More the nucleophilic character, more is the SN2 reaction. Basicity and nucleophilicity are same when the nucleophilic centres are same
Acidic order: HNO3>CH3COOH>C6H5OH>H2O>C2H5OH
Basic and nucleophilic order: NO3⊖<CH3COO⊖<C6H5O⊖<O⊖H<C2H5O⊖
Therefore, C2H5O⊖ is the most effective nucleophile among the given nucleophiles