If you are asked in a gallop up poll that which currency is the most expensive in the world today, most people would say that the British pound is the highest currency; however, it is not.
This is why Naijadriva has compiled the list of the strongest world currencies (Dated November 22 2019). Please note that all exchange rates are official figures and not that of “black market”.
Is the high value of the currency a sign of a strong economy?
Japan is one of the strongest economies in the world but the value of the Japanese yen is very small, $ 1 = ¥ 109.77.
The high value of the currency only says that inflation processes in the country are under control.
Also, due to the changing economic and political situation in the world, it is hard for some currencies to remain in this ranking.
These are the most expensive currencies:
1. Kuwaiti Dinar
Currency code – KWD
1 KWD = 3.29 US Dollar (USD)
1 KWD = 2.55 Pounds Sterling (GBP)
1 KWD = 1,193. 65 Naira
Kuwait is an oil rich country, having the sixth large oil reserves in the world. It shares borders with Iraq and Saudi Arabia . As of 2016, Kuwait has a population of 4.5 million people: 1.3 million are Kuwaitis and 3.2 million are expatriates. Expatriates account for 70% of the population.
2. Bahraini Dinar
Currency code – BHD
1 BHD = 2.65 USD
1 BHD = 2.05 Pounds Sterling
1 BHD = 961.39 Naira
The Bahrain Dinar is the second most valuable currency.
Bahrain is a Persian Gulf island state with a population of just over 1 million people. As in the first case, this country’s largest source of income are the oil exports. Their exchange rate has remained stable since 2005.
3 – Omani Rial
Currency code – OMR
1 OMR = 2.60 USD
1 OMR = 2.01 GBP
1 OMR = 941.55 Naira
Oman is an oil rich small country on the Arabian Peninsula, just north of Saudi Arabia. Thanks to its strategic location, it possesses a developed economy and a high quality of life.
It is remarkable that purchasing power of this currency is so high that the government had to issue 1/4 and 1/2 Rial banknotes.
4. Jordan Dinar
Currency code – JOD
1 JOD = 1.41 USD
1 JOD = 1.09 GBP
1 JOD = 511.29 Naira
Jordan is a country bounded on the west by Israel, and North by Lebanon. It is hard to explain the high value of Jordan Dinar. This country is not economically developed and it lacks essential resources, such as oil.
Nevertheless, one Jordan Dinar costs 1.41 US Dollar, what makes it one of 10 the strongest world currencies.
5– British Pound Sterling
Currency code – GBP
1 GBP = 1.26 USD
1GBP = 468.29 Naira
Most people think that British Pound of the Great Britain (England, Scotland and Northern Ireland) is the strongest world currency, but it is only one of the top five of this list.
British Colonies issue their own banknotes, which visually differ from banknotes issued by the Bank of England, but they are valued as 1 per 1.
Therefore, there are several such as: Scottish, North Ireland, Manx, Jersey, Guernsey, Gibraltar Pounds, as well as St. Elena Island Pound and Falkland Islands Pound.
Counter intuitively, Native Britons do not always want to accept Pounds as a means of payment. The Euro is also used and accepted in the UK pending when they leave Eurozone via Brexit.
6. Gilbratar Pounds Sterling
Currency Code – GIP
1 GIP = 1.26 USD
1 GIP = 468.37 Naira
Gilbrartar is a British Territory bounded in the north by Spain. It has about 32,000 inhabitants with lowest unemployment rate of 1%.
When Celine Dion did a song with the lyrics, “I would build the walls of Gilbrartar for you…” we at Naijadriva thinks she is referring to the currency of Gibraltar because money is a defence, according to the Holy Bible and a wall is a sort of defence. Gibraltar’s economy is dominated by four main sectors: financial services, online gambling, shipping, and tourism, which includes duty-free retail sales to visitors.
7. Cayman Islands Dollar
Currency code – KYD
1 KYD = 1.20 USD
1 KYD = 0.93 GBP
1KYD = 434.34 Naira
Cayman Islands is one of the world’s best tax havens. These islands provided licences for hundreds of banks, hedge funds and insurance companies. No wonder corrupt politicians, the rich and criminals alike stash their loot in Cayman Islands and Panama.
8. European Euro
Currency Code – EUR
1 EUR = 1.14 USD
1 EUR = 401.23 Naira
Countries That Use the Euro The eurozone consists of 19 members (out of 28) who are EU members and use the euro. They are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Partially, its strength is explained by the fact that it is the official world currency in European countries among which you will find several economically developed countries. Britain however wants to exit the Eurozone via Brexit.
In addition, Euro is the second reserve world currency enveloping 22.2% of all world savings (US Dollar has 62.3%).
9– Swiss Franc
Currency code – CHF
1 CHF = 1.04 USD
1 CHF = 0.78 GBP
1 CHF = 365.01
Switzerland is not only one of the richest countries in the world, but it is also one of the most stable. Its banking system had long been known for its formerly resolute bank secrecy.
Besides, its high-tech goods are very well known all around the globe, like watches and so on.
10 – US Dollar
Currency code – USD
1 USD = 1.00 USD
1 USD = 0.77 GBP
1 USD = 362.50 Naira
Owing to USA world economic leadership, its currency achieved such a title as World Reserve Currency. In other words, you can make dollar payments everywhere in the world.
11. Canadian dollar
Currency code – CAD
1 CAD = 0.75 USD
1 CAD = 0.58 GBP
1 CAD = 272.87 Naira
The Canadian Dollar is the fifth largest reserve world currency. Canadian dollar is often called the “loonie” in honor of the bird depicted on the coin worth 1 dollar.
12. Australian dollar
Currency code – AUD
1 AUD = 0.73 USD
1 AUD = 0.53 GBP
1 AUD = 246.03 Naira
Australia is a country as well as a continent. The new series of Australia banknotes have a tactile feature (Braille) to help the visually impaired community to tell the value of the banknote.
Also in Australia, the fight against cash is conducted by reducing the share of cash payments when making small retail purchases.
13. Bruneian Dollar
Currency Code – BND
1 BND – 0.73 USD
1 BND – 0.57 GBP
1 BND – 265.80 Naira
Brunei is a country ruled by the Sultan of Brunei. Just like Saudi Arabia, they are a Muslim country that is rich in Oil. The Sultan of Brunei commands immense wealth and one of his sons is a friend to American Singer Usher Raymond and at a time Bought him gifts worth millions of US dollars.
14. Singaporean Dollar
Currency Code – SGD
1 SGD = 0.73 USD
1 SGD = 0.57 GBP
1 SGD = 265.80
Singapore is a city-state in Asia. One of the Asian Tigers, it is the only country in Asia with an AAA sovereign rating from all major rating agencies, and one of 11 worldwide. Singapore is a highly developed country and is ranked 9th on the UN Human Development Index, the highest in Asia for a sovereign state , with the 7th highest GDP per capita in the world. It was ranked the most expensive city to live in from 2013 to 2019 by the Economist . It is identified as a tax haven. Singapore is placed highly in key social indicators: education , healthcare , quality of life, personal safety and housing, with a home-ownership rate of 90%.
15. Libyan Dinar
Currency code – LYD
1 LYD = 0.72 USD
1 LYD = 0.55 GBP
1 LYD = 258.01 NGN
The Libyan Dinar has token money called Dirham. It is interesting that one Dinar is equal to 1,000 Dirham, and not 100, as we all used to think. Their population is about 6.6million (2008 est.) and crude oil export accounts for 95% of their economy.
16. New Zealand Dollar
Currency Code – NZD
1 NZD =0.64 USD
1 NZD = 0.50 GBP
1 NZD = 231.86 Naira
New Zealand is a country in the Pacific ocean. It is dependent on international trade which accounts for 24%. Tourism contributes $12.9 billion (or 5.6%) to New Zealand’s total GDP and supporting 7.5% of the total workforce in 2016. International visitor arrivals are expected to increase at a rate of 5.4% annually up to 2022.
17. Azerbaijani manat
Currency code – AZN
1 AZN = 0.59 USD
1 AZN = 0.46 GBP
1 AZN = 213.24 Naira
You would be surprised to see Azerbaijani manat in this list. However, the currency of this Central Asian country is a little bit weaker than US Dollar.
The economy of this country is surprisingly strong, and its unemployment rate is low.
18. Bosnian – Herzegovina Convertible Marks
Currency Code - BAM
1 BAM -0.57 USD
1 BAM – 0.44 GBP
1 BAM – 205.05 Naira
Bosnian Convertible Marka is the currency of Bosnia and Herzegovina an European country.
19. Arubian Florin
Currency Code – AWG
1 AWG = 0.56 USD
1 AWG = 0.43 GBP
1 AWG = 201.40 Naira
Aruba is a small Dutch (Netherlands) Colony. The Dutch Guilder or Arubian Florian is their official currency.
20. Fijian Dollar
Currency Code – FJD
1 FJD = 0.46 USD
1 FJD = 0.35 GBP
1 FJD = 165.51 Naira
Fiji, a country in the South Pacific, is an archipelago of more than 300 islands, but not all are inhabited. It is famed for rugged landscapes, palm-lined beaches and coral reefs with clear lagoons.
Endowed with forest, mineral, and fish resources, Fiji is one of the most developed of the Pacific island economies, though still with a large subsistence sector . Tourism is also contributes significantly to their economy too.
21. Chinese Yuan Renminbi
Currency Code – CNY
1 CNY – 0.14 USD
1 CNY – 0.11 GBP
1 CNY = 51.52 Naira
China is the most populous country in the world, with about 1.4 billion inhabitants (2018 est) occupying the 4th largest nation by landmass. According to official data, China’s GDP in 2018 was 90 trillion Yuan ($13.28 trillion). Since 2010, China has been the world’s second-largest economy by nominal GDP and since 2014, the largest economy in the world by purchasing power parity (PPP). China is also the world’s largest exporter and second-largest importer of goods.
22. Danish Krone
Currency Code – DRK
1 DRK = 0.15 USD
1 DRK = 0.11 GBP
1 DRK = 53.69 Naira
Denmark is one of the Scandinavian countries (Denmark, Sweden and Norway, Finland, Iceland with archipelagos).Denmark is considered to be one of the most economically and socially developed countries in the world. Danes enjoy a high standard of living. prosperity, and human development. The country ranks as having the world’s highest social mobility , a high level of income equality, has the lowest perceived level of corruption in the world , the eleventh-most developed in the world , has one of the world’s highest per capita incomes , and one of the world’s highest personal income tax rates.
According to the International Monetary Fund, Denmark has the world’s highest minimum wage, more than double of that of USA.
23. Malaysian Ringgit
Currency Code – MYR
1 MYR = 0.24 USD
1 MYR = 0.19 GBP
1 MYR = 53.69 Naira
Malaysia is an Asian Country with a palm oil based economy. The palm oil seeding they used to launch their economy was gotten from Nigeria many years ago. It is noteworthy to note that a barrel of palm oil is more expensive that a barrel of crude oil (Nigeria’s major income).
24. South African Rand
Currency Code – ZAR
1 ZAR = 0.053 USD
1 ZAR = 0.068 GBP
1 ZAR = 24.70 Naira
Its economy is the second-largest in Africa, after Nigeria and the 33rd-largest in the world . In terms of purchasing power parity , South Africa has the seventh-highest per capita income in Africa. However, poverty and inequality, and corruption remain widespread, with about a quarter of the population unemployed and living on less than US$1.25 a day. Agriculture, manufacturing, tourism are some of their revenue generating sectors.
25. Swedish Krona
Currency Code –
1 SEK = 0.10 USD
1 SEK= 0.081 GBP
1 SEK = 37.70 Naira
Sweden is also one of the Scandinavian countries. It has a population of 10.3million
Sweden’s engineering sector accounts for 50% of output and exports, while telecommunications, the automotive industry and the pharmaceutical industries are also of great importance. Sweden is the ninth-largest arms exporter in the world .
Agriculture accounts for 2% of GDP and employment. The country ranks among the highest for telephone and Internet access penetration.
Sweden is home to Volvo Cars and heavy equipment.
Please note that Naijadriva learnt that it is not allowed to use banknotes without the “SPECIMEN” title.
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