The biggest advantage of working in a developed country is that you can send money to Nigeria as many times higher than salary in your home country because developed countries have high currency rates. One of the websites meant to guide the business community spread across the world defines currency as “a medium of exchange for goods and services.”
Wikipedia defines currency as “money in any form when in use or circulation as a medium of exchange, especially circulating banknotes and coins.”
It must also be understood that currency was never as it we see and understand it today. On the contrary, it changed many forms over the course of thousands of years and kept evolving, and is still growing. And is marching rapidly towards what we now know as the concept of Plastic currency.
We also need to understand that a currency’s strength is determined by its value; the higher the value more the power.
Here’s a list of the world’s top ten strongest currencies.
Kuwaiti Dinar: – Founded in 1961, Kuwaiti Dinar is the world’s most valued currency whose one Dinar equally 3.29 USD.
Bahraini Dinar: – Founded in 1965, Bahraini Dinar is the world’s second-strongest currency, whose one Dinar equals 2.65 USD. Bahrain’s population is slightly upwards of 1 million and consists of large Nigerian expats who send money to Nigeria online and help it become the world’s largest recipient of remittances.
Omani Rial: – Founded in 1973, the Omani rial is the world’s third strongest currency, whose one rial equals 2.60 USD. Its immense purchasing power pushed the Omani government to introduce ¼ and ½ denomination Omani rial banknotes!
Jordanian Dinar: – Founded in 1949, the Jordanian dinar replaced the Palestinian pound and became the world’s fourth strongest currency, whose one dinar equals 1.41 USD.
Pound Sterling: – Pound Sterling is the official currency of the United Kingdom and is also one of the world’s most used currencies is coming in at number 5. It is also one of the world’s oldest currencies, said to have been used in 1489. One Pound Sterling equals 1.26 USD. Money transfer to Nigeria from the UK is remarkable.
Gibraltar Pound: – It is the official currency of Gibraltar, which optically looks similar to the UK pound sterling. It comes in at number 6. One Gibraltar pound equals 1.23 USD.
Cayman Island Dollar: – Cayman Islands are a British territory known for being the world’s best tax heavens. Founded in 1972 to replace Jamaican dollars, it comes in at number 7. One Cayman Island Dollar equals 1.20 USD.
Euro: – European Union’s primary currency, Euro, was adopted on January 01, 1999. It is the world’s second reserve currency and is the official currency of 19 out of a total of 28 EU member states. It first operated virtually but wore a physical form in 2002. It comes in at number 8, and one Euro equals 1.10 USD.
Swiss Franc: – It is the official currency of Switzerland and Liechtenstein. It is the world’s sixth most traded currency and comes in at number 9. One Swiss Franc equals 1.01 USD. The majority of Nigerian expatriates work in France, and online money transfers to Nigeria are from expatriates in France.
US Dollar: – The official currency of the United States of America, the US dollar is the most traded currency globally and also the world’s primary reserve currency.
Conclusion: Most of the world’s strongest currencies are that of the Arab world because these states are home to the world’s largest oil reservoirs. These huge reservoirs of oil they sell off the global oil market, which augments both their economy and currencies.