You can easily exchange any amount of Bitcoin to Naira without hassles.
However, you need to understand the process required to convert your BTC to Naira, and even to your bank account for withdrawal.
If you’re a Nigerian going into Bitcoin business, you should bookmark this page as a go-to resource, whenever you need to cash out.
Let’s begin with the guide…
Shall we?
Best places to convert Bitcoin to Naira
There are numerous ways to convert your BTC to NGN, but we’ll focus totally on these trusted crypto exchanges.
I have personally used these platforms to convert Bitcoin to Naira cash in Nigeria.
1. Binance (Recommended)
Binance P2P is relatively new to the largest centralized cryptocurrency exchange in the world.
If you’re new to this platform, you can read my review on the Binance exchange.
It has peer-to-peer section that enable users access to direct buying and selling ecosystem.
It’s live in Nigeria, Kenya, and South Africa with target to support more countries, with support for over 60+ payment methods, including bank transfer, Mpesa, and Chipper Cash etc.
It also allows you to trade Bitcoin (BTC), Binance coin (BNB), Binance USD (BUSD), Ethereum (ETH), Tether USD (USDT), EOS (EOS).
Furthermore, Binance P2P exchange requires identity verification for every user.
Pros
- 60+ payment methods
- Supports BTC, BNB, BUSD, ETH, USDT, and EOS
- Zero transaction fees
- Highly secured.
Cons
- KYC verification is required
- Not global.
If you use my link below, you will get up-to 20% discount on all transactions on the exchange.
2. LocalBitcoins
LocalBitcoins is a popular P2P Bitcoin marketplace that serves as Escrow to both buyers and sellers.
It gives vendors ability to create offers in all conventional and traditional currencies with Nigeria is included.
You can read my comprehensive review on Local Bitcoins marketplace.
Pros
- Available in every country of the world
- A diverse selection of buyers and sellers
- Supports many payment methods
- Buyers get their bitcoins fast
- Privacy
Cons
- Lack of cryptocurrency diversity
- Both sellers and buyers have a chance of being scammed.
3. LocalCryptos
LocalCryptos launched in 2015 as LocalEthereum, which was rebranded along the line.
It was initially a P2P platform for Ethereum (ETH) only, but later added some other established crypto-coins.
Note: It now supports Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin and Dash coin.
LC is a non-custodial peer-to-peer exchange, which means you do not have to deposit your crypto directly on the platform.
Also, you are not required to verify your identity to use this P2P exchange platform.
Compared to Paxful, LocalCryptos has fewer payment methods, even though it continues to expand aggressively.
Sellers pay a 0.25% trading fee while buyers pay a 0.75% trading fee.
Pros
- 60+ payment methods
- Trade BTC, ETH, and LTC
- No KYC verification
- Lower exchange fee
- High security than other P2Ps
Cons
- Few supported cryptocurrencies
- Vendors can be scammed.
4. Paxful
Paxful is a new BTC marketplace that supports over 300 payment methods – unlike the predecessor, LocalBitcoins.
It allow vendors the ability to create offers in currencies available on the platform.
Once you create a sell order, you can sell your BTC, with money being transferred directly into your bank account.
Pros
- Escrow system
- Security
- Diverse payment methods
- Simple user interface (UI)
- Wide variety of sellers
Cons
- Buyers and sellers are at risk of easily being scammed
5. NairaEx
NairaEx is a Bitcoin broker, where you can buy and sell Bitcoin, Litecoin, Bitcoin Cash, Ethereum and Perfect Money with Naira at best rate.
It is strictly designed and targeted at the Nigerian Bitcoin market community only.
If you are not operating a Nigerian bank account, I wouldn’t advice you to use this cryptocurrency platform.
Maybe you should simply use other options, because they accept some other countries aside Nigeria.
Pros
- Easy for Nigerians
- Security
- Simple user interface (UI)
Cons
- Takes time for confirmation sometimes
- Less active customer support.
6. Remitano
Remitano is a refined version of LocalBitcoins which supports 30+ countries with a focus on South African and Nigerian markets.
This exchange is established and built-in 2016 by Babylon Solutions based in the Seychelles.
For more on this platform, check out my Remitano review.
User can sell and buy over 15 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), tether (USDT), Litecoin (LTC), and Binance coin (BNB).
Remitano charges a 1% transfer fee with no additional charge on the crypto-asset’s price.
The platform has strict KYC and security policies to prevent escrow fraud.
Pros
- Multiple payment methods
- Supports BTC, BNB, BCH ETH, USDT etc
Cons
- KYC verification is required
- Supports few countries
- 1% transaction fee.
How to convert Bitcoin to Naira
To make everything simple and clear for you, am going to summarize the steps involved in selling BTC to Naira.
- Choose your desired exchange
- Select amount of BTC to sell
- Open trade order on the platform
- Confirm receipt of payment
- Release cryptocurrency to the buyer.
You have successfully exchanged your Bitcoin to Naira… congratulations!
How much is Bitcoin in Naira?
The price Bitcoin fluctuates all the time, and current price does not influence future price value.
In that case, the price of 1 BTC to NGN as at the time of writing this article is 4,051,830.35 Nigerian Naira.
However, there are Bitcoin to Naira converters which you can simply use to check the current price of BTC to NGN.
How do I convert Bitcoin to regular money in Nigeria?
There are two main avenues to convert Bitcoin to cash, and ultimately get it in your bank account.
Firstly, you can use a third-party cryptocurrency exchange broker.
These third-parties (which include Bitcoin ATMs and debit cards) will exchange your BTC for cash at a given rate.
It is simple and secure.
Can I withdraw Bitcoin as cash using ATM?
No you cannot with BTC as cash on traditional fiat ATMs. But there are Bitcoin ATMs that dispense BTC in exchange for fiat cash.
These BATMs are not currently available in Nigeria as at the time of writing this article.
Sell Bitcoin to Naira cash
I believe that at this point, you now know how to exchange Bitcoin to Naira on your own terms.
As you can see, it’s easy to convert BTC to Naira, but choosing a reliable Bitcoin exchange is the hard part.
Based on my experience, I would suggest you only use LocalBitcoins to convert your crypto-coins to traditional currency in Nigeria.
Do not forget that it’s necessary to hide your footprints using VPNs (Virtual Private Networks), while transacting cryptocurrency to avoid traces.
