The Russian ruble: a floating rate in complex geopolitics
The Russian ruble (RUB) is the national currency of Russia, issued by the Bank of Russia (CBR). One ruble equals 100 kopeks. Since 2014, the ruble has been traded in a free-floating regime: its value is determined by the market. Oil revenues, the CBR's key rate, and the geopolitical environment are the main factors shaping the ruble's exchange rate. During crisis periods, the CBR has introduced temporary restrictions for stabilization.
The NGN/RUB pair: two oil-dependent currencies
NGN and RUB share a dependence on the oil market: both countries are major hydrocarbon exporters. This creates similar risks: when oil prices fall, both currencies come under pressure simultaneously, which can soften fluctuations in the pair. However, after the naira shifted to a free-float in 2023, its volatility increased sharply, and the market liquidity of the NGN/RUB pair outside Nigeria and Russia remains limited. This is important to consider when planning large exchange transactions.
Exchanging naira for rubles through ATM24
ATM24 works with non-standard directions, including the NGN/RUB pair, through an application via WhatsApp or Telegram. The preliminary rate and terms are confirmed by the manager before payment after verifying the amount, settlement method, direction availability, and applicable KYC/AML, sanctions, and jurisdictional restrictions. The limited liquidity of the pair means that terms for large volumes may differ from standard ones - it is recommended to clarify with the ATM24 manager in advance. For non-standard directions, including African ones, the feasibility of the transaction, settlement method, and terms are determined individually after the application is reviewed.