Looking to lock in a great exchange rate before sending funds? With our new Add/Hold/Pay feature, you can convert NGN to USD at your chosen rate and hold it securely in your Cedar balance—ready for payment whenever you need.
This gives you full control over timing, especially in a fluctuating FX market.
Here’s how it works and how to make the most of it:
1. What Is Add/Hold/Pay?
The Add/Hold/Pay feature lets you:
Request a quote for converting NGN to USD at the current Cedar rate.
Add and hold up to $5,000,000 USD in your Cedar account.
Use the held USD to fund transactions anytime in the future.
This means you can take advantage of favorable rates now, and pay suppliers later—without worrying about future currency swings.
2. How to Add and Hold USD
To hold USD in your Cedar balance:
Go to the Add Funds section in your dashboard.
Select NGN → USD and request a quote.
If the rate works for you, confirm the transfer.
Your USD will be credited to your Cedar Wallet for future use.
Maximum holding limit: $5,000,000 USD
3. How to Use Hold Funds for Payments
Once you have USD in your Cedar balance, you can:
Use it to pay any supplier via the Hold Pay transaction flow.
Skip FX conversion steps—just select USD as your payment source.
Pay in full or in parts from your held balance.
This streamlines the process and avoids exchange rate fluctuations.
4. Benefits of Using Add/Hold/Pay
Lock in favorable rates when they’re available
Avoid FX volatility and budget with more certainty
Speed up future payments—no waiting for conversions
Hold up to $5M in USD securely on Cedar
Ideal for businesses with frequent or large international transactions
If you need any assistance with tracking your Add/Hold/Pay status, feel free to reach out to support@cedar.money.