How to read an exchange rate quote (CAD to NGN)
How to read an exchange rate quote line by line, how "They get" is worked out, and why a provider rate differs from the one on Google.
Cowris team5 min read
Sending soon? Check the CAD to NGN rate before you start.
When you send money to Nigeria, one number decides how much arrives: the rate. But a rate on its own does not tell the whole story. This guide shows how to read an exchange rate quote line by line, using a Cowris quote as the model. It also shows how "They get" is worked out, why a provider's rate is not the rate on Google, and how to compare one provider with another without being misled.
See the numbers as you read: open the calculator.
The three lines of a quote
Every quote in the Cowris app, on the web and on our rates page has the same three lines.
- You pay. The Canadian dollars you send.
- They get. The naira that arrive in your recipient's bank account.
- Rate. How many naira each Canadian dollar buys.
We always show both currencies. You never see an amount in naira without its sign, or a rate without both sides.
What a quote like "CA$1 = ₦X" means
Read it as: one Canadian dollar becomes X naira. Rates show 2 decimals.
So "They get" is "You pay" times the rate. If you pay CA$100.00, "They get" is 100 times the rate. The calculator on the rates page shows our current rate and does the sum for your amount. For common amounts, see how much CA$1,000 is in naira.
For Canada to Nigeria, a higher rate is better for you. More naira arrive for each dollar you send.
How "They get" is rounded
Naira amounts show 2 decimals, down to the kobo. When the sum has more decimals than that, we cut it down to the kobo. We never round up.
For example, a sum that comes to ₦96.1055 exactly shows as ₦96.10.
Why down? Because "They get" is a promise about what arrives. We only show a number we can pay in full.
Zero fees: what you see is the full cost
We charge zero fees on every route. We take nothing off "They get" after you pay, and we add nothing to "You pay".
That makes a Cowris quote easy to compare. The two amounts on screen are the whole deal.
The rate on our website and the rate in the app
Our rates page shows our latest published CAD to NGN rate. It also shows the date and time we published it, in UTC. If that rate is too old, the page does not show it at all. It asks you to check the app instead.
When you send, the app gives you a quote for your exact amount. That quote is the one you pay. Under it you see a timer. The app holds the rate while you finish.
Rates can move while you decide. If the rate changes before you confirm, the app tells you: "The rate was updated." It then shows the new rate and a new timer, before you pay anything.
Why our rate is not the rate on Google
Search "CAD to NGN" and Google shows one number. That number is usually the mid-market rate. It is the midpoint between the prices at which banks buy and sell currencies with each other. It is a useful reference. But it is not a price a person can usually get when they send money abroad.
Every provider that moves money between Canada and Nigeria sets its own customer rate. So the useful question is not "how close is this to Google?" It is "how many naira arrive for my dollars, and what else do I pay?"
Sending the other way: reading an NGN to CAD rate
From Nigeria to Canada, the rate reads per Canadian dollar they get. A rate like CA$1 = ₦Y means you pay Y naira for each Canadian dollar that arrives.
On this route, a lower number is better for you. You pay fewer naira for each dollar. Put two rates side by side and the lower one costs you fewer naira for the same Canadian dollars.
This route also lets you choose a speed:
- Saver: within 24 hours. Saver is a discounted rate, so you pay fewer naira for the same Canadian dollars.
- Express: usually arrives in minutes. Express uses the standard rate. It is the faster option, not a guarantee.
The app shows "They get" for both speeds, so you can see the difference before you choose.
How to compare providers fairly
A fair comparison takes five minutes. Do it at one moment, because rates move.
- Use the same amount everywhere. Type the same "You pay" amount into each provider's calculator.
- Compare "They get", not the rate alone. The amount that arrives is what matters. A good rate with a fee added can leave less than a lower rate with no fee.
- Look for fees on both ends. Check for a sending fee, a payout fee, or a charge from your own bank.
- Check how long the rate is held. A rate you cannot lock may not be the rate you get.
- Check how fast it arrives, per route. Speeds differ by route and by option. Look for a plain time that the provider states, and be wary of a vague promise.
One more check matters more than the rate: is the provider registered? In Canada, money services businesses register with FINTRAC, and FINTRAC publishes a list you can search. Cowris is registered with FINTRAC as a money services business, N300001045.
Why rates change
A currency's price moves with supply and demand. Trade, interest rates and the news all play a part. No one can tell you tomorrow's rate. We do not promise one either.
What we can do is show you today's quote clearly, hold it while you pay, and tell you if it changes.
Quick answers
Is the rate on the website the rate I get? No. It is our latest published rate. The quote in the app, for your amount, is the one you pay.
Why did "They get" end in a different kobo than my own sum? Because we cut down to the kobo. Your calculator may round up.
Can I get an alert when the rate reaches a number? Rate alerts are coming soon. You will find them on the rates page.
Ready to see today's numbers? Open the calculator, then send in the app.
