The number that is not labelled
A peer-to-peer screen shows a list of offers, each with a rate, a size range and some indication of the counterparty. What it does not show is the one figure that determines the cost of the trade: how far this rate sits from the rate everyone quotes.
That gap is the fee, and it is invisible unless you arrive with a reference point. Check the official rate before opening the order book, not afterwards — once the quotes are on screen they anchor the judgement, and a rate 3% away looks reasonable simply because it is in the middle of the list.
What the gap costs in naira
| Amount | Spread 1.5% | Spread 2.5% | Spread 4% |
|---|---|---|---|
| ₦10,000 | ₦150 | ₦250 | ₦400 |
| ₦50,000 | ₦750 | ₦1,250 | ₦2,000 |
| ₦100,000 | ₦1,500 | ₦2,500 | ₦4,000 |
| ₦500,000 | ₦7,500 | ₦12,500 | ₦20,000 |
The difference between the first and last columns is the entire value of comparing quotes — and on the bottom row it is larger than every other cost on the route combined.
Reading the screen, line by line
A P2P listing crams several unrelated facts into one row, and only one of them is the price. Knowing what each is for makes the comparison fast rather than anxious.
| What the row shows | What it means | Weight in the decision |
|---|---|---|
| The rate | naira per unit of coin | decisive |
| Limits | the smallest and largest trade accepted | a filter, not a factor |
| Completion rate | how often this counterparty finishes | high — a failed trade costs time |
| Trade count | how much they have done | context for the rate above |
| Payment methods | which rails they accept | a filter |
| Release time | how quickly they confirm | matters when the rate is moving |
Two rows are filters — they decide whether an offer is available to you at all. One row is the price. The rest describe the risk that the trade does not complete.
The reason completion rate belongs high on that list is specific to this route: a trade that stalls leaves naira committed while the rate moves, and the cost of that is not visible anywhere. A slightly worse rate that completes immediately is frequently the cheaper choice.
Four things to check on each offer
- The rate against your reference. As a percentage, worked out before you decide, not after.
- The size window. An offer whose minimum is above your amount is not an offer.
- The counterparty's completion record. A quote that does not complete costs time, and the rate moves in the meantime.
- The time of day. A thin book produces a worse best-available price. If the gap is unusually wide, waiting for a busier hour is free.
Nearby on this route
Three pages that pick up where this one stops: Choosing the chain, Why small deposits cost more, Guides.