Positive sentiment strengthens naira to N900/$1, ranked 96th strongest currency globally

Some sentiments driven by the federal government’s recent plans to shore up dollar liquidity in the foreign exchange (FX) market have seen the naira strengthened to N900/$1 on Monday, November 6, 2023.

Data collated from several sources at the parallel market indicated that the greenback has slumped to N900/$1 compared to N950/$1 it traded on Friday.

This sentiment is reportedly driven by moves made of the Federal Government last week and the recent commencement of the clearing of the backlogs of matured FX obligations.

At the close of trading Friday last week, the naira had strengthened to N950/$1 as against the N1,130 bought on Thursday last week.

The British Pound has also slumped to ₦1,113.086/£1 while the Euro crashed to ₦951.356/€1.

Meanwhile, Forbes Advisor has ranked the naira as the 96th strongest currency in the world.

The ranking to determine the strongest of the 180-odd traditional fiat currencies recognised as legal tender worldwide was carried out based on their relative value against the US dollar.

READ ALSO:Naira gains at official market as JP Morgan sees N850/$ exchange rate by December

Despite being the most traded currency on the global stage by some margin, the US dollar is not the strongest currency in the world.

The Kuwaiti dinar (KWD), Kuwait’s official currency, is the strongest currency in the world. A Kuwaiti dinar is currently worth $3.26. The Bahraini dinar (BWD), Bahrain’s official legal tender, is the second strongest currency in the world with one Bahraini dinar exchanging for $2.65. Oman’s official currency, the Omani rial (OMR), is the world’s third strongest. One Omani rial currently exchanges for $2.60.

The Jordanian dinar (JOD) and the British pound (GBP) are the fourth and fifth strongest currencies in the world respectively. While one JOD exchanges for $1.41, £1 is currently worth $1.23.

Other legal tenders that make up the top 10 strongest currencies in the world list include the Gibraltar pound (GIP), which is the sixth strongest, Cayman Islands dollar (KYD), the seventh strongest, Swiss franc (CHF), the eighth strongest, the Euro (EUR), ninth strongest and the US dollar ($).

The naira currently lies in the 96th place ahead of the North Korean won (KPW) and the Malawian kwacha (MKW).

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