Last year, one of our most popular blogs took a look at the world’s weakest currencies.
You’ll note that nothing much changed from the 2019 version. This is to be expected with the ongoing global pandemic – as there was no substantial opportunity for weaker currencies to grow. Uncertainty causes investors to either sit on their money or stick with the reliable, stronger currencies.
Here we take a look the world’s weakest currencies (as of August 27th, 2020), valued against the world’s most traded currency, the US dollar.
[1 USD = 42,105 IRR]
Once again, the world’s weakest currency was the Iranian rial. Iran has experienced a significant economic downturn due to numerous sanctions. Without the ability to export petroleum to the global market (worth about 70% of annual income), Iran now faces a huge deficit in its national budget.
#2 – Vietnamese Dong [1 USD = 23,175 VND]
Vietnam is still on the hard path from a centralized economy to a market one, and this has had an obvious impact on its national currency. The country has a relatively small economy and since investors tend to be wary of investing in relatively unknown currencies, the dong doesn’t play a significant role in the global market.
#3 – Indonesian Rupiah [1 USD = 14,697.50 IDR]
Indonesia is an economically stable country, however, its currency has a very low exchange rate. The Indonesian government has taken measures to strengthen its national currency by raising interest rates and buying sovereign bonds, but the rupiah has continued to depreciate.
#4 – Uzbekistani Som [1 USD = 10,291.68 UZS]
Originally pinned to the US dollar at its introduction in 1994, the som flourished in the illegal black market. By 2017 it was left with almost no value against the US dollar. That year, the Uzbeki government devalued its currency by almost half in an attempt to end decades of market isolation and tempt investors towards the commodity-rich country. While the som remains relatively weak, it has stabilized.
#5 – Sierra Leonean Leone [1 USD = 9,762.50 SLL]
Sierra Leone has a rich supply of natural resources including diamonds, iron ore, gold and chromite … yet it is one of the world’s 10 most impoverished and least developed countries.
This is because Sierra Leone’s economy continues to struggle under the weight of conflict and recurring Ebola epidemics. GDP plunged during the 2015 Ebola outbreak, and despite some growth, it remains in the repressed category today.
#6 – Guinean Franc [1 USD = 9,666.80 GNF]
Similar to Sierra Leone, neighbouring Guinea is rich in natural resources, including bauxite, iron ore and diamond and gold deposits. However, Guinea has also faced stalled economic growth because of political instability and Ebola outbreaks.
#7 – Laotian Kip [1 USD = 9,109.49 LAK]
The world’s seventh weakest currency in 2020 is an outlier on this list. This is because Laos is the only country on this list whose currency was not forced to devalue – it was originally issued with a very low exchange rate against USD back in 1952.
#8 – Paraguayan Guarani [1 USD = 6,989.35 PYG]
After a deep recession in the late 1990s and early 2000s, Paraguay suffered climbing inflation rate, economic downturn, corruption, low education quality and high unemployment. Although the country exports cotton and soybeans, this is not enough to cover the cost of its imports.
Last year, paraguay did go from being the second poorest South American country (by GDP) to the fourth poorest in the space of just 3 years – but this growth has been strongly hampered by COVID-19.
#9 – Cambodian Riel [1 USD = 4,101.44 KHR]
When the Cambodian riel was first introduced in 1995, it wasn’t very popular – that hasn’t changed much in the years since. Although the riel is the official currency, the US dollar had been in use in Cambodia since United Nations peacekeeping forces arrived in the early 90s. Many Cambodians still prefer it – USD is used for a massive 90% of transactions here, causing the less popular riel to have a correspondingly lower value.
#10 – Ugandan Shilling [1 USD = 3,686.64 UGX]
The Ugandan shilling first appeared in 1966, replacing the East African shilling (also used in Kenya, Tanganyika and Zanzibar) as Uganda’s official currency. Despite its relatively low value against the US dollar over the past few years, the Ugandan shilling has remained quite stable.
Some currencies, including the Venezuelan bolívar and the São Tomé and Príncipe dobra,have been excluded from our weakest currency list due to recent denomination.


Reference;
https://remitr.com/blog/worlds-weakest-currencies-2020/

Lebanon.. Where is Lebanese pound... Op your doing partiality.

chaai....some currencies useless oo...for weak naira to turn pounds for where these currencies dey, e mean say dm really useless..

Cptflint:
Lebanon.. Where is Lebanese pound... Op your doing partiality.

Aswear

Nigeria's currency to USD is just over 400 Naira and we are raging. I wonder what the Iranians would do!!!

What of Zambian Kwacha?

And Nigerians still go to these countries to hustle, how do they cope?

You people are so ignorant of how powerful Nigeria should currently be,
but we have use our brain to collect #50 Fanta

E shock you?


Our Eleribuu leaders are not left out too

Damnn country

And Nigerians still go to these countries to hustle, how do they cope?

why do people still travel from Nigeria to those country.... are life there better than in Nigeria with the low currency?

Cptflint:
Lebanon.. Where is Lebanese pound... Op your doing partiality.

Don't mind him

Nawa

when you thing your condition is more critical, you'll sure find someone with worse condition than yours.

Wetin the money fit buy for you...naim dey important pass

moremuch1:
Hope dey for Naira be that

meanwhile
check my signature to mine for free a new Cryptocurrency that is about to be launched soon

zagorakis:
And Nigerians still go to these countries to hustle, how do they cope?

oghalebros:
why do people still travel from Nigeria to those country.... are life there better than in Nigeria with the low currency?

SEGLIZ:
when you thing your condition is more critical, you'll sure find someone with worse condition than yours.

It's sad that many in this country think one way only. How then do we intend to get well as a society when people don't reason critically... The dollar to any currency is just a conversion that is done depending on many factors and it doesn't necessarily mean that a high exchange rate translate to how poor or badly a country is.

Some countries deliberately leave their exchange to be devalued against the dollar based on different economic policies ... Example could be to restrain people from patronizing foreign goods, it may also be because of a strain relationship between countries, or to enjoy a particular economic benefit... Take as example, South Korea is a developed country, and they pride in technology, being the home to Samsung and hyundai... This country's currency is far devalued to the dollar when compared to Naira. This was done so as to grow their own economy and deter people from consuming foreign goods ... Though unlike NIgeria, they invest in every sector to bring about the desired developments. But the case of Nigeria is different, being that the value of naira is almost a direct translation to the country's wellbeing... For obvious reasons such as the economy is heavily dependent on foreign goods, poor support for local industries, bad policies and consumers' preference for foreign goods all these work against the Naira...So you see most of these countries with devalued currency may be doing well within and don't want the influence of outsiders... Be sure that, the standard of living of those living in Iran is way better than that of Nigeria ... Because they can produce necessary things for themselves... Or how do you imagine a country who is investing in nuclear weapons? ... Anyway please let us try as Nigerian youth to get aware of things around us and not be carried away by paper works ... Have not logged in over a year but the ignorant comments of most here just couldn't put me silent ... If you like attack me... Mine is if you don't accept this ... Then life will always surprise you with reality and not sentiments.

na Kuwait dinar still be number 1 the rest no get value even dollar no reach Kuwait

Kccheechy:
Nigeria's currency to USD is just over 400 Naira and we are raging. I wonder what the Iranians would do!!!

keep settling for less

your future is unpropitious

Here we take a look the world’s weakest currencies (as of August 27th, 2020), valued against the world’s most traded currency, the US dollar.
[1 USD = 42,105 IRR]

Sho!!
How much will 1 Million Dollars now be in Iran

ILoveDemMANNA:

Sho!!
How much will 1 Million Dollars now be in Iran

You can't calculate that na. Even your calculator would shut down!

webincomeplus:

You can't calculate that na. Even your calculator would shut down!

Lifeeeeeeee

Kccheechy:
Nigeria's currency to USD is just over 400 Naira and we are raging. I wonder what the Iranians would do!!!

You're a goat. So Nigerians should be smiling until it gets to 23,000 to 1 dollar? I wonder how some of you reason

.

I was almost giving up after reading most comments until I stumbled upon yours.. I'm glad we still have people that can think like you in Nigeria. Well done, and keep it up ��

If I may add, many of these countries also purposely let their currency value slide so as to attract more tourists and other foreign investors. A tourist with a dollar in hand feels more like a king in these destinations relative to others, however, it doesn't necessarily translate to poor living conditions

MythAngel:







It's sad that many in this country think one way only. How then do we intend to get well as a society when people don't reason critically... The dollar to any currency is just a conversion that is done depending on many factors and it doesn't necessarily mean that a high exchange rate translate to how poor or badly a country is.

Some countries deliberately leave their exchange to be devalued against the dollar based on different economic policies ... Example could be to restrain people from patronizing foreign goods, it may also be because of a strain relationship between countries, or to enjoy a particular economic benefit... Take as example, South Korea is a developed country, and they pride in technology, being the home to Samsung and hyundai... This country's currency is far devalued to the dollar when compared to Naira. This was done so as to grow their own economy and deter people from consuming foreign goods ... Though unlike NIgeria, they invest in every sector to bring about the desired developments. But the case of Nigeria is different, being that the value of naira is almost a direct translation to the country's wellbeing... For obvious reasons such as the economy is heavily dependent on foreign goods, poor support for local industries, bad policies and consumers' preference for foreign goods all these work against the Naira...So you see most of these countries with devalued currency may be doing well within and don't want the influence of outsiders... Be sure that, the standard of living of those living in Iran is way better than that of Nigeria ... Because they can produce necessary things for themselves... Or how do you imagine a country who is investing in nuclear weapons? ... Anyway please let us try as Nigerian youth to get aware of things around us and not be carried away by paper works ... Have not logged in over a year but the ignorant comments of most here just couldn't put me silent ... If you like attack me... Mine is if you don't accept this ... Then life will always surprise you with reality and not sentiments.

I pray Buhari doesn't slide Nigeria into the list.

Messiah Buhari in May 2015, met the exchange rate at 200 naira to 1 dollar. Blamed Jonathan for that.


As of today, the exchange rate is 482 naira to 1 US dollar. Yet Buhari doesn't want to be blamed.

Buhari is gradually sliding naira into the list

Hooo, na we be your best plug for everything sexual enhancement tho no forget

Nice 1, you said it all. The standard of living matters most

MythAngel:







It's sad that many in this country think one way only. How then do we intend to get well as a society when people don't reason critically... The dollar to any currency is just a conversion that is done depending on many factors and it doesn't necessarily mean that a high exchange rate translate to how poor or badly a country is.

Some countries deliberately leave their exchange to be devalued against the dollar based on different economic policies ... Example could be to restrain people from patronizing foreign goods, it may also be because of a strain relationship between countries, or to enjoy a particular economic benefit... Take as example, South Korea is a developed country, and they pride in technology, being the home to Samsung and hyundai... This country's currency is far devalued to the dollar when compared to Naira. This was done so as to grow their own economy and deter people from consuming foreign goods ... Though unlike NIgeria, they invest in every sector to bring about the desired developments. But the case of Nigeria is different, being that the value of naira is almost a direct translation to the country's wellbeing... For obvious reasons such as the economy is heavily dependent on foreign goods, poor support for local industries, bad policies and consumers' preference for foreign goods all these work against the Naira...So you see most of these countries with devalued currency may be doing well within and don't want the influence of outsiders... Be sure that, the standard of living of those living in Iran is way better than that of Nigeria ... Because they can produce necessary things for themselves... Or how do you imagine a country who is investing in nuclear weapons? ... Anyway please let us try as Nigerian youth to get aware of things around us and not be carried away by paper works ... Have not logged in over a year but the ignorant comments of most here just couldn't put me silent ... If you like attack me... Mine is if you don't accept this ... Then life will always surprise you with reality and not sentiments.

Ifesinachi22:
What of Zambian Kwacha?

Zambia Kwacha is stronger than Nigeria Naira.

MythAngel:







It's sad that many in this country think one way only. How then do we intend to get well as a society when people don't reason critically... The dollar to any currency is just a conversion that is done depending on many factors and it doesn't necessarily mean that a high exchange rate translate to how poor or badly a country is.

Some countries deliberately leave their exchange to be devalued against the dollar based on different economic policies ... Example could be to restrain people from patronizing foreign goods, it may also be because of a strain relationship between countries, or to enjoy a particular economic benefit... Take as example, South Korea is a developed country, and they pride in technology, being the home to Samsung and hyundai... This country's currency is far devalued to the dollar when compared to Naira. This was done so as to grow their own economy and deter people from consuming foreign goods ... Though unlike NIgeria, they invest in every sector to bring about the desired developments. But the case of Nigeria is different, being that the value of naira is almost a direct translation to the country's wellbeing... For obvious reasons such as the economy is heavily dependent on foreign goods, poor support for local industries, bad policies and consumers' preference for foreign goods all these work against the Naira...So you see most of these countries with devalued currency may be doing well within and don't want the influence of outsiders... Be sure that, the standard of living of those living in Iran is way better than that of Nigeria ... Because they can produce necessary things for themselves... Or how do you imagine a country who is investing in nuclear weapons? ... Anyway please let us try as Nigerian youth to get aware of things around us and not be carried away by paper works ... Have not logged in over a year but the ignorant comments of most here just couldn't put me silent ... If you like attack me... Mine is if you don't accept this ... Then life will always surprise you with reality and not sentiments.

Thank you. I like the way you reason sometimes. Although your previous comments sometimes is out of place, sort of. I like to discuss briefly with you.

I sent you a PM. could you accept it?