-odd traditional fiat currencies worldwide.

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1. Kuwaiti dinar (KWD): The Kuwaiti dinar is the strongest currency in the world, with 1 Kuwaiti dinar buying 3.26 US dollars. Kuwait’s wealth comes from being a leading global exporter of oil.
2. Bahraini dinar (BHD): The Bahraini dinar is the second strongest currency, with 1 Bahraini dinar buying 2.65 US dollars. Like Kuwait, Bahrain earns a significant amount of its wealth from oil and gas exports.
3. Omani rial (OMR): The Omani rial is the third strongest currency, with 1 Omani rial buying 2.60 US dollars. Oman is a major exporter of oil and gas and is located between the UAE and Yemen.
4. Jordanian dinar (JOD): The Jordanian dinar is the fourth strongest currency, with 1 Jordanian dinar buying 1.41 US dollars. Jordan is a land-locked country in the Middle East and is less dependent on oil and gas exports than its neighbors.
5. British pound (GBP): The British pound is the fifth strongest currency, with 1 British pound buying 1.28 US dollars. It is the currency of the United Kingdom, which has a significant GDP and a long history.

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     6. Gibraltar pound (GIP): The Gibraltar pound is tied as the fifth strongest currency with the British pound, with 1 Gibraltar pound buying 1.28 US dollars. Gibraltar is a British territory located in southern Spain.

     7. Cayman Islands dollar (KYD): The Cayman Islands dollar is the sixth-strongest currency, with 1 Cayman Islands dollar buying 1.20 US dollars. The Cayman Islands is a British territory known for being an offshore financial center.

      8. Swiss franc (CHF): The Swiss franc is the seventh strongest currency, with 1 Swiss franc buying 1.15 US dollars. Switzerland is known for its political stability, and the Swiss franc is considered a safe haven currency.

     9. Euro (EUR): The Euro is the eighth strongest currency, with 1 Euro buying 1.10 US dollars. It is the currency of the Eurozone, which consists of 20 out of the 27 countries in the European Union.

     10. US dollar (USD): The US dollar is the 10th strongest currency, with a value of 1 against itself. It is the world’s primary reserve currency and is widely accepted for international trade.

It’s worth noting that the Nigerian Naira is ranked 96th on the list, indicating that it is not one of the strongest currencies in the world.