The Naira appreciated slightly against the United States dollars at the Nigerian Autonomous Foreign Exchange Market on Thursday, closing at the rate of N1,498.25/$ from N1,503.38/$ recorded the previous day.

This came as the Central Bank of Nigeria on Thursday rolled out series of circulars to tackle foreign exchange racketeers and financial services operators engaged in sharp practices. The three circulars were dated February 14, 2024.

The CBN, in the first circular, stopped banks from paying Personal Travel Allowance to their customers in cash. In a second circular, it also asked International Oil Companies from repatriating all their revenue to their parent companies at once. The apex banks also, in the third circular, reviewed its guidelines to stop under-invoicing of exports and over-invoicing of imports.

They circulars came as the naira closed near 1,500/dollar at the official market on Thursday. This was despite a drop in dollar supply by commercial banks at the spot FX market.

According to data from the FMDQ exchange securities, the supply had increased by $292.3m to $381.92 on Tuesday from $89.61m recorded on Monday. It however dropped to $117.87m on Wednesday.

On Monday, the naira started at an all-time low of N1,534/$, indicating serious consequences on the price of goods and services.

The naira gained marginally on Tuesday to N1,499/$ but fell to N1,503.38/$ at the close of trading on Wednesday before recovering to N1,498/$ at the close of trading activities on Thursday.

On the parallel segment of the foreign exchange market, the Naira depreciated to N1,600/$ Thursday’s rate is about N97 or 6.45 per cent higher than the N1,503/$ at the beginning of the week.

Checks by our correspondent show that Nigerians have continued to visit the black market sellers despite the efforts of the Central Bank of Nigeria to curb speculations.

In recent times, the naira has weakened beyond financial experts’ projections. The Group Managing Director of Cowry Asset Management Limited, Johnson Chukwu, during his firm’s 2024 outlook event projected that the naira might depreciate to N1,500/$ in 2024.

He said, “The worst case scenario is that the naira could worsen to N1,500 against the dollar.”

A Bureau De Change operator in Abuja told The PUNCH that the American greenback closed at N1,600/$ on Thursday.

“Today, the dollar was sold at the rate of N1,600. It is increasing and we are not happy about it.”

A BDC operator, Faruq Lawal, in the CMS area of Lagos, said that the naira closed at N1,610 to a dollar.

“We don’t know what is going on with the Naira these days,” he said.

According to the BDC operators, there is currently uncertainty as regards the price of the naira against the dollar due to high demand.

Another currency trader in Abuja confirmed that the Naira traded at N1,600 to the dollar.

A report by Comercio Partners said the Naira plunged about 66 per cent in 2023.

“The period from January 2023 to December 2023 witnessed a significant decline in the official exchange rate, plunging by 66 per cent from 462 Naira per US dollar to 1041 Naira per US dollar. Simultaneously, the parallel market recorded a rate of N1,207 compared to N755 earlier in the year, reflecting a stark disparity between the official and parallel rates,” the report said.

According to the report, the persistent FX shortages have created a formidable challenge for exchange rate liberalisation done by the Central Bank of Nigeria.

It said that despite the efforts of the CBN to address these shortages, the widening gap between official and parallel exchange rates signals a complex landscape.


CBN Tackles Racketeers.

Meanwhile, the CBN has reviewed the allowable limit of price deviation for exports and imports to -15 per cent and +15 per cent of the global average prices, respectively.

The bank disclosed this in a circular issued to all authorised dealer banks on Thursday and singed by its Director, Trade and Exchange Department, Dr. Hassan Mahmud.

Price deviation is a statistical term that indicates the volatility of price in a market while allowable limit is a government-imposed trade restriction that controls the number or monetary value of goods that a country can import or export during a particular period. Countries use quotas in international trade to help regulate the volume of trade between them and other countries.

The CBN said the review was due to global inflation and other related challenges. The International Monetary Fund predicted that Global headline inflation is expected to fall to 5.8 per cent in 2024 and 4.4 per cent in 2025.

The circular read in part, “Following the implementation of the Price Verification System to curb over-invoicing of imports and under-invoicing of exports, the CBN in a circular referenced TED/FEM/FPO/PUB/01/001 stated that declared prices of import items that are more than 2.5 per cent above the global average prices of the referenced item will be queried.

“However, due to global inflation and other related challenges, the CBN has reviewed the allowable limit of price deviation for exports and imports to -15 per cent and +15 per cent of the global average prices, respectively.”

The CBN added that the PVS is not meant to determine the actual prices of items for tariffs or duty charged by government “But rather to enable it curtail the excess outflow of the limited foreign exchange through over-invoicing and other price manipulation activities,” the circular said.

In another circular issued on Thursday, the CBN barred cash payment of Personal and Business Travel Allowances by banks.

In the circular also signed by Mahmud, the payout of BTA/PTAs can only be done electronically.

Part of the circular read, “In line with the Bank’s commitment to ensure transparency and stability in the foreign exchange market and avoid foreign exchange malpractices. All authorized dealer banks shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards.

“For the avoidance of doubt, payment of PTA/BTA by cash is no longer permitted. Authorized Dealers and the general public are hereby to note and comply accordingly.”

Also, the CBN has directed International Oil Companies operating in the country to fund their offshore accounts in two phases.

CBN noted that the ‘cash pooling’ activities of the OICs affect liquidity in the domestic forex market.

Cash pooling allows the holding company (or parent company) to act as a central unit to distribute liquidity. This type of central cash management allows for the interests of each subsidiary to be served more efficiently.

The apex bank, henceforth, directed that “banks are allowed to pool cash on behalf of IOCs, subject to a maximum of 50 per cent of the repatriated export proceeds in the first instance.”

The CBN noted that the remaining half “may be repatriated after 90 days from the date of inflow of export proceeds.”

The circular, titled, ‘Requirements for foreign currency cash pooling on behalf of International Oil Companies in Nigeria,’ read, “The Central Bank has observed that proceeds of crude oil exports by International Oil Companies operating in Nigeria are transferred offshore to fund parent accounts of the IOCs (otherwise referred to as cash polling). This has an impact on liquidity in the domestic foreign exchange market.

“In line with the ongoing reforms in the foreign exchange market, it has become necessary to take measures to address this trend.”


The Apex Bank

Consequently, the apex bank issued the following “Banks are allowed to pool cash on behalf of IOCs, subject to a maximum of 50 per cent of the repatriated export proceeds in the first instance.

“The balance 50 per cent may be repatriated after 90 days from the date of inflow of export proceeds.”

The CBN noted that these shall be subject to the fulfilment of a “prior approval of the CBN for the repatriation of funds under the ‘cash pooling’ transaction, ‘cash pooling’ agreement with the parent entity of the IOCs operating in Nigeria,” among others.

Source: https://www.google.com/amp/s/punchng.com/naira-trades-1498-at-official-market-cbn-tackles-racketeers/%3famp

Dollar To Naira Rate, For February 16th 2024.

We must learn a lesson... ...
Na statistics we go chop
Down payment for a roasted corn
and many laughed and clapped then because it's their turn without giving a second thought to those statements...

Meanwhile the renewed shege has just been activated... Let's make merry and celebrate🎉🎊🎁🎉🎊🎁🎉🎊🎁

1 step forward, 100 step backward.

mk dem sell this shrine of a country, and give me my own share. shikina!!! mk ah use am see front.

1 step forward today, 10 steps backward tomorrow.

Hmmm

As at this morning, dollar is over 1600 on the streets.

Has improved

With Time I believe things will fall in the right place

Some don't have anything to offer they just want the economy to fall

It surprised me how I no longer hear Yoruba Muslim and Yoruba Christian

Right now they no longer have interest on those Yorubas that voted there Obi

Once you hear Agbado or Ebi pawa that's south West in general

Buh guess Ókon yín óni balé 😄😄

These policies didn't work as dollar rebounded this morning and is currently trading above 1600 this morning.

The mistake done was undoing Emiefele's policy of floating the naira against the dollar — Naira could have lost value either ways but not with this sharp increase, it wouldn't even have reached 1000 dollars.

The government should first reinstate pegging the dollar and all these other new policies will stick to curbing naira decline.

..

saddler:


As at this morning, dollar is over 1600 on the streets.

even when $1 equal #100 you day see ham buy for bank

Nothing they can do to please some people

Bad Government Wicked citizens 😏😏😏

World's Top Performing Currency and Insight for Naira

* Government/CBN should stop the printing 500 NGN notes and 1,000 NGN notes (the use of #200 note should be sparingly) and officially discontinue the use of these currencies!

* Reintroduction of Nigeria coins, 50Kobo, 1 NGN and 2 NGN.

* Focus should be on Local Business and not call for foreign investment; as foreigner will eventually and continually repatriate their profits in USD. (learning from what is happening in China)



Welcome, lets get started by examining the top 10 performing currencies in the world to gain necessary insights before drawing our conclusions.

*.Kuwait Dinar KWD: ( 1 KWD = 4,920.49 NGN )
Bank notes: 1/4, 1/2, 1, 5, 10, 20 Dinars -------------- Highest denomination == 20 Dinars; Coins == Yes
Coins: 5, 10, 20, 50, 100, 200 Fils


*.Bahraini Dinar BHD: ( 1 BHD = 4,021.64 NGN )
Bank note: BD 1/2, BD 1, BD 5, BD 10, BD 20 --------------- Highest denomination == BD 20; Coins == Yes
Coins: 5, 10, 25, 50, 100 Fils, BD 1/2


*.Omani Rial OMR: ( 1 OMR = 3,937.77 NGN )
Bank note: 1/2, 1, 5, 10, 20, 50 Rials --------------- Highest denomination == 50 Rials; Coin == Yes
Coin: 50, 10, 20, 50, 100 baisa and rarely used 200 biasa


*.Jordanian Dinar JDD: ( 1 JDD = 507,65070 NGN )
Bank notes: 1, 5, 10, 20, 50, Dinars ------------------- Highest denomination == 50 Dinars; Coin == Yes
Coins: 1/2, 1, quirsh, 21/2, 5, 10 Piastras


*.British Pound GBP: ( 1 GBP = 2,135.49 NGN )
Bank notes: €5, €10, €20, €50 ----------------------- Highest denomination == €50; Coin == Yes
Coins: 1P, 2P, 5P, 10P, 50P, €1, €2


*.Caymanian dollar KYD: ( 1 KYD = 1,815.81 NGN )
Bank notes: 1, 5, 10, 25, 50, 100 Dollars ------------------- Highest denomination == 100 Dollars; Coin == Yes
Coin: 1, 5, 10, 25 Cents


*.Euro EUR: ( 1 EUR = 1,631.43 NGN )
Bank notes: €5, €10, €20, €50, €100, and €200 --------------- Highest denomination == €200; Coin == Yes


*.Swiss Franc CHF: ( 1 CHF = 1,719.44 NGN )
Bank note: 10, 20, 50, 100, 200, 1000 francs ------------------- Highest denomination == 200 francs; Coin == Yes
Coins: 5, 10 and 20 Rp/cts, 1/2, 1, 2 and 5 Fracs


*.United State dollar USD: ( 1 USD = 1600 NGN )
Bank note: $1, $2, $5, $10, $20, $50, $100 ----------------- Highest denomination == $100; Coin == Yes
Coins: 1C, 5C, 10C, $1/4, $1/2, $1.




Go back to the list once again and check what's the highest denominations of each currency (and population of users of each currency), You will discover that the top performing currencies do not have high face value like we have 500 NGN and 1,000 NGN in Nigeria.

Also, you will notice that the top performing currencies have coins form of currency with denomination of very low face value.


The highest of the denomination is 1000 Franc followed by 500 EUR. 1000 Franc is not in frequent use and the highest Franc denomination next to it is 200 Frank ( not like 500 NGN as we have here in nigeria ). Also the use of 500 EUR was discontinue in year 2018.

Get a hold on history of exchange rate in Nigerian, you will find out that every introduction of new high (face value) denomination currency note has adverse effect on exchange rate.


Why High Denominational Currency Note Is Bad:
1. Increase in prints of currency notes with high face value e.g 1000 NGN makes other lower currency of less important and less useful. This can gradually lead to upgrade of price of goods and services in market.

2. It makes stealing, looting and hoarding of cash easier as larger amount of money value can be packed into a very small space.


3. 500 NGN and 1000 NGN are no money for the common man, go to the market and examine what denomination are most in use.

4. It's in a way opposing the cashless policy by the federal government of Nigeria.


What The Wise Nations Did:
1. United State of Ameria used to have $500, $1000, $2000 currency notes until December 14, 1945, when the high denominational bills were last printed and officially discontinued on July 14, 1969 by the Federal Reserve System.

2. Europian Central Bank announced on 4 May, 2016 that it would phase out the 500 Euro notes by the end of 2018.



Other Factors That May Affect The Exchange Rate Of A Currency Include:
1. Ratio of goods/services importation to exportation

2. Availability of currency and number of complying users.

The Illegal illegal printing of currency by the CBN according to as reported by some news media outlets has a long way to desctroy value on our cash.

3. Inflation rate

4. Government debts and federal reserve.

5. Political policies and stability

6. And many more



My Recomendations:
Nigerian government should permanently discontinue and remove 500 NGN and 1,000 NGN currency notes from circulation. Reintroduction of 50 Kobo, 1 NGN and 2 NGN coins should also be done.

A government fighting corruption will yield to this advice as abundance of lower denomination currency will discourage looters from hoarding and keeping cash in a safe instead of bank.

Caveat emptor:
This writeup is a personal opinion resulting from my many observations. It is not a scholarly work and should not be treated as one. Copy-and-paste bloggers should please reference the link and author of the article.




TOP PERFORMING CURRENCY (UPDATED CONVERSION RATEs)

1. Kuwaiti dinar (KWD)
The Kuwaiti dinar is the strongest currency in the world with 1 Kuwaiti dinar buying 3.26 US dollars (or, put another way, US$1 equals 0.31 Kuwaiti dinars).

Kuwait is located between Saudi Arabia and Iraq, earning much of its wealth from being a leading global exporter of oil. The Kuwaiti dinar was introduced in the 1960s and was initially pegged to the British pound before being re-pegged to an undisclosed basket of currencies.

2. Bahraini dinar (BHD)
The Bahraini dinar is the second strongest currency in the world with 1 Bahraini dinar buying 2.65 US dollars (or US$1 equals 0.38 Bahraini dinars).

Bahrain is an island nation in the Persian Gulf off the coast of Saudi Arabia. Like Kuwait, the country earns much of its wealth from oil and gas exports. The Bahraini dinar entered circulation in 1965 and is pegged to the US dollar.

3. Omani rial (OMR)
The Omani rial is the third strongest currency in the world with 1 Omani rial buying 2.60 US dollars (or US$1 equals 0.38 Omani rial).

Oman sits between the United Arab Emirates and Yemen at the tip of the Arabian peninsula. As with its other wealthy neighbours, Oman is a major exporter of oil and gas. The Omani rial was introduced in the 1970s and is pegged to the US dollar.

4. Jordanian dinar (JOD)
The Jordanian dinar is the fourth strongest currency in the world with 1 Jordanian dinar buying 1.41 US dollars (or US$1 equals 0.71 Jordanian dinar).

Jordan is largely land-locked country in the Middle East. Jordan is less dependent on oil and gas exports than its neighbours and has struggled with sluggish economic growth and rising debt. The Jordanian dinar entered circulation in 1950 and is pegged to the US dollar.

5. British pound (GBP)
The British pound is the fifth strongest currency in the world with 1 British pound buying 1.28 US dollars (or US$1 equals 0.78 British pounds).

Britain is the sixth largest country by Gross Domestic Product (GDP), according to the World Bank. The pound was first introduced in the 1400s before being decimalised in 1971. It is free-floating and thus not pegged to other currencies.

5. (Tie) Gibraltar pound (GIP)
The Gibraltar pound is the joint fifth strongest currency in the world with 1 Gibraltar pound buying 1.28 US dollars (or US$1 equals 0.78 Gibraltar pounds).

Gibraltar is located at the southern tip of Spain and is officially a British territory. The Gibraltar pound was first introduced in the 1920s and is pegged to the British pound (at par, meaning that one GIP equals one GBP).

6. Cayman Islands dollar (KYD)
The Cayman Islands dollar is the sixth-strongest currency in the world with 1 Cayman Islands dollar buying 1.20 US dollars (or US$1 equals 0.83 Cayman Islands dollars).

The Cayman Islands is a British territory in the Caribbean and is an offshore financial centre. The Cayman Islands dollar was first introduced in the 1970s and is pegged to the US dollar.

7. Swiss franc (CHF)
The Swiss franc is the seventh strongest currency in the world with 1 Swiss franc buying 1.15 US dollars (or US$1 equals 0.87 Swiss francs).

The Swiss franc is the official legal tender of Switzerland and Liechtenstein and is seen as a safe haven due to Switzerland’s political stability. The Swiss franc was introduced in 1850 and was later briefly pegged to the Euro before moving to a free-float.

8. Euro (EUR)
The Euro is the eighth strongest currency in the world with 1 Euro buying 1.10 US dollars (or US$1 equals 0.91 euros).

The Euro is the official currency of the Eurozone, being 20 out of the 27 countries that form part of the European Union. The physical currency entered circulation in 2002 and is free-floating.

Related: Euro to AUD forecast

10. US dollar (USD)
The US dollar is the 10th strongest currency in the world, worth exactly 1 against itself. All other units of currency across the globe are worth less than a US dollar.

Created in the 1700s, the US dollar is legal tender in the USA, other US territories and sovereign nations including Ecuador and Zimbabwe.

The US is the world’s largest economy by GDP and the US dollar is by far the most-traded currency globally.

The US dollar is also the largest reserve currency in the world (the currency most held by central banks) and is the currency used to price many commodities, including oil, gold and copper.
https://www.forbes.com/advisor/au/investing/currencies/top-10-strongest-currencies-in-the-world/


My piece of contribution.

I think we always to fast to jubilant.

I will when the Forex is less than 1000 naira and sustained for min.2 - 3mths.

Ok

Anyway good job by the CBN, continue to arrest all the loopholes.

It’s been a disaster

Even some of us abroad are not happy

The implication is a collapsing economy, erased savings, net zero or negative investments you changed dollars to naira to do in nigeria and an obliterated middle class. The erosion In purchasing power means businesses will fold up as people are not buying their goods and services anymore as they used to

"We need his brain not his body"

Nigeria done finally jam apako... Thank God for Web3 at least if I change the least $50 my week will be sweet

Moreover, I Peter Obi and Obidients are still learning our lessons!

Problem

It will favour me and my family

The most selfish statement I heard from his supporters. I ask them how is the favour going?

buJu234:
I think we always to fast to jubilant.

I will when the Forex is less than 1000 naira and sustained for min.2 - 3mths.

Ok

Anyway good job by the CBN, continue to arrest all the loopholes.

some sense dey here ooo

Emilokan

All this long discussion

CBN should stop printing the naira making our currency lose value

Racketeering is no basis for this kind of inflation

UncleAyo:
World's Top Performing Currency and Insight for Naira

* Government/CBN should stop the printing 500 NGN notes and 1,000 NGN notes (the use of #200 note should be sparingly) and officially discontinue the use of these currencies!

* Reintroduction of Nigeria coins, 50Kobo, 1 NGN and 2 NGN.

* Focus should be on Local Business and not call for foreign investment; as foreigner will eventually and continually repatriate their profits in USD. (learning from what is happening in China)



Welcome, lets get started by examining the top 10 performing currencies in the world to gain necessary insights before drawing our conclusions.

*.Kuwait Dinar KWD: ( 1 KWD = 1201.9611 NGN )
Bank notes: 1/4, 1/2, 1, 5, 10, 20 Dinars -------------- Highest denomination == 20 Dinars; Coins == Yes
Coins: 5, 10, 20, 50, 100, 200 Fils


*.Bahraini Dinar BHD: ( 1 BHD = 956.3254 NGN )
Bank note: BD 1/2, BD 1, BD 5, BD 10, BD 20 --------------- Highest denomination == BD 20; Coins == Yes
Coins: 5, 10, 25, 50, 100 Fils, BD 1/2


*.Omani Rial OMR: ( 1 OMR = 936.2906 NGN )
Bank note: 1/2, 1, 5, 10, 20, 50 Rials --------------- Highest denomination == 50 Rials; Coin == Yes
Coin: 50, 10, 20, 50, 100 baisa and rarely used 200 biasa


*.Jordanian Dinar JDD: ( 1 JDD = 507,65070 NGN )
Bank notes: 1, 5, 10, 20, 50, Dinars ------------------- Highest denomination == 50 Dinars; Coin == Yes
Coins: 1/2, 1, quirsh, 21/2, 5, 10 Piastras


*.British Pound GBP: ( 1 GBP = 504.8154 NGN )
Bank notes: €5, €10, €20, €50 ----------------------- Highest denomination == €50; Coin == Yes
Coins: 1P, 2P, 5P, 10P, 50P, €1, €2


*.Caymanian dollar KYD: ( 1 KYD = 432.7622 NGN )
Bank notes: 1, 5, 10, 25, 50, 100 Dollars ------------------- Highest denomination == 100 Dollars; Coin == Yes
Coin: 1, 5, 10, 25 Cents


*.Euro EUR: ( 1 EUR = 448.2926 NGN )
Bank notes: €5, €10, €20, €50, €100, and €200 --------------- Highest denomination == €200; Coin == Yes


*.Swiss Franc CHF: ( 1 CHF = 388.1395 NGN )
Bank note: 10, 20, 50, 100, 200, 1000 francs ------------------- Highest denomination == 200 francs; Coin == Yes
Coins: 5, 10 and 20 Rp/cts, 1/2, 1, 2 and 5 Fracs


*.United State dollar USD: ( 1 USD = 360.5000 NGN )
Bank note: $1, $2, $5, $10, $20, $50, $100 ----------------- Highest denomination == $100; Coin == Yes
Coins: 1C, 5C, 10C, $1/4, $1/2, $1.




Go back to the list once again and check what's the highest denominations of each currency (and population of users of each currency), You will discover that the top performing currencies do not have high face value like we have 500 NGN and 1,000 NGN in Nigeria.

Also, you will notice that the top performing currencies have coins form of currency with denomination of very low face value.


The highest of the denomination is 1000 Franc followed by 500 EUR. 1000 Franc is not in frequent use and the highest Franc denomination next to it is 200 Frank ( not like 500 NGN as we have here in nigeria ). Also the use of 500 EUR was discontinue in year 2018.

Get a hold on history of exchange rate in Nigerian, you will find out that every introduction of new high (face value) denomination currency note has adverse effect on exchange rate.


Why High Denominational Currency Note Is Bad:
1. Increase in prints of currency notes with high face value e.g 1000 NGN makes other lower currency of less important and less useful. This can gradually lead to upgrade of price of goods and services in market.

2. It makes stealing, looting and hoarding of cash easier as larger amount of money value can be packed into a very small space.


3. 500 NGN and 1000 NGN are no money for the common man, go to the market and examine what denomination are most in use.

4. It's in a way opposing the cashless policy by the federal government of Nigeria.


What The Wise Nations Did:
1. United State of Ameria used to have $500, $1000, $2000 currency notes until December 14, 1945, when the high denominational bills were last printed and officially discontinued on July 14, 1969 by the Federal Reserve System.

2. Europian Central Bank announced on 4 May, 2016 that it would phase out the 500 Euro notes by the end of 2018.



Other Factors That May Affect The Exchange Rate Of A Currency Include:
1. Ratio of goods/services importation to exportation

2. Availability of currency and number of complying users.

The Illegal illegal printing of currency by the CBN according to as reported by some news media outlets has a long way to desctroy value on our cash.

3. Inflation rate

4. Government debts and federal reserve.

5. Political policies and stability

6. And many more



My Recomendations:
Nigerian government should permanently discontinue and remove 500 NGN and 1,000 NGN currency notes from circulation. Reintroduction of 50 Kobo, 1 NGN and 2 NGN coins should also be done.

A government fighting corruption will yield to this advice as abundance of lower denomination currency will discourage looters from hoarding and keeping cash in a safe instead of bank.

Caveat emptor:
This writeup is a personal opinion resulting from my many observations. It is not a scholarly work and should not be treated as one. Copy-and-paste bloggers should please reference the link and author of the article.




TOP PERFORMING CURRENCY (UPDATED CONVERSION RATEs)

1. Kuwaiti dinar (KWD)
The Kuwaiti dinar is the strongest currency in the world with 1 Kuwaiti dinar buying 3.26 US dollars (or, put another way, US$1 equals 0.31 Kuwaiti dinars).

Kuwait is located between Saudi Arabia and Iraq, earning much of its wealth from being a leading global exporter of oil. The Kuwaiti dinar was introduced in the 1960s and was initially pegged to the British pound before being re-pegged to an undisclosed basket of currencies.

2. Bahraini dinar (BHD)
The Bahraini dinar is the second strongest currency in the world with 1 Bahraini dinar buying 2.65 US dollars (or US$1 equals 0.38 Bahraini dinars).

Bahrain is an island nation in the Persian Gulf off the coast of Saudi Arabia. Like Kuwait, the country earns much of its wealth from oil and gas exports. The Bahraini dinar entered circulation in 1965 and is pegged to the US dollar.

3. Omani rial (OMR)
The Omani rial is the third strongest currency in the world with 1 Omani rial buying 2.60 US dollars (or US$1 equals 0.38 Omani rial).

Oman sits between the United Arab Emirates and Yemen at the tip of the Arabian peninsula. As with its other wealthy neighbours, Oman is a major exporter of oil and gas. The Omani rial was introduced in the 1970s and is pegged to the US dollar.

4. Jordanian dinar (JOD)
The Jordanian dinar is the fourth strongest currency in the world with 1 Jordanian dinar buying 1.41 US dollars (or US$1 equals 0.71 Jordanian dinar).

Jordan is largely land-locked country in the Middle East. Jordan is less dependent on oil and gas exports than its neighbours and has struggled with sluggish economic growth and rising debt. The Jordanian dinar entered circulation in 1950 and is pegged to the US dollar.

5. British pound (GBP)
The British pound is the fifth strongest currency in the world with 1 British pound buying 1.28 US dollars (or US$1 equals 0.78 British pounds).

Britain is the sixth largest country by Gross Domestic Product (GDP), according to the World Bank. The pound was first introduced in the 1400s before being decimalised in 1971. It is free-floating and thus not pegged to other currencies.

5. (Tie) Gibraltar pound (GIP)
The Gibraltar pound is the joint fifth strongest currency in the world with 1 Gibraltar pound buying 1.28 US dollars (or US$1 equals 0.78 Gibraltar pounds).

Gibraltar is located at the southern tip of Spain and is officially a British territory. The Gibraltar pound was first introduced in the 1920s and is pegged to the British pound (at par, meaning that one GIP equals one GBP).

6. Cayman Islands dollar (KYD)
The Cayman Islands dollar is the sixth-strongest currency in the world with 1 Cayman Islands dollar buying 1.20 US dollars (or US$1 equals 0.83 Cayman Islands dollars).

The Cayman Islands is a British territory in the Caribbean and is an offshore financial centre. The Cayman Islands dollar was first introduced in the 1970s and is pegged to the US dollar.

7. Swiss franc (CHF)
The Swiss franc is the seventh strongest currency in the world with 1 Swiss franc buying 1.15 US dollars (or US$1 equals 0.87 Swiss francs).

The Swiss franc is the official legal tender of Switzerland and Liechtenstein and is seen as a safe haven due to Switzerland’s political stability. The Swiss franc was introduced in 1850 and was later briefly pegged to the Euro before moving to a free-float.

8. Euro (EUR)
The Euro is the eighth strongest currency in the world with 1 Euro buying 1.10 US dollars (or US$1 equals 0.91 euros).

The Euro is the official currency of the Eurozone, being 20 out of the 27 countries that form part of the European Union. The physical currency entered circulation in 2002 and is free-floating.

Related: Euro to AUD forecast

10. US dollar (USD)
The US dollar is the 10th strongest currency in the world, worth exactly 1 against itself. All other units of currency across the globe are worth less than a US dollar.

Created in the 1700s, the US dollar is legal tender in the USA, other US territories and sovereign nations including Ecuador and Zimbabwe.

The US is the world’s largest economy by GDP and the US dollar is by far the most-traded currency globally.

The US dollar is also the largest reserve currency in the world (the currency most held by central banks) and is the currency used to price many commodities, including oil, gold and copper.
https://www.forbes.com/advisor/au/investing/currencies/top-10-strongest-currencies-in-the-world/


My piece of contribution.

One step forward three steps backward

any plan for it not to hit 2000 🔥 🔥 🔥

Another story again

Go and buy now. It will come back in full force.

Cardoso understands the evil forces battling naira, some hidden gentlemen throwing the catapult from nowhere for personal gain, I hope he wins the battle against them

Omo. CorrectionFluid is tired

Soludo had done this sort of thing before shaa. Although high denominations weren't cut off, coins were introduced: the N1 and N2 coins.

I can remember the high denomination notes were then controlled such that there became a scarcity.

Went with a friend to pay school fees at the bank, and he had a nylon full of N1 and N2 coins. The cashier look am like "God what is all this nau"