Nigeria is leading the African continent to cryptocurrency adoption, with the penetration rating standing at an impressive 40%. Up to 27% of the country’s population use cryptocurrencies for transacting and are active investors. This phenomenon is largely fueled by the fact that the national Nigerian currency – the naira – has been experiencing considerable depreciation on a year-on-year basis, losing as much 25% in value over the last eight months alone.
Such dreary national currency dynamics, as well as the troubling unemployment rates in Nigeria, are pushing locals to invest in cryptocurrencies, including Bitcoin. But the ability to exchange a cryptocurrency back to fiat is just as important, since not all retail outlets in Nigeria are ready to accept cryptocurrencies as a means of payment. This means that Nigerians have to be able to resort to exchange platforms that would give them the ability to buy Bitcoin in Naira and then cash out fiat if need be.
Luckily, Nigeria is home to some of the most popular trading venues on the African continent, with millions of users resorting to them for their everyday crypto operations.
How to Exchange Bitcoin to Naira Safely
The currency exchange is familiar to anyone who has ever had to encounter a situation with two national currencies. The exact same principle applies for those who use Bitcoin as a means of transacting. Unfortunately, not many users are Bitcoin-savvy, which means that they do not know that the asset can be purchased at very profitable rates on various trading venues.
The Binance exchange is one of the most popular trading platforms in Nigeria. This website has millions of users and a significant daily turnover. The ability it gives Africans to exchange NTC to Ngn is vital along with its connection to such gateways as VISA and MasterCard. This gives users in Nigeria the opportunity to operate with cryptocurrencies at a favorable price and use digital assets as a means of value storage.
All users need to do to exchange their Bitcoin to Naira safely is select a reliable trading venue that offers the best rates and gives them access to the gateway they deem most convenient on a personal basis. There is no single platform that can be singled out, since all of them have different features and various degrees of convenience.
The choice of platform must be based on the commission it charges, the safety of the method of cashing out, the reputation of the venue, and the convenience with which it allows users to conduct their operations. A straightforward approach to exchanging Bitcoin to Naira means only a few clicks that will result in the funds being transferred to the user’s account in a few minutes, depending on network loads.
