The argument on whether to devalue or not to devalue the Nigerian currency has become rife recently. While some believe that to devalue will be a prudent option, given the fact that the Naira continue to loose strength against the Dollars, a good number on the other side opine that the Naira should not be devalued for any reason. In the light of these, here are the top 7 most devalued- some call it useless – currencies in the world.
1. Vietnamese Dong
A penny won’t buy you much these days but it will go a lot further than a Vietnamese dong. This has the dubious distinction of the worst rate of exchange against sterling of any currency – you need about 33,000 dong to buy just £1.
2. Indonesian Rupia
Next is the Indonesian rupiah, which has an exchange rate of about 15,300 against the pound.
3. Colombian Peso
In third position is Colombian peso – you would need 2,880 of them to buy a single £1 coin.
4. Tanzanian Shilling
The Tanzanian shilling is slightly more valuable, with an exchange rate of around 2,500 against sterling.
5. South Korean Won
South Korean’s won is valued at about 1,730 to the pound.
6. Chilean Peso
The Chilean peso is the sixth least valuable unit of currency – 760 are equivalent to £1.
7. Hugarian Forint
Next is the Hungarian forint, at about 350 to the pound …