Australian Dollar to Nigerian Naira exchange rates aren't all the same.
The total cost you are charged by your bank or foreign exchange provider consists of a margin from the interbank mid-rate plus fees.
These margins and fees vary significantly for International Money Transfers and Travel Money transactions as shown below.
Looking for NGN travel money? Then it is important to note that the Nigerian Naira is a closed currency. Which means that it is more difficult (but not impossible)
to purchase the currency before departure and may need to buy it upon arrival. For more information and a full list of closed currencies
read our guide: What is a closed currency?
A good solution for closed currencies is to use a pre-paid travel card to avoid carrying large amounts of cash and also minimise ATM fees.
Compare Travel Cards
Exchange Rate Checker
If you have been offered/charged an exchange rate then enter it below to
check the true cost to the latest interbank mid-rate.
When determining the best time to make a foreign exchange transaction, in this case the AUD vs NGN, you should pay attention to the recent market trends for both currencies.
Australian Dollar (AUD)
In late May the Australian dollar stabilized after a shocking mid-April to mid-May period, during which it suffered across-the-board losses, including losses worth 5 percent against the US dollar. May’s closing exchange rate of US69.3¢ keeps the Aussie near long-term lows, but it’s an improvement on May-17's rate of 68.7¢ — its lowest weekly closing rate since early 2016.
A stuttering domestic economy and elevated US-China trade tensions (which threaten commodities demand and risk appetite) have driven the Aussie lower.
In an effort to support economic growth and boost inflation, which remains well below target, Australia's central bank cut interest rates in early June, and is expected to do so at least once more this year, making the Australian dollar susceptible to yield-chasing capital outflows.
Why can't I just get the AUD/NGN market rate I see online or in the media?
The mid-rate is the rate you will see quoted online or the news. It is actually just the half-way point (hence mid-rate) between
the last rate at which the AUD / NGN was traded (bought or sold) in the international markets.
All foreign exchange providers charge a fee for providing their service and this fee is usually contained within the exchange rate margin (or difference to the mid-rate).
Some providers such as Transferwise will quote you the mid-rate (or close to) and charge a separate percentage fee.
Getting a good market rate is mainly about timing however the transaction margin
you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for
travel money and possibly over 5% to 6% when sending money.
The exact potential savings depends on the currencies being exchanged and the amount you are transferring and if you are willing to shop around.
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