Quidax operates an order book, this means that prices of the different cryptocurrencies available on the platform is based on the activity of the participants in the markets.

We are aware that users who trade on over the counter (OTC) markets often do deals based on agreed upon Naira rate for the Dollar. On Quidax however, there is no predetermined rate or existing rate. Users can although determine what the current rate users on the exchange are trading with in similar fashion that they would for OTC deals.

If the current price of 1 bitcoin on our BTCNGN market is N2,000,000 and the price at that point on blockchain.info or whatever price is selected for calculating the rate is $5,555.55, the rate at this point in time could be calculated by dividing the price on Quidax by the price in the reference site.

i.e. N2,000,000/$5,555.55 = N360/$
The rate at this point in time would be N360/$

N.B. Quidax does not set or predetermine any rates, this can only be derived based on the activities of the users on the exchange.