Check the rate and convert your NGN to AUD
NGN to AUD Comparison Table
| Feature | NGN (Nigerian Naira) | AUD (Australian Dollar) |
|---|---|---|
| Currency Code | NGN | AUD |
| Symbol | ₦ | $ |
| Issuing Authority | Central Bank of Nigeria | Reserve Bank of Australia |
| Economic Strength | Developing, resource-based economy | Developed, diversified economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic and international transactions, trade, investment |
| Digital Payment Adoption | Growing adoption, mobile money prominent | High adoption, advanced infrastructure |
| Inflation Rate | Historically high | Relatively low |
| Interest Rates | High | Lower than Nigeria |
| Foreign Exchange Reserves | Moderate | Substantial |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Significant, diverse sectors |
Key Observations:
The NGN is a currency of a developing economy with high volatility, while the AUD is from a developed, diversified economy with relative stability. Check to compare Australia currency to Naira and economic indicators.
Australia has a more advanced digital payment infrastructure compared to Nigeria.
The interest rate differential between the two countries is significant.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to KES NGN to LYD NGN to MAD NGN to MGA | NGN to AZN NGN to BHD NGN to BND NGN to BTN |
| European Currencies | North America Currencies |
| NGN to CHF NGN to CZK NGN to DKK NGN to EUR | NGN to GTQ NGN to GYD NGN to HNL NGN to JMD |
7 Facts about the Australian Dollar
| Facts |
|---|
| Symbol and Code: AUD The Australian Dollar is represented by the ‘$’ symbol and has the currency code AUD. While it shares the symbol with other dollar-denominated currencies, it’s often referred to as the Aussie dollar for clarity. |
| Decimalization: Introduced in 1966 Australia transitioned from the pound sterling to a decimal currency system with the introduction of the Australian Dollar. This move aligned Australia with the global trend towards decimal currencies. |
| Subunit: Cent Similar to many other currencies, the Australian Dollar is divided into 100 cents. While technically still in use, cents are often rounded up or down in everyday transactions. |
| Commemorative Coins: Diverse Themes Australia is renowned for its unique and beautiful commemorative coins, often featuring iconic wildlife, historical events, or cultural landmarks. These coins are popular among collectors worldwide. |
| Floating Currency: Market-Driven Value – The Australian Dollar is a floating currency, meaning its value fluctuates based on economic factors, interest rates, commodity prices (especially given Australia’s rich resources), and global market trends. |
| Wide Acceptance: Global Currency – The Australian Dollar is widely accepted and traded globally, making it a strong currency in international markets. This is partly due to Australia’s stable economy and its role as a major exporter of commodities. |
| Reserve Currency: Significant Holding – The Australian Dollar is considered a reserve currency, meaning central banks worldwide hold it as part of their foreign exchange reserves. This reflects confidence in the Australian economy and its currency. |
Top Banks in Nigeria and Australia to Convert Your NGN to AUD
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Fidelity Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Sterling Bank Plc | Lagos |
| Australia | Commonwealth Bank of Australia (CBA) | Sydney |
| Australia | Westpac Banking Corporation (WBC) | Sydney |
| Australia | Australia and New Zealand Banking Group (ANZ) | Sydney |