How naira to ruble exchange rates are actually set

The naira and the ruble are not traded directly against each other in any deep public market. When you move money between Nigeria and Russia, the price you receive is built from two separate legs — naira against a reference currency, and that reference currency against the ruble — plus the cost of holding balances in both countries.

The mid-rate is a reference, not a price

The mid-rate is the midpoint between what buyers are bidding and what sellers are asking at a given moment. It is useful as a reference, but nobody transacts at it. Every provider, including banks, adds a margin because they carry the risk of the rate moving between the moment you agree a price and the moment funds actually settle on both sides.

In Blocs Finance we publish the mid-rate we work from and the spread applied to it, so you can see the difference rather than guess it. The number shown in the calculator on our homepage is the customer rate — the one your amount is actually converted at.

Spread and fee do different jobs

The spread covers rate movement and the cost of keeping funded accounts in each corridor. The fee covers the payment rails — local transfer costs, reconciliation, compliance screening. Separating them matters: a provider quoting 'zero fees' usually widens the spread instead, which is harder to compare.

Our order of operations is deliberate and always the same: the fee comes off the amount you send, and the remainder is multiplied by the customer rate for your direction. Reversing those two steps produces a slightly different number, which is why we state it plainly.

Why a quote expires

When you confirm an exchange in the app, the rate is locked for 90 seconds. That window exists because the underlying legs keep moving. A locked quote is a commitment on our side; once it expires, we requote rather than silently settle you at a worse number.

What to check before you send

Compare the amount the recipient will receive, not the advertised rate. Confirm the fee is shown before you commit, not after. And check how long the quote is held — a rate with no expiry is usually indicative rather than binding.