With the socio-economic and financial landscape in Nigeria today, it makes a lot of sense why many Nigerians are looking into ways to make more money in another currency more valuable than the already weak naira. Given the hike in prices of goods and services, people want (and deservedly so) more value for their money.
This is why investing in U.S. Dollar-denominated assets has gained more popularity over the years. The logic behind this is to shield against any further devaluation of the Naira.
It would interest you though to know that U.S. Dollar, however popular, is not the strongest currency in the world, in fact, it isn’t Top 5.
The British Pound Sterling (GBP) which although is the oldest currency still in circulation today, isn’t the strongest either and it has become even weaker over the years as a result of Britain exiting the European Union.
This article will be highlighting 3 currencies stronger than the dollar in ascending order of their strength.
1. The Jordanian Dinar (JOD):
It was created in 1949 and is the official currency of Jordan. Today, 1 Jordanian Dinar is valued at 1.41 USD and at about 585.80 NGN.
The Jordanian Dinar owes its strength to tight government policies aimed at maintaining fixed exchange rates. The Jordanian Dinar has been pegged to the U.S. Dollar for over 20 years, making it very stable.
2. The Omani Rial (OMR):
The OMR which is the official currency of the Sultanate of Oman was created in 1970 when it was called the Rial Saidi and had as much value as the British Pound at that time. As of today, 1 OMR is equal to 2.60 USD, and 1,079.21 Nigerian Naira.
The OMR has such a high rate because it was divided into 1000 Baisa, as compared to other countries whose currencies are divided into 100 units.
The OMR has also been able to maintain its stability because Oman is an oil-producing country, supplying countries all around the world.
3. The Kuwaiti Dinar (KWD):
The Kuwaiti Dinar, created in 1961 after Kuwait gained independence from the United Kingdom, is the strongest currency in the world.
At the time of creation, just like the Omani Rial, the Kuwaiti Dinar’s value was just the same as the Pound Sterling. Today 1 KWD is equal to 3.26 USD, and in Naira, 1,355.03 NGN.
The strength of the Kuwaiti Dinar is mostly owed to Kuwaiti being one of the biggest exporters of oil in the world, it has large oil reserves scattered all over the country.
Another reason this currency is so strong is that Kuwait is a tax-free country. This is because it gets most of its government revenue (about 73%) from oil and gas as earlier stated.
This means Kuwait’s exports are more valuable than its imports. This is a piece of information you might want to hold on to if you’re thinking of doing business there.
To what benefit is this information to you?
If building wealth in these currencies appeals to you, you should look for ways to earn in these currencies. Do this by thoroughly researching business opportunities that serve these countries remotely or otherwise.
This is useful information because saving in stable foreign currencies is advantageous to you in the long run.
For example, if you’re working in Kuwait and earning say 4 to 5 figures Kuwait Dinars, you can then put it into different investment options either in Kuwait or back home.
Currency investing has its different advantages, so, it’s always important to make proper research to see how you can work the different policies of these countries to your advantage.
You should check out this article on relatively strong currencies.