Yes, it is using the parallel market exchange rate. Also according to what I found out, it is possible that the centralized exchanges P2P is better because you can see buy offer at $869 at that time.

₦10000 buy at 869 is $11.50   ₦1 million = $1150.
₦10000 buy at 877 is $11.40   ₦1 Millon =  $1140.

According to Kucoin, fee would also be charged. Treasura is not a good option as of the time that I compared it with the P2P on Kucoin.