Dollar loses title, naira ranks low as report reveals list of world's strongest currencies in 2023

The Nigerian Naira has been identified as the 96th on the list of strongest currencies in the world.

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

US dollar, is not the strongest The report shows that the US dollar despite being the most traded currency in the world, is not the strongest.

It highlighted that the Kuwaiti dinar (KWD) is the strongest currency in the world adopted by Kuwait in the Persian Gulf between Saudi Arabia and Iraq. Much of the country’s wealth is earned exporting oil.

This was followed by the Bahraini Dinar, adopted by Bahrain, an island nation in the Persian Gulf off the eastern coast of Saudi Arabia. Like Kuwait, the country also earns much of its wealth from oil and gas exports.

Omani rial comes third on the list.

The currency is used by Oman, sitting between the United Arab Emirates and Yemen at the eastern tip of the Arabian Peninsula.

Oman is a major exporter of oil and gas.

Others Jordanian Dinar (JOD) by Jordan – 4th

British Pound (GBP) by Britain - 5th

Cayman Islands Dollar (KYD) by Cayman Islands – 6th

Gibraltar Pound (GIP) by Gibraltar - 7th

Swiss Franc (CHF) by Switzerland – 8th

Euro (EUR) by European Union – 9th

U.S. Dollar (USD) by US and its territories – 10th

Ahead of the North Korean won (KPW) and the Malawian kwacha (MKW), the Naira is ranked 96th, an FIJ report stated.

Legit. ng had reported that the naira ranked the Naira among the worst-performing African currencies according to the World Bank.

The organization also provided insights into Nigeria's economic challenges.