Australian Dollar AUD to Naira Black Market Rate

Australian Dollar AUD to Naira Black Market Exchange Rate Today

The Australian Dollar to Naira Black Market rate for today in Lagos, Nigeria is ₦ 825.00 as of 9 May 2024.

1 AUD = ₦ 825.00

The rates often vary slightly from city to city in Nigeria such as in Abuja, Lagos, Port Harcourt, Kano, and Calabar. Usually, this difference is not more than ₦ 5.00.

Check out other AUD to Naira rates below:

Buying and Selling Pounds and Naira Black Market Terminologies Defined

The buying rate refers to the amount in Naira that one receives after exchanging his/her 1 Pounds in any of the market segments that is the Central Bank of Nigeria, FX Market, Nigerian Banks, Western Union, MoneyGram, or from the black market traders.

The selling rate is the reverse of the buying rate which is the value the traders in the above markets will sell 1 Pound to you when you pay in Naira, and it is always higher than the buying rate.

It is important you get yourself acquainted with these terms when you are trying to trade or exchange Pound for Naira in various financial institutions or money exchangers.

About the Australian Dollar (AUD)

This is the official currency of Australia and was established in 1966. It is also officially used in some other countries and territories, such as Christmas Island, Cocos Islands, Norfolk Island, Nauru, Tuvalu, and Kiribati.

The Australian dollar symbol is $, however, symbols such as A$ or AU$ are also used to distinguish the Australian dollar from other dollar-denominated currencies. It is also known as the ‘buck’, ‘dough’, ‘Aussie’, and ranks as the fifth most traded currency in the world.

Australia’s central bank, the Reserve Bank of Australia (RBA), issues AUD notes in five denominations: $5, $10, $20, $50 and $100. The Australian dollar is divided into 100 cents, and its coins are issued in six denominations: 5c, 10c, 20c, 50c, $1, and $2.

The Nigeria Naira (NGN)

The official currency used by Nigeria is known as the Naira and its subunit is called 1 kobo. The Central Bank of Nigeria issues and regulates the currency. The symbol for the Naira is ₦, while the code is NGN.