Payremit provides a convenient way to swap your crypto assets to Naira, but it's important to understand how conversion rates work. Here's a clear explanation of how Payremit determines the conversion rate for cryptocurrency to Naira:

The Current Market Rate for Your Cryptocurrency:

Payremit uses the live market rate for the specific cryptocurrency you want to exchange. This means the price of the cryptocurrency is constantly fluctuating based on global market activity.

Imagine you want to convert Bitcoin (BTC) to Naira. Payremit will look at the current market rate for BTC, which might be something like $25,000 per BTC.

The Current USD/NGN Swap Rate:

Simultaneously, we havea unique exchange rate between the US dollar (USD) and the Nigerian Naira (NGN). This rate changes frequently based on market factors. 

Let's say the current exchange rate is $1 USD = ₦400 NGN.

Putting it Together:

We take the current market rate for your cryptocurrency (e.g., $25,000 per BTC) and convert that to USD.

Then, we use the current USD/NGN exchange rate to determine how much Naira you'll receive.

Example:

• You want to convert 0.1 BTC to Naira. 

• The current BTC price is $25,000.

• The current USD/NGN rate is $1 = ₦400.

• Convert BTC to USD: 0.1 BTC x $25,000/BTC = $2,500

• Convert USD to NGN: $2,500 x ₦400/$ = ₦1,000,000

Therefore, based on these rates, you would receive ₦1,000,000 for converting 0.1 BTC to Naira on Payremit.

Payremit aims to provide a transparent and competitive exchange rate, but you should always review the details of the conversion before confirming it to ensure you understand the final amount you will receive.