Category: Online Special

A strong currency is mostly associated with a stable economy, low inflation and interest rates. But on the other hand, a weak currency is mostly associated with economic instability, high inflation and interest rates.

The weakness of these currencies can have a number of negative consequences for the countries that use them. It can make it difficult for them to import goods and services, which can lead to shortages and higher prices. It can also make it difficult for them to attract foreign investment, which can slow economic growth.

The top 10 weakest world currencies in no particular order and at the time of filing this report are:

1. Iranian Rial (IRR) 

  The main reason why the Iranian Rial is officially the weakest currency in the world is mainly based on the political tensions with the United States of America and the Iran-Iraq war. The Islamic Revolution of 1979 caused a rapid decline in the value of the Iranian rial due to the huge amount of capital flight from the country. It was estimated that around $30-40bn left the country during the revolution.

In 2022, the value of the Rial fell by 29% with high speed after the death of Masha Amini – a 22-year-old Iranian woman who died in a hospital after having a heart attack at a police station(for alleged police brutality) and fell into a coma after allegedly being beaten for not wearing the hijab in accordance with government standards – which caused an international outrage.

1 pound is currently equivalent to 53,817 rials, 1 USD to 42,250 rials and 1 Naira is equivalent to 53.76.

2. Vietnamese Dong (VND)

   The Vietnamese Dong is the second weakest currency in the world.

Vietnam was reunified in July 1976 and the dong reunified to create a single currency in May 1978 and although the currency was reworked in an attempt to increase the currency’s value, miscalculations caused inflation to hit 774% in 1986. The Vietnamese dong has since been stabilised but the economic shocks are still felt.

1 pound is equivalent to 30,483.78 dong, 1 USD equals 23,945 dong and 1 Naira is equivalent to 30.47 Vietnamese dong.

3. Indonesian Rupiah (IDR)

   The rupiah is the official currency of Indonesia. The name was derived from the Sanskrit word for silver, ‘rupyakam’. 

The rupiah – which didn’t have international recognition from October 1946 to March 1950 – has been subjected to high inflation for most of its existence although various attempts have been put in place to maintain its value, all were eventually abandoned. 

Read Also: Full list of best global English-speaking nations

The Asian financial crisis of 1997, 2007-2008 Great Recession and the Covid-19 pandemic hit the currency hard and the rupiah has been weakened although the Indonesian economy has remained relatively stable.

 1 pound = 19479.47 ru, USD -15311.30 and 1 Naira =19.94 rupiah.

4. Laotian Kip (LAK)

  Laos is one of the poorest countries in Southeast Asia and the Kip has been their currency since 1955. It replaced the French Indochinese piastre. 

1 pound is equivalent 24, 552.65 kip, 1 dollar is equivalent to 19260 kip and 1 Naira equals 25.08

5. Sierra Leonean Leone (SLL)

 The currency which was introduced in 1964 for a very brief period was worth more than a US dollar in the 1980s before suffering huge depreciation.

Inflation was cemented during the Sierra Leone civil war and even though several variations of the Leone have been introduced to stabilise the currency, inflation is still increasing and is currently at 37.8%. Until the 1980s, the Leone was worth more than the U.S dollar. In July 2022, a new Leone was introduced even though the old Leone denominations are still in circulation. 

1 pound is equivalent to 25,153.30 SLL, 1 dollar equals 17,750 SLL and 1 Naira equals 25.86 SLL.

6. Paraguayan Guarani (PYG)

  The Guarani is the national currency of Paraguay. Guaraníes, which was created in 1943 was divided into 100 céntimos – which is no longer in use – due to inflation as it remains one of the weakest currencies within South America. In 2011, it was announced that plans to revalue the currency were in motion but it was suspended. 

For the Paraguayan Guarani, 1 pound equals 9,260, 1 USD equals 7266. 78 and 1 Naira equals 9.46.

7. Uzbekistan Sum (UZS)

The Sum – which means ‘pure’ in Uzbek – is the official currency of Uzbekistan. Uzbekistan has the “world’s most worthless coin” which is worth less than ¹⁄₉₄₀₀ of a US cent and its largest denomination is the 100,000 sum. Although the sum is considered one of the weakest currencies in the world, the country has made a couple of economic reforms in order to help its economy.

1 pound is equivalent to 15,392.30 sum, 1 USD equals 12,075 sum while the 1 Nigerian Naira is equivalent to 15.72 sum.

8. Burundian Franc (BIF)

  The franc became Burundi’s currency in 1916. In 1960, Burundi used the Belgian Congo currency but began issuing its own francs in 1964. The Burundian franc continues to remain a weak currency as the country deeply depends on humanitarian assistance even though food production is strong in the country.

1 pound is 3,610.66 Franc, 1 USD is 2, 833 Franc and 1 Naira is 3.69 franc.

9. Congolese Franc (CDF)

  The Congolese franc is the currency for the Democratic Republic of Congo. Since the 1980s, the economy of the DRC has been declining and this has caused the value of the Congolese franc to fall swiftly. Another thing which stopped the country’s economic developments was the conflicts between the First and Second Congo wars as well as stagnation in economic development.

1 pound is equivalent to 3,146.72, 1 USD is equivalent to 2,468.50 and 1 Naira equals 3.21 Franc.

10. Venezuelan Bolivar (VEF)

   The Bolívares has been the official currency of Venezuela since 1879 which was named after Latin American independence hero Simón Bolívar. At one point, the Bolivar was one of the most stable and valuable currencies until the government decided to adopt a floating exchange rate in 1964 which added to the country’s currency fast depreciation.

Despite many attempts to cement the currency, it was struck by hyperinflation in 2012, increased to 65,374% in 2018 but dropped to around 400% in 2023 even though the economy is still in a state of hyperinflation.

1 pound = 4,026,235.39 bolívares, 1 USD = 3,164,299.91bolívares and 1 naira = 4,120.69 bolívares.

Note: All of these currency equivalents are as of the time of filing this report and may change.

Some Nigerian artists were known to have started their career in a church setting before diverting into the secular music. 

Below are Eight famous singers who started from gospel but now sing secular music:

1. Wizkid: The Starboy began singing at 11 in church with the stage name ‘Lil Prinz’ before rebranding to ‘Wizkid’ in 2006. Ever since, he has become a household name in the industry. 

Wizzy got his major break into the music industry in 2010 with the hit singles ‘Holla At Your Boy,’ ‘Tease Me,’ and ‘Don’t Dull’ and has grown to an international level.

2. Psquare: The mother of the music duo, Josephine Okoye, was a pastor in her own church Friends Of Jesus Catholic Prayer Ministry. When she started her ministry, Paul and Peter were her choristers. 

Their mother also wanted Paul to become a pastor and Peter a lawyer. In 2001, they participated in a talent hunt show at the University of Abuja with their debut track ‘Kolo’, they emerged winners and went on to pursue their music career.

Read Also: Singer Simi opens up on retirement plan

3. Timaya: Popular Bayelsa singer and hip hop artist also started from the church, before he became a backup vocalist for Eedris Abdulkareem for three years before exploring my music career. 

Timaya began his career into solo music in 2006 when he dropped the single hit song; “Dem Mama”, which got great rave reviews and was also featured on his big debut album of all time, “True Story”, which was released the year after. The classy artist dropped his second album, Gift and Grace which was released in 2008.

4. Simi: Simisola began singing and dancing at an early age as a teenager being a member of the teen church choir (at Daystar Christian Centre, Lagos NG) and a few years back, she decided to go secular and has since been making waves in the music industry.

5. Banky W: Bankole Wellington, a.k.a Mr Capable, was born in the United States of American to Nigerian parents, but the family moved back to Lagos when he was five years old where he began singing in his church choir at the age of 8.

6. Waje: Waje, an embodiment of vocals, charisma and talent started as a choir member at the Word of Faith Church, Benin. She was so good that the late Archbishop Benson Idahosa took care of her secondary education. She is a talent that the church will be proud of.

7. Kcee: Kcee is also the son of a pastor who was very active in his church choir. He started his band from the church and released a Gospel album before venturing into Hip-Hop.

8. Cobhams: Obviously, Cobhams is one of those artists that started their music career in the church. Cobhams starting playing the piano as little as age 8: He played for St. Charles Iwanga Catholic Church, Ikeja; St. Christopher’s Church and the Protestant Church. By 13, he found a PSS-51 piano where he discovered that he could record multi-tracks at the same time.

While many of the artists like Chidinma Ekile and Kcee that started from the church have gone back to their root, by singing Gospel songs, the majority of them are still churning out great secular music and making the most of their talents.

Billionaire tech executives Elon Musk and Mark Zuckerberg have agreed to physically fight each other in a cage match. This absurd combat has spurred conversations on social media with some users doubting the possibility of the fight actually taking place.

Here’s what we know about Zuck vs. Musk:

How did we get here?

On June 20, one user on “X” (formerly known as Twitter) posted rumors of what would become Meta’s “Threads”, an app similar to Twitter for sharing text posts.

Read Also: Cage fight with Zuckerberg holds at ‘epic location’ – Elon Musk

Musk responded to the post, saying “I’m sure Earth can’t wait to be exclusively under Zuck’s thumb with no other options.”

Users responded, referencing Zuckerberg’s martial arts experience.

“I’m up for a cage match if he is,” the 52-year-old Musk said in a thread on “X”.

“Send me location,” Zuckerberg, the founder and CEO of Facebook and Instagram responded in an Instagram story the next day which included a screenshot of Musk challenging him.

When will the match be?

No date has been announced for the face-off.

Where will the match take place?

Musk initially suggested the “Vegas Octagon”, or the UFC-Style Octagon, a mixed-martial arts venue in Las Vegas, The Nation reported however that Musk has spoken to the PM of Italy and Minister of Culture and they have agreed on an “epic” location.

Read Also: Elon Musk begins payment of Nigerian influencers, creators

Where can you watch?

Musk announced recently that the match will be streamed on X with all proceeds going to a charity for veterans.

Musk vs Zuckerberg dates back to 2016 when a SpaceX launch accident exploded one of Zuckerberg’s $200 million satellites, the two tech executives have been throwing passive aggressive jabs ever since.