Understanding FX rates and quote expiry

Every conversion uses a live exchange rate that is locked into a short-lived quote.

How the quote works

• When you enter an amount, Boldswitch fetches the current market rate and shows you the rate, the fee, and exactly what you will receive.
• The conversion fee is built into the rate: 0.5 percent when converting from naira, and 1 percent when converting from dollars.
• That rate is held for a short window, shown by a countdown or timer on the screen.
• If you confirm before the timer ends, you get the quoted rate.
• If the quote expires, simply request a new one. The rate may be slightly higher or lower.

Why rates change

Exchange rates move with the market throughout the day, so the rate you see now may differ from the rate an hour later.

Tip: If you are happy with the rate shown, confirm right away rather than waiting.

Ready to convert? See How to convert NGN to USD and back. To understand what you pay, see FX fees.