Tunde is a Lagos-based businessman who owns a couple of companies. He has a strict ethic of making on-time payments to his workers residing within and outside Nigeria. Paying workers residing in Nigeria is a breeze for the young businessman. The challenge, however, is paying workers who live beyond the country’s shores.
Tunde would always have to log in to different websites and platforms. He does this to find out the current dollar-to-naira exchange rate, which determines how much naira he would spend to make full payment of a worker’s salary in dollars.
All of that stress disappeared the moment he came across the Monierate website. And what changed? He had stumbled on a one-stop platform for the dollar-to-naira exchange rate.
What is Monierate?
Monierate is a price aggregation tool, that provides users with up-to-date dollar-to-naira exchange rates from a wide range of providers. A provider here refers to any service that facilitates the exchange of currencies.
The Monierate platform makes it easy and convenient for users to assess their favourite provider’s rates. In addition, users can compare rates from other platforms and see the average daily exchange rate. we aim to reduce time and increase the convenience of knowing rates.
If you are an avid trader, you can take advantage of the “Get Alerts” feature. This way, dollar-to-naira rates from your favourite providers will be sent directly to your email.
How Monierate Works
Whether you’re performing research or need foreknowledge before trading your dollars, all you have to do is access the Monierate website. The service eliminates the need to jump between sources in search of dollar-to-naira exchange information.
And how is this achieved?
The Monierate system maintains 24-hour monitoring of sources such as the Central Bank of Nigeria (CBN), Binance, ByBit, and ChipperCash among others. Don’t worry, we only mentioned those four as an example. In reality, you’ll be looking through rates from more than 40 different sources. Pretty resourceful, right?
Data on dollar-to-naira exchange rates are extracted from these sources, compiled, and displayed to Monierate website users free of charge.
The good news here is that, unlike similar platforms, Monierate displays exchange rate data in buy-price and sell-price formats. Also, the platform refreshes frequently, ensuring that you’re served the most up-to-date prices at every point in time.
The decision to display aggregated exchange data in the buy-price and sell-price format reflects Monierate’s concern for customers as well as market makers.
It serves both the buyer and seller within an exchange, enabling the performance of their services.
Monierate Tools
Aside from the service offered within the main website, users can access several helpful tools. They include:
Currency Converter:
Let’s say you want to exchange your dollars into naira. You come on the Monierate website and you see the exchange rates but still don’t understand how to use them. You can simply scroll to the bottom of the site and click on the ‘Currency Converter” tool.
The tool gives you a form to fill out.
The required fields are the amount of money you’re exchanging, the currency you’re exchanging from, and the currency you’re exchanging into. On submission, the tool displays the value you should expect in the receiving currency.
Bank Codes:
Monierate also serves banking customers through its “Bank Codes” tool. This tool works by displaying USSD codes specific to Nigerian banks.
First, you get a list of Nigerian banks and the primary codes for the USSD Banking services offered by each of them. Next to the primary codes, is a button tagged “more”.
Clicking this reveals a more detailed list of codes. You can use this to get the USSD banking codes for airtime or data purchases, bill payments, and more.
Get Alerts:
The Get Alerts tool lets you receive exchange rate information straight to your email address. All you need to do is choose between receiving these alerts every day or every Monday. Once done, type in your preferred email address and click submit.
In addition to the Currency Converter, Bank Codes, and Get Alerts tools, Monierate considers its blog as a useful resource – worth the mention. The blog covers diverse topics in the form of guides, informative, and educative pieces. It is tailored specifically for Nigerian and African audiences and recommended for both beginners and old-timers in the digital finance space.
Monierate Founders
Monierate was co-founded by two friends, business partners, and bitcoin enthusiasts. Their names are Jeremy Ikwuje and Olayinka Omoniyi aka onionsman. Together, this group of two built the aggregator platform into the fast-growing business it is today.
Jeremy leads the team on the technical front. He played an overarching role in building the website and infrastructure and continues to oversee updates and maintenance.
Olayinka on the other hand, specialises as a business, marketing and design lead for the Monierate brand. Much of his responsibility involves monitoring the business growth and expansion while communicating with new and existing clients, as well as maintaining a consistent user experience of the platform.
Monierate’s Impeccable Monthly Traffic
Started in May 2023, Monierate has proven its immense relevance to the online community through impressive monthly traffic records.
Google reports show that the site has attracted a total of 574k users within 11 months of existence. What is even more thrilling is the rapid growth in these figures.
In February 2024, the website reached 100k monthly traffic for the very first time. This milestone was well celebrated considering that the website was only 9 months old.
In March 2024, Monierate’s monthly traffic went up further, hitting an impressive 120k from its record 100k in the previous month.
Now, moving forward to April 2024. With only a few days into May 2024, the Monierate website has already recorded a staggering 201k visitors.
As more and more Nigerians engage in local and international trades, the Monierate website stands as a promising source of up-to-the-moment dollar-to-naira exchange rate data.
Monierate’s Social Efforts
As a startup, we recognize the importance of nurturing talents, particularly among females. We are committed to providing valuable and sustainable efforts and enabling talents to secure profitable jobs, which we believe is crucial to the long-term success of Monierate. This success will have a positive impact on the entire tech ecosystem in Nigeria and Africa.
As an ongoing effort of our commitment, we sponsored the Google Women Techmakers Uyo IWD 2024 celebration, a yearly event done to mark International Women’s Day (IWD).
The event marks a moment to celebrate and provide visibility for the incredible contributions of women around the world and is a call to action for accelerating gender parity.
Google’s Women Techmakers is an initiative by Google to provide visibility, community, and resources for women in technology to thrive.
Additionally, we sponsored the Teen Girls In Blockchain conference, an initiative that provides support for teenage girls interested in learning blockchain technology.
Conclusion
For now, Monierate focuses heavily on serving Nigerian and African users and the global Bitcoin community.
The prices of Bitcoin, USDT, and Euro are available on the website and are constantly being updated – besides Naira and US dollar prices. You can find this at the top panel just below the logo icon.
