We are now living through an age of uncertainty, one characterized by a lack of stability and capability of forecasting any kind of future. The rapidly changing political landscape around the world and the economic turbulence resulting from such changes are breeding constant challenges that people around the globe will have to learn to overcome. In addition to the man-made challenges, such as political rivalry and economic instability, people are also being faced with stiff competition from the technological side, which is inevitably replacing living beings with automated constructs across a wide spectrum of tasks. In light of such a situation, people will have to rethink the way they view the economy and start to adapt to new forms of transacting and earning.
Nigerians are a very active part of the blockchain economy, people who have the tech-savviness and the know-how to turn digital opportunities into earning potential. Such open-mindedness gives Nigerians the ability to openly partake in the new digital economy of the future. The advent of the decentralized economy became a real revelation for Nigerians at a time when their nation was experiencing considerable economic hardships. The NGN Nigerian Naira had taken a heavy beating after a series of economic challenges and the collapse of oil export prices, which were one of the fundamental sources of income for the country. However, such hardships became an important stimulus for the reshaping of the economy and the embracing of the digital economy by the population.
The USD is an important source of transacting in Nigeria – a major asset used for both international and internal trade. Few people seek to convert the asset into Naira now, as the latter has lost a considerable percentage of its purchasing power in recent years, turning into a national symbol, more than a real currency. Nigerians are increasingly turning to alternatives of Nigerian Naira USD transacting, which can be found in the digital economy that offers an abundance of digital assets that can be traded openly and accepted as a means of payment.
The number one coin to be coveted in Nigeria is, of course, Bitcoin. However, the asset is extremely restrictive in price for the vast majority of Nigerians. And though Bitcoin is an excellent investment in the long term, it is rarely affordable. That is why Nigerians turn to alternative currencies, which can be found in abundance in the digital space. Apart from Ethereum and Bitcoin Cash, other currencies like Ethereum offer a much more affordable alternative that is just as coveted on the Nigerian internal market. Another very valuable alternative digital currency is USDT, which is directly tethered to the United States Dollar at a direct ratio and is just as applicable as a means of payment in both the digital and real worlds.
Still, in order for most Nigerians to use their digital assets, they still have to convert them to Naira, as the vast majority of retail outlets and businesses accept the national currency as legal tender and the only means of payment. This leads to the need to convert the asset on digital currency exchange platforms – a choice that can leave many Nigerians at odds.
In order to convert Tether to Nigerian Naira, users have to first find a reliable and secure digital currency exchange platform. Luckily, the decentralized assets market is brimming with choices that can attract users with a large number of advantages. Among the latter are convenient user interfaces, secure asset storage facilities, multiple additional features, low commissions on transactions, relatively straightforward usability, and trading options. Combined, the advantages of each trading platform make it an ideal venue for every individual user to turn to in the search for attractive digital currencies and ways of withdrawing them to Naira.
The large cryptocurrency exchange platforms, such as KuCoin, Binance, Bitget, and others, offer a convenient and secure trading venue with options for withdrawing assets to bank cards of local banks. The ability to withdraw digital assets to Naira in a convenient way is the most important feature that users should look for when seeking to convert Ethereum, USDT Tether or any other digital asset into Naira. Among the ways to withdraw are:
- To bank cards;
- To digital wallets;
- To blockchain wallets.
However, before actually making the transaction and transferring the asset from digital form into the local currency, users should think well, whether the conversion is worth it. Most digital currencies, apart from USDT, which has a stable price, usually rise in price over time and are extremely useful as long-term portfolio additions in the form of investments. That is why using up a precious Bitcoin to convert it into Naira is a bad idea. The same applies to Ethereum and other digital currencies that experience considerable price fluctuations over time.
Nigeria is a unique country in terms of digital currency adoption and a leader in terms of blockchain-based asset usage on a nationwide scale. The local population has adapted well to the economic reality of their country and turned to innovative solutions for salvation. This has not only improved the overall material condition of the local population, but also considerably expanded their ability to enter the global market and purchase goods and services using digital currencies on platforms that accept such a means of payment. Most importantly, the use of digital currencies has opened up immense opportunities for the millions of unbanked in the country, giving them access to finances that would have otherwise been inaccessible due to excessive bureaucracy in the traditional financial sector.