Nigerians can now easily convert any amount of Bitcoin to Naira without much stress.
But you will need to understand the process required for you to have your BTC converted to Naira safely, and also you can even go to your bank for withdrawal.
If you are a Nigerian that is thinking of going into Bitcoin investment business, you should bookmark this page, as it will serve as your go-to resource whenever you need to cash out your Bitcoin in Naira.
So with all that has been explained so far, let’s begin with the guide…
Ways to convert Bitcoin to Naira
Actually, there numerous ways to convert your Bitcoin into Nigerian Naira, but am going to focus totally on the most trusted crypto exchanges I’ve used personally, to convert Bitcoins for cash in Nigeria.
LocalBitcoins is a popular person-to-person Bitcoin trading platform that serves as Escrow, and specializes in connecting buyers and sellers together for transactions.
LocalBitcoins gives vendors the ability to create offers in all currencies. You can read my comprehensive review on LBC.
- Available in every country of the world
- A diverse selection of buyers and sellers
- Supports many payment methods
- Buyers get their bitcoins fast
- Lack of cryptocurrency diversity
- Both sellers and buyers have a chance of being scammed.
Established in 2013 originally as BitX and rebranded to Luno in 2016, and has offices in 3 cities around the world – London, Cape Town and Singapore.
The company serves over 3 million users from over 40 countries worldwide and has over 100 employees.
The company is based in the UK and has raised over $13m from prominent investors such as Ventura Capital and Digital Currency Group.
- One of the easiest way to convert Bitcoin to fiat currencies
- Allows you to convert your crypto coins with just a few clicks
- Sending email payments is completely free for both fiat and crypto
- Helps companies pay in crypto with the business account
- The platform is user-friendly for a beginner
- The tools offered to leave a lot to be desired for seasoned traders
- Withdrawal is a bit high
Paxful is a new person-to-person marketplace that supports over 300 payment methods – unlike the predecessor, LocalBitcoins.
Paxful gives vendors the ability to create offers in all currencies available on the platform, and then sell their Bitcoins with money being transferred directly into your account in Nigeria.
- Escrow system
- Diverse payment methods
- Simple user interface (UI)
- Wide variety of sellers
- Buyers and sellers are at risk of easily being scammed
NairaEx is a Nigerian Bitcoin broker, where you can buy and sell Bitcoin, Litecoin, Bitcoin Cash, Ethereum and Perfect Money with Naira at best rate.
This platform is strictly designed and target at the Nigerian Bitcoin market community only.
If you are not operating a Nigerian account, I wouldn’t advice you to use this platform. Maybe you should simply use the ones above, because they accept some other countries aside Nigeria.
- Easy for Nigerians
- Simple user interface (UI)
- Takes time for confirmation sometimes
- Less active customer support.
Let me answer some of the frequently asked questions found online right here…
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 some BTC to Naira converters on the internet, which you can simply use to check the current price of Bitcoin to Naira.
How to convert BTC to NGN
As you can see, converting you Bitcoin to Naira (i.e. based on the current BTC to NGN price) in Nigeria is very easy, but using a reliable exchange is the hard part.
Based on my experience, I would suggest you only use either Luno or LocalBitcoins to convert your Bitcoin to Naira, because they are the best user-friendly platforms.
Do not forget that it is somehow necessary to hide your online footprints the best VPNs (Virtual Private Networks), while transacting Bitcoin cryptocurrency to avoid loosing your investment.