Exploring Azerbaijan's Currency Value Against The Nigerian Naira

The Azerbaijani manat (AZN) is the official currency of Azerbaijan, while the Nigerian naira (NGN) is the official currency of Nigeria. As of October 10, 2024, 100 Azerbaijani manats are worth 95,405.18 Nigerian nairas, or 100 Nigerian nairas will get you 1.05 Azerbaijani manats. The exchange rate fluctuates and has seen highs and lows over the past 90 days.

1000 AZN to NGN

As of the 10th of October 2024, 1000 Azerbaijani manats (AZN) are worth 953,111.76 Nigerian nairas (NGN) or nine hundred fifty-three thousand one hundred eleven nairas and 76 kobos. This is based on a mid-market exchange rate of 1 AZN to 953.1118 NGN.

The value of a currency fluctuates over time and is influenced by a variety of economic and political factors. On the 27th of August 2024, 1000 AZN were worth 938,506.68 NGN, with a mid-market exchange rate of 1 AZN to 938.50668 NGN. On the 4th of September 2024, 1000 AZN were worth 939,176.47 NGN, with a mid-market exchange rate of 1 AZN to 939.1765 NGN.

It is important to note that the mid-market exchange rate is not the rate that you will receive when sending money. This rate is for informational purposes only, and the actual rate you receive may differ slightly. Additionally, banks and traditional providers often have extra costs, which they pass to their customers by marking up the exchange rate.

AZN to NGN rate history

The AZN to NGN exchange rate has fluctuated over the past year. As of September 4, 2024, 1.0000 AZN was equal to 936.63 NGN. This is a significant increase from the rate on the same date in 2023, when 1 AZN was worth 438.19 NGN. The average exchange rate over this period was 707.00 NGN per AZN.

The AZN/NGN rate reached a high of 979.15 NGN per AZN on August 1, 2024, and a low of 438.19 NGN per AZN on September 12, 2023. The AZN has increased in value compared to the NGN, with a year-to-date increase of 77.10%.

Looking at a shorter time frame, the AZN to NGN exchange rate reached a high of 940.49 and a low of 920.59 in the 30 days preceding September 4, 2024. The average rate during this period was 932.79. In the last 90 days, the exchange rate peaked at 979.15 and dipped to a low of 877.57, with an average of 921.46.

The AZN to NGN exchange rate was last updated on September 12, 2024, when 1 AZN was equal to 973.83 NGN. This rate is for informational purposes only and may not be the rate received when sending money.

AZN/NGN conversion table

The Azerbaijani Manat (AZN) is the official currency of Azerbaijan. The Nigerian Naira (NGN) is the official currency of Nigeria. As of 10 October 2024, 1 AZN is worth 953.11 NGN.

| Date | AZN to NGN Rate | NGN to AZN Rate |

| --- | --- | --- |

| 10 October 2024 | 1 AZN = 953.1118 NGN | 1 NGN = 0.0010492 AZN |

| September 2024 | 1 AZN = 973.82502 NGN | 1 NGN = 0.00102688 AZN |

The AZN/NGN exchange rate has fluctuated over time, with the highest and lowest points in the last 90 days being:

| Time Period | High | Low | Average |

| --- | --- | --- | --- |

| 30 Days | 902.3060 | 785.6660 | 878.9786 |

| 90 Days | 902.3060 | 633.2980 | 817.0789 |

NGN currency facts

History

The naira (sign: ₦; code: NGN) is the currency of Nigeria, the "Giant of Africa". It was introduced on 1 January 1973, replacing the Nigerian pound at an exchange rate of £1 = ₦2. The name "naira" was coined by Obafemi Awolowo, the Federal Commissioner of Finance, who condensed the country's name into the term for its new currency.

Coins and Banknotes

The Central Bank of Nigeria (CBN), based in Abuja, issues NGN banknotes and coins. The NGN is divided into 100 kobos (k), which are smaller coin denominations. Coins are circulated in 50 kobos, 1 naira, and 2 nairas, while banknotes are issued for 5, 10, 20, 50, 100, 200, 500, and 1000 nairas. Nigerian money is known for its vibrant colours, including yellow, orange, green, and blue.

The naira banknotes feature prominent figures from Nigeria's history, such as the first prime minister, Abubakar Tafawa Balewa, on the 5 naira banknote, and the first president, Dr Nnamdi Azikiwe, on the 500 naira note. The 1000 naira note features the first and second indigenous governors of the CBN, Clement Isong and Mallam Aliyu Mai-Bornu.

In contrast, the coins have less ornate designs. The 2 naira coin is made of copper-plated steel, the 1 naira coin is brass-plated steel, and the 50 kobo coin is made of nickel.

Exchange Rate

The NGN exchange rate is heavily influenced by oil prices, as oil contributes to 9% of Nigeria's GDP. The most popular NGN exchange rate is the NGN to USD rate.

As of September 2024, 1 Azerbaijan Manat (AZN) is worth 973.82502 Nigerian Nairas (NGN). The AZN/NGN exchange rate has fluctuated over the past 90 days, with a high of 902.3060 and a low of 633.2980.

AZN currency facts

The AZN, or the Azerbaijani manat, is the currency of Azerbaijan. The ISO code for the manat is AZN, and its sign is ₼. The manat is subdivided into 100 gapiks (or gopik).

The first iteration of the currency was issued between 1919 and 1923 in the Azerbaijan Democratic Republic and its successor, the Azerbaijan Soviet Socialist Republic. However, the currency underwent hyperinflation and was replaced by the Transcaucasian ruble, which was then converted to the Soviet ruble.

When Azerbaijan gained independence from the Soviet Union, it replaced the Soviet ruble with the manat. This also experienced a period of high inflation, rendering the coinage obsolete. The current manat has been in circulation since 2006, when old manats (AZM) were substituted with lower face values and a new design. The currency has mostly been pegged to the US dollar, with the current rate at ₼1.70 to US$1.

The Azerbaijani manat symbol (₼) was added to Unicode in 2013. The symbol was designed by Robert Kalina, who also designed the current banknotes of the euro and the Syrian pound. The symbol was inspired by the design of the Euro sign (€), resembling a single-bar Euro sign rotated 90° clockwise.

The Central Bank of Azerbaijan issues the currency. Banknotes in circulation are ₼1, ₼5, ₼10, ₼20, ₼50, ₼100, ₼200, and ₼500. Coins in circulation are 1, 3, 5, 10, 20 and 50 gapiks.

Frequently asked questions