Naira carry
Compare ways to earn naira rates in dollars, priced from live markets.
Naira pays far more than dollars, because it is expected to weaken. POST /carry/quotes prices every way to capture that rate in USDC, side by side, so you can see what each one really earns and risks.
curl -X POST https://api.landedfx.com/api/v1/carry/quotes \
-H "x-api-key: $LANDEDFX_KEY" -H "content-type: application/json" \
-d '{ "currency": "NGN", "amountUsd": 1000, "hedgeRatio": 0.5 }'Strategies
| Strategy | What it does | On-chain |
|---|---|---|
| Naira yield, unhedged | Earn the Treasury-bill rate, convert back at maturity | Needs a licensed partner |
| Naira futures carry | Long cNGN futures earn the futures premium if the naira holds | Yes, on Base |
| Futures carry with crash insurance | Adds a Numo put that caps the loss past its strike | Yes |
| Naira yield, hedged (full or partial) | Lock the rate back to dollars with short cNGN futures | Needs a licensed partner |
How to read a strategy
Each strategy returns:
scenarios: the APY if the naira holds, weakens as the futures price implies, or weakens 10% or 25% a year. Rates are per year and applied over each strategy's own length, so strategies compare fairly.suddenDevaluation25Pct: the return over the period if the naira drops 25% at once.maxLossPct: the most you can lose, when insurance caps it.breakEvenDevaluationPct: the weakening at which the strategy earns nothing.capacityUsd: how much can be deployed today at this price.
What live markets say today
With the naira Treasury bill at 15.8% and Numo futures pricing about 11.9% a year of weakening:
- Unhedged earns about 15% a year if the naira holds and breaks even at about 7% weakening over six months.
- Hedging costs roughly the expected weakening, so most of the premium goes. That's covered interest parity, not a fee.
- Insurance is expensive because Numo's options book is small. It gets cheaper as more importers lock rates, since every lock is the other side of a carry position.
Use yieldPct to price a different naira rate you can access, such as a money-market fund.
These are prices, not an offer. Yield strategies can lose money, and selling them to others may require a licence where you operate.