Are you interested in the highest currency in the world 2017? What are the characteristics of the strongest currency? All answers are here as well as Top 10 countries with the highest currency rating!
The life of society cannot be imagined without paper banknotes and bank cards, which are issued in various denominations and metal coins. When it comes to the value cost of this currency, it means the cost of the product itself and not of the actual money.
Highest currencies in the world 2017
Factors of the highest currency in the world
Every country has its own currency. That’s why every currency in the world has its value if you transfer it to the currency of the other countries. At the same time, as it is commonly believed, the more prosperous and developed the country is, the higher is the value of its currency.
In the modern world, we have about 180 currencies. So much attention has been paid to the question of the currencies’ value. Most people erroneously assume that the most expensive are dollars, Euros or British pounds sterling. But that’s completely wrong…
In the field of economics, ratings which deal with the most expensive currency and its ratio to the domestic one are regularly compiled. In advance, it is worth mentioning that the ratings constantly mention the same currencies.
Considering the question, which country has the highest currency, let us talk about the oil-producing countries in the Middle East. Also, we should remember that representatives of this region plan to unite and create a single currency. It will be equivalent to the Euro. It’s difficult to imagine the value of these funds, if, for example, in Kuwait, every fifteenth citizen of the country is a millionaire.
So, what is the highest currency in the world? Let’s start from the end of the list.
The United States Dollars
Strongest currency in the world
10. The United States Dollar
The US Dollar is considered the most popular and in-demand currency, used practically by all countries of the world. The dollar exchange rate changes very often and now is approximately 315.246 Naira per dollar.
READ ALSO: Checkout list of top 10 strongest currencies in Africa
Swiss Francs
9. Swiss Franc
Swiss franc (CHF) is the currency and legal tender of Switzerland and Liechtenstein. The Swiss franc traditionally refers to the currencies of tax havens or offshore zones, with zero inflation and legislatively secured gold and foreign exchange reserves. 1 CHF costs 333.002 NGN.
EURO currency
8. Euro
Euro is known to be the main monetary unit of the European Union, which includes a large number of European countries. Special designation is EUR. Thanks to the prevalence throughout the EU, it has become very popular all over the world. This feature allowed it to become known as the most expensive currency with a high amount of cash. Today it is used not only in cash settlements but also in non-cash organizations in 17 countries of the EU. The rate of the Euro relatively to the Nigerian Naira is approximately 367.969 NGN.
Cayman Islands Dollar currency
7. Cayman Islands Dollar
Now for the Cayman Islands Dollar, you can get it at an average of 384.449 NGN. It is indicated by a special KYD symbol. The popular world monetary unit was officially introduced in the middle of 1972 and is now successfully used. The course is directly related to the current dollar rate. If it changes there will also a be parallel change in the rate of this monetary unit to world currencies that are in use. This situation must be taken into account when considering this issue.
British Pound (GBP)
6. GBP
One of the most expensive and highly sought-after world funds is the British Pound (GBP). It is often used in international trade. It has proper circulation in the UK, as well as in Northern Ireland. For the pound, approximately 410.312 NGN is the rate.
At the end of the Second World War in 1945, the Pound Sterling noticeably lost in value, which was due to the economic decline of the post-war years and the presence of American capital in the country. After a while, the Pound has quite clearly won positions. And it is one of the most popular and in-demand global financial units. GBP is constantly increasing in the value of a relatively large number of the other world currencies.
It is essential to know that different administrative areas of the country have banknotes of their particular kind. It does not contradict the current legislation in the country and can be freely accepted in various banks of the world.
Jordanian Dinar
5. Jordanian Dinar
In addition to the above listed expensive banknotes of the world, one of the most popular and expensive can rightly be considered as the Jordanian dinar. It costs approximately 444.452 NGN. This currency is denoted by a particular sign – JOD. It began to be printed and was put into use at the end of 1949, and quickly enough, it grew past the Palestinian pound.
On this traditional currency, there are images of the royal family members and the general appearance is considered attractive and beautiful. The banknote has Arabic inscriptions. They are fully translated in English. This currency attracts a large number of countries in the world. With its help, it’s possible to carry out profitable trade operations.
Special Drawing Right (SDR)
4. SDR
Another example of the most valuable currency is the Special Drawing Right (SDR). The specially created backup analog is presented in the form of an artificial backup means of payment. It is issued by the IMF. This currency is one of the most valuable currencies and exists only in a non-cash form. It is presented as a record in bank accounts. For today, it is used only within the IMF and is a means of loans repayment, reserves replenishing or balance adjustments. It has been put into practice since 1696. Determining of its cost is based on the four leading world currencies analysis. 1 Special Drawing Right is 486.92 Nigerian Naira.
Latvian Lat (LVL)
3. Latvian Lat
One Latvian Lat (LVL) now costs approximately 523.524NGN. This expensive world unit is now experiencing its second birth. Originally it was printed in Latvia in the middle of 1922. Then it was successfully used in the country and international trade until 1941. After that, the Latvian Lat has left the state turnover for 52 years.
Since 1993, the official currency of Latvia has again started to be printed in the country. It has been put into circulation to replace the Latvian ruble, as the principal means of payment for citizens and commercial companies. In 2014, Latvia officially entered the organized Euro zone as a full member. In the public space, there are two options – Euro and Lat.
Omani Rial
3. Omani Rial
This world currency is considered the third most expensive in the world. It is designated OMR and one Omani rial is about 818.785 NGN. It’s the first money banknote with English inscriptions on one side of it and Arabian on the reverse side. OMR went into circulation at the end of 1979. It replaced Saidian real. Now its bank notes are considered the most protected from possible fakes, and also one of the most beautiful.
Bahraini Dinar
2. Bahraini Dinar
For today, one Dinar costs about 835.930 NGN. Earlier in Bahrain, the Indian rupee circulation took place. Beginning in mid-1959 a banknote with the name Persian Rupee was issued in the country. After six years Persian Rupee completely depreciated, and the government of the country decided to enter its own currency. It’s designated as BHD. Bahraini Dinar is used in the world oil trade.
At last, if you ask yourself: what is the most expensive currency in the world? Then the answer: the highest currency is Kuwaiti dinar.
Kuwaiti Dinar
1. Kuwaiti Dinar
It has a special designation in the form of KWD. One Kuwaiti dinar now costs approximately 1,043.44NGN. That’s why Kuwait is a country with the highest currency. According to the actual statistics, the total population of Kuwait is about 3.1 million people. In addition, one in 17 people can rightly be considered as a millionaire by the level of his income per year.
In this prosperous country, there are about 10% of all oil reserves. Therefore, the value of Kuwait’s national currency annually grows compared to many others. The Kuwaiti dinar was directly introduced in the middle of 1961. Before that, the Indian rupee was used in the country. It was considered the primary currency of the developed state. Now KWD is the most valuable currency in the world in relation to Naira, as well as to a large number of other global currencies used today.
We have enumerated the list of the most expensive currencies in the world for 2017. They have official circulation on the territory of various countries, and also take a direct role in world commerce. Trading on the global Forex market, any trader should know about the main currencies and possible changes in their rates.
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