How a 24-hour rate lock protects your margin

Every importer knows the feeling. You price an order on Monday, the supplier invoice arrives on Wednesday, and by the time you pay, the naira has moved and your margin has gone with it.

What a rate lock does

A rate lock fixes today’s mid-market rate on a currency pair for the next 24 hours, up to an amount you choose. Any payment you make on that pair inside the window uses the locked rate, whether the market moves for or against you.

When to use one

Locks are most useful when there’s a gap between agreeing a price and moving the money: pro-forma invoices, deposits on stock, or payroll you’ve already approved but haven’t sent.

What it costs

Nothing extra. On Growth and Enterprise plans, locks are included. If you don’t use the lock, it simply expires with no charge.

A worked example

Say you agree to pay a Nairobi supplier KSh2.4 million and lock NGN to KES at 0.0977. Tomorrow the shilling strengthens 1%. Without the lock, the same invoice would cost you about ₦250,000 more. With it, you pay exactly what you quoted.