- Written by:
- Elephant FX Editorial Team
- Published:
- Updated:
Written from Elephant FX product documentation and the official sources cited below.
Short answer
The rates on the website and in the rate calculator are reference rates for estimates only. The execution rate, fees and amount you receive are the figures shown in your verified account at the moment you confirm the order; reference prices change and can differ from the execution price.
Who this applies to
- Anyone estimating conversions between NGN and USD, CNH, EUR, GBP or other listed currencies.
- Exchange and payouts require a verified account; which pairs are available is shown inside your account.
Steps
- Check the quote time first: every reference rate carries an update time, and older quotes are more likely to be stale.
- Check the pricing session: the feed labels the current session (for example a night rate), and prices can differ between sessions.
- Estimate with the calculator: enter an amount to see an estimate at the reference rate.
- Exchange inside your account: the confirmation screen shows the execution rate, fees and final amount, which apply at confirmation.
- Keep the record: completed exchanges appear in Orders and the statement with the executed rate and amounts.
Reference, execution and official rates
Reference rate: the market reference published by the Elephant FX rate feed, for estimates only and not a binding quote.
Execution rate: the price that applies when you confirm an order in your account. It can be above or below the reference and refreshes about every minute in the portal.
Official rate: the rates published by the Central Bank of Nigeria give market context but are not any provider's execution price.
Risks and limits
- The naira can move sharply in a short time; an estimate is not the final amount.
- Fees are shown separately; check both the rate and the fee before submitting.
- Be cautious with anyone who promises a can't-lose rate or no risk at all, and verify who they are first.
Sources
- CBN published exchange rates · Central Bank of Nigeria
Related
General information about using Elephant FX, not legal, tax or investment advice. Availability, limits, fees and timing depend on verification, review and the details shown in your account.