This post will show you the highest currency in the world and its rates with other currencies.
A currency serves as a medium for exchange of goods and services in a particular economy.
Therefore, without a currency, there will be nothing like budget, trade, import, export, banking, transportation, insurance and the likes. In short, a currency is one of the multiple money systems.
In fact, currencies are the most traded items in the foreign and stock exchange markets. A nation without a currency will have no economy. This is because, the currency is the base of any economy.
Certainly, this would pop up thoughts about which currency is the highest in the world, and that is exactly what we will be discussing here today. However, before we dive into the main topic, it will be of great use to know the different currencies we have in the world.
Firstly, I will be mentioning a few of the currencies we have in the world presently. Their countries will also be included in the list. The country comes first, then followed by the currency.
- United States – Dollar.
- Nigeria -Naira.
- Ghana – Cedi.
- Australia – Dollar
- Kuwaiti – Dinar
- France – Euro
- Italy – Euro
- Spain – Euro
- Belgium – Euro
- China – Yuan
- Japan – Yen
- Taiwan – Yuan
- Argentina – Peso
- Egypt – Pound
- Zimbabwe – Dollar
- Singapore – Dollar
- Germany – Euro
- Senegal – Franc
- Mexico – Peso
- Liberia – Dollar
- Kenya – Shilling
- Nepal – Rupee
- Canada – Dollar
- Sierra Leone – Leone
- New Zealand – Dollar
- Russia – Ruble
- South Africa – Rand
- Algeria – Dinar
- Saudi Arabia – Riyal
- Mali – Franc
- Syria – Pound
- Togo – Franc
- North Korea – Won
- Norway – Krone
- Rwanda – Franc
- Chad – Franc
- Colombia – Peso
- Costa Rica – Colon
- Czech Republic – Koruna.
The United States Dollar, Japanese Yen, Switzerland franc, Canadian dollar, Australian dollar, New Zealand dollar, and Euro are known as major currencies in the world. This is because they are are the most traded currencies in the exchange markets.
As a result, we might feel one of the major currencies should be the highest-valued currency in the world, but we are wrong.
By the time I mention the highest currency in the world, you might get shocked because it is not a well known currency.
Requirements for a currency to have a high value
Before we dive straight into what the highest currency is, let us have an idea on what it takes to be the highest currency in the world.
Saying a currency is the highest is another way of saying it has the greatest economic value. This means that if you have one unit of this particular currency, you will be richer than having the same one unit of any other currency.
Importation of goods and services from a country whose currency has more value than your own currency, might be very dangerous. This because, you will get to pay more of your currency, and thin in turn will increase the prices of the goods you have imported and can lead to inflation.
However, it is very profitable to export goods to such a country because you get more value than your own currency.
What exactly is the world highest currency?
I am quite sure you are very anxious right now to know what exactly the highest currency in the world is. I’m sorry for the long suspense.
The Kuwaiti Dinar(KWD) is the highest valued currency unit in the world. The Kuwaiti Dinar(KWD) was introduced in 1961 to replace the Gulf rupee in Kuwait. I bet you might have not even heard of the currency or the country.
Kuwait has one of the lowest unemployment rates in the world and it is also a tax free country. This means that citizens are not enforced to pay taxes.
So let’s look at the quote(rates) of the Kuwaiti Dinar(KWD) against the US dollar and the Nigeria Naira.
As at the time of publication of this article;
1 KWD equals 3.24 USD; and
1 KWD equals 1,261.54 NGN.
This should tell you how weak the Nigerian Naira(NGN) is.
In conclusion, we have come to know what the highest currency in the world is. Most of us might have erroneously thought the highest valued currency in the world would be the United States Dollar(USD), but fortunately, this write up came at the right time to shed light on the controversial topic.
Do you have any questions, complaints or clarifications that you want to share with us? Let us know in the comment section below. We will be glad to answer you.
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