How we calculate rates
According to the parameters above,
toNGN returned a
rateof 497. What this means is that the value of 1 USD to NGN is NGN 497.
As a result, if you want to make a transfer of $10 to a client, and you want to fund this transfer from your NGN wallet, Flutterwave will debit your NGN wallet (10 * 497) = NGN4,970.
Note that converting from NGN to USD, is not the same as converting from USD to NGN. E.g the value of 1 NGN to USD will return the rate
0.002343depending on the rates for that day.
To get the actual Naira value of that rate, you do the math 1 / 0.002343 = NGN 426.
USD to NGN = 497
NGN to USD = 426
As at the day of writing this doc.
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