Question 1

What does Korapay Exchange Rate API do?

Accepted Answer

Korapay Exchange Rate API provides real-time Nigerian naira (NGN) exchange rates sourced directly from Korapay — a licensed Nigerian fintech company regulated by the Central Bank of Nigeria as a Payment Solution Service Provider. Because the rates are pulled from an active payment processor that handles real Nigerian FX transactions, the exchange rates reflect actual commercial rates being used for Nigerian cross-border payments, making them commercially relevant for fintech apps that want to display rates aligned with what users will actually experience when sending or receiving international payments through Nigerian channels.

The exchange rate data covers major currency pairs against the Nigerian naira — USD/NGN, GBP/NGN, EUR/NGN, CAD/NGN, and other commonly transacted currencies — with rates updated in near real-time to reflect current market conditions. For Nigerian fintech applications displaying FX rates for informational purposes or for pre-transaction rate indication, the Korapay rates provide a credible commercial rate from a regulated Nigerian entity rather than a generic data aggregator.

Multi-currency wallet applications used by Nigerian diaspora communities and cross-border payment platforms displaying "how much will my recipient get" estimates benefit most from the Korapay Exchange Rate API. When a Nigerian in the UK wants to send GBP to family in Lagos, the app can call the Korapay API to display the current NGN amount the recipient would receive — giving users a rate that is realistic relative to what Nigerian fintech payment channels actually offer, rather than a theoretical interbank rate that no Nigerian can actually access.

Nigerian e-commerce platforms selling internationally or pricing products in US dollars for domestic Nigerian customers use exchange rate APIs to display NGN-equivalent prices. Showing the naira price of a $100 product using the Korapay rate provides customers with a realistic naira cost estimate that accounts for the commercial rate applicable to Nigerian payment processing, reducing disappointment at checkout when the actual charged amount differs from an unrealistic official rate estimate.

Invoice and payment systems for Nigerian freelancers and remote workers who receive payments in foreign currencies and need to communicate naira estimates to clients can use the Korapay Exchange Rate API to generate NGN invoice amounts that reflect realistic commercial FX conversion rates. A Nigerian software developer invoicing a UK client in GBP can display the current NGN equivalent on their invoice for their own records.

Integration with the Korapay Exchange Rate API uses standard REST endpoints with API key authentication, returning JSON responses with the current rate for each currency pair. Nigerian developers already using Korapay for payment processing can add the exchange rate endpoint to their integration without additional authentication setup, since the same API key covers both payment and rate endpoints.

The API is available through the Korapay developer portal at developers.korapay.com with a freemium model — basic rate lookup functionality is accessible on the free tier, with higher request volumes and additional features available on paid plans. For Nigerian startups building FX-aware products, the free tier is sufficient for initial product development and low-traffic production use before upgrading to accommodate growth. Nigerian developers building personal finance dashboards can display side-by-side Korapay rates versus CBN official rates to give users context on the market-to-official rate gap, a key insight for understanding the real cost of FX transactions in Nigeria. The API is simple to integrate and well-suited to high-frequency rate display applications.

Question 2

How much does Korapay Exchange Rate API cost?

Accepted Answer

Korapay Exchange Rate API is free to start, with paid tiers for higher usage (freemium). Free for basic rate lookups; paid plans for higher volumes and commercial use through Korapay

Question 3

How do I authenticate with the Korapay Exchange Rate API API?

Accepted Answer

API Key

Question 4

Is there a rate limit on Korapay Exchange Rate API?

Accepted Answer

Tier dependent

Question 5

Does Korapay Exchange Rate API offer a sandbox or test mode?

Accepted Answer

Yes — Korapay Exchange Rate API provides a sandbox or test environment so you can integrate and test before going live.

Question 6

What is Korapay Exchange Rate API best suited for?

Accepted Answer

Nigerian fintech apps, wallets, and payment platforms needing real-time NGN exchange rates from an already-trusted Nigerian payment processor

Question 7

Is there anything else I should know before integrating Korapay Exchange Rate API?

Accepted Answer

Rates from Korapay — a licensed Nigerian payment company, giving the rates commercial legitimacy for payment reconciliation use cases

Question 8

Where can I find Korapay Exchange Rate API's documentation?

Accepted Answer

The official API documentation is at https://developers.korapay.com/docs/exchange-rate-api. The provider's website is https://korapay.com/.

Question 9

Does Korapay Exchange Rate API support Nigerian developers?

Accepted Answer

Yes — Korapay Exchange Rate API explicitly supports Nigerian developers/use cases.

Korapay Exchange Rate API

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