Without currencies, the means of any business transactions might be near impossible, hence, they remain a big actor both in the local and international community.
This brings us to the question, what currencies are the most valuable in the world? It is no doubt that a valuable currency does not only boost the economy of the country it emanates from but also gives such a country some degree of power over other countries.
Therefore, countries all over the world, be it Europe, Asia or Arab, thrives to make the value of their currencies substantial.
When the currency of a country is valuable, it gains International recognition, it even becomes what could be known as the world's currency, where the currency is widely accepted as the legal tender for doing transactions by different countries.
We used the US dollar as the fixed base currency by comparing the values of the currencies.
The most valuable currency in this context is defined as the most expensive in comparison to the US dollar.
That is the currency with the lowest currency return for one US dollar.
Our ranking of these currencies goes from descending to ascending order.
The official currency of the Bahamas, the Bahamian Dollar, which was introduced in 1966 to replace the Bahamas pound, is ranked tenth among the world's top ten most valuable currencies.
The economies of the Bahamas are very reliant on tourism and international financial services.
Additionally, because it levies no taxes on income earned or stored, it is regarded as a tax haven.
The US dollar, the official currency of the United States of America and its territories, is included on the list of the top 10 most valuable currencies in the world (2023).
The US dollar is the most widely used currency in the world, both in circulation and as a reserve.
The US dollar, which was first used in 1972, currently holds several first-place positions, including that of the world's richest nation, but it ranks ninth among the world's strongest currencies.
19 official members of the European Union use this currency.
The Euro is one of the newest currencies in use in the world and ranks second in terms of usage both in reserve and circulation.
Approximately 0.90 euros will be given for 1 US dollar.
The Swiss Franc, which was adopted as the official currency of Switzerland and Liechtenstein in 1850, is listed among the top ten most valuable currencies in the world.
The Swiss Franc (CHF), a strong and stable currency, is regarded as a "haven" currency because of its stable economy, strict monetary policy, and low debt levels.
The exchange rate for the Swiss franc at 1 CHF to 1 USD makes it the seventh most traded currency in the world.
Before the Cayman Islands Dollar's adoption, the Jamaican Dollar served as the country's official currency.
Because Cayman Island, also known as the "Tax Haven," provides offshore banking services to wealthy individuals and financial institutions, no taxes are withheld from any income earned or stored there.
1 KYD equals 1.21 USD in currency exchange.
The Pound Sterling is the official currency of the United Kingdom, the British Overseas Territories, and the UK Crown Dependencies, and holds the distinction of being the oldest currency in existence.
GBP is one of the most widely used currencies in the world, making up about 12.8% of all daily trades on the forex market.
The Jordanian Dinar (JOD), Jordan's official currency since 1950, is listed among the top ten most valuable currencies in the world.
Jordan's diversified economy, which ranges from trade and finance to manufacturing and mining, despite the country's lack of oil reserves, has kept the Jordanian dinar strong.
1 JOD equals 1.41 USD, which is the fixed exchange rate for the Jordanian dinar.
The official money of Oman is the rial. The Omani rial (OMR), which was first issued in 1970, is divided into 1000 smaller units called baisa.
The Sultanate of Oman, which is situated on the southern coast of the Arabian Peninsula, enjoys a robust economy thanks to its exports of oil to numerous nations worldwide.
1 OMR is currently worth 2.60 US dollars.
Bahrain's official currency, the Bahraini dinar, is also among the top ten most valuable currencies in the world (BHD).
To replace the Gulf Rupee, it was introduced in 1965.
In the Persian Gulf, Bahrain is an island nation. Bahrain, which receives 85% of its revenue from oil and gas, ranks among the richest nations in the world thanks to its oil and gas industry.
For every US dollar you exchange, you will get roughly 0.38 Bahraini dinar.
The Kuwaiti dinar, the country's official currency, is at the top of the list of the world's strongest currencies (KWD).
The Gulf rupee, which was initially equal to one pound sterling and was pegged at parity with the Indian rupee, was replaced by the Kuwaiti dinar in 1960.
Thanks to its significant oil exports to other countries around the world, Kuwait is regarded as one of the richest nations in the world. It is a tax-free nation with a low to the nonexistent unemployment rate.
The exchange rate for Kuwaiti dinars is 0.30 for 1 US dollar.
|Currencies||Buy Rate||Sell Rates|
|USD - NGN||415.23||416.23|
|EUR - NGN||457.42||458.52|
|GBP - NGN||547.98||549.30|