You have Bitcoin and you want Naira in your bank account. Simple enough in theory, but the process of converting BTC to Naira and actually receiving it in your Nigerian bank account involves several steps, and choosing the wrong method can cost you money, time, or even lead to your bank account being frozen. This complete guide walks you through the entire process step by step, compares every available method (automatic platforms, P2P, OTC), breaks down every fee, covers supported banks, and shows you exactly how long each step takes in 2026.
Bitcoin cannot be sent directly to a bank account because banks operate in Naira and Bitcoin is a cryptocurrency on a separate network. You need a conversion platform (like Monica) that accepts your BTC, converts it to Naira, and transfers the Naira to your bank. The best platforms automate this entire process.
Before diving into the step-by-step process, it is important to understand why you cannot simply "send Bitcoin to your bank" the way you would send a bank transfer. Bitcoin and the Nigerian banking system operate on completely different networks. Bitcoin exists on the blockchain — a decentralized, global network. Nigerian banks operate on the NIBSS (Nigeria Inter-Bank Settlement System). These two systems do not communicate with each other directly.
To get Bitcoin into your bank account, you need an intermediary — a platform that operates on both networks. This platform receives your Bitcoin on the blockchain, sells or converts it to Naira, and then sends that Naira to your bank account through the banking system. The quality, speed, safety, and cost of this intermediary platform makes all the difference in your experience.
In Nigeria, there are three main methods for this conversion: automatic platforms (like Monica), peer-to-peer (P2P) trading, and over-the-counter (OTC) deals. Each has different trade-offs in terms of speed, cost, safety, and convenience. We will compare all three, but first, let us walk through the recommended method step by step.
Before you begin the withdrawal process, make sure you have the following ready:
The process is: create Monica account, add bank details, copy your Bitcoin address, send BTC from your wallet, Monica auto-converts to Naira, and you receive Naira in your bank. Total time: 5-40 minutes. Total cost: approximately $2.50-$7.
Follow these six steps to withdraw your Bitcoin directly to your Nigerian bank account using Monica. The process is fully automatic once you send the Bitcoin — there is no need to find a buyer, negotiate a price, or wait for manual confirmation.
Visit monica.cash or download the Monica app from the Google Play Store (Android) or Apple App Store (iOS). Tap "Sign Up" and provide your full legal name, email address, and Nigerian phone number. Monica is SEC-compliant and has over 500,000 active users, making it one of the most trusted crypto-to-Naira platforms in Nigeria. The signup process takes less than 2 minutes — there is no lengthy verification period or waiting time before you can start using the platform.
Enter your Nigerian bank account number and select your bank from the list. Monica supports all major Nigerian banks. Your bank account name must match the name on your Monica account — this is a security measure that prevents unauthorized withdrawals and protects your money.
Supported banks include but are not limited to:
In the Monica app, navigate to the Bitcoin (BTC) section and tap "Deposit" or "Receive." Monica will generate a unique Bitcoin wallet address for your account. This address is where you will send your Bitcoin. Copy the address by tapping the "Copy" button — do not try to type it manually. Bitcoin addresses are long alphanumeric strings, and a single wrong character means your Bitcoin goes to the wrong address (and is lost forever).
You can also use the QR code if you are sending from a mobile wallet on another phone or if you prefer scanning over copy-paste. Always copy a fresh address before each transaction rather than reusing an old one.
Open the wallet where your Bitcoin is currently stored — Trust Wallet, Binance, Coinbase, MetaMask, Exodus, Ledger, or any other Bitcoin wallet. Go to the "Send" or "Withdraw" function, and paste your Monica Bitcoin address. Enter the amount of BTC you want to convert to Naira.
Before confirming, verify the following:
Once everything checks out, confirm the transaction. Your wallet will broadcast the transaction to the Bitcoin network, and you will receive a transaction hash (TXID) that you can use to track the transfer on any Bitcoin blockchain explorer.
Once your Bitcoin transaction receives the required number of blockchain confirmations (typically 2-3 confirmations, which takes approximately 10-30 minutes depending on network congestion), Monica automatically converts your BTC to Naira at the live market rate. This is the key advantage of using Monica over P2P — the conversion is instant and automatic. There is no need to:
Monica handles everything. You can check the current Bitcoin rate today in Naira before sending to estimate how much you will receive. The flat fee for Bitcoin transactions on Monica is $2 — no percentage-based charges, no hidden fees.
After the automatic conversion, Monica sends the Naira directly to your registered Nigerian bank account. The bank transfer is completely free — Monica does not charge any fee for sending Naira to your bank. You will receive:
The bank transfer typically arrives within 5-10 minutes after conversion. Total time from sending BTC to receiving Naira in your bank: 5-40 minutes, depending on Bitcoin network confirmation speed and your bank's processing time. Monica operates 24/7, so you can withdraw at any time of day or night.
Monica (automatic) is the best option for most users: fastest, safest, cheapest for amounts under $50,000. P2P is risky and time-consuming. OTC is only for very large amounts ($50,000+). For everyday Bitcoin-to-bank withdrawals, Monica is the clear winner.
Let us honestly compare every available method for withdrawing Bitcoin to a Nigerian bank account, so you can make an informed decision.
How it works: Send Bitcoin to your Monica address. Monica automatically converts it to Naira and sends the money to your bank. No human interaction needed.
Speed: 5-40 minutes total (blockchain confirmation + bank transfer)
Fees: $2 flat BTC fee + free bank withdrawal. Only additional cost is the BTC network fee ($0.50-$5) from your sending wallet.
Safety: Very safe — SEC-compliant, automatic conversion, no counterparty risk, verified fund sources
Minimum: No high minimum — you can withdraw small amounts
Best for: Everyone — freelancers, traders, casual users, anyone wanting a fast and safe BTC-to-bank conversion
How it works: You list your Bitcoin for sale on a P2P platform (Binance P2P, Bybit P2P, Paxful). A buyer sees your listing, you agree on a price, the BTC is held in escrow, the buyer sends Naira to your bank, you verify and release the BTC.
Speed: 15 minutes to several hours (depends on finding a buyer and payment confirmation)
Fees: 0% platform fee on most P2P platforms, but the rate spread means you often receive 1-3% less than the true market rate
Safety: Moderate to risky — scam risks include fake payment screenshots, chargeback fraud, and receiving funds from fraudulent sources that can get your bank account frozen by the EFCC
Minimum: Varies by platform and buyer, typically $10-$50
Best for: Experienced traders who understand the risks and can identify reliable counterparties
How it works: You contact an OTC desk or dealer who handles large cryptocurrency transactions. You negotiate a price, send your Bitcoin to their address, and they wire Naira to your bank. Some OTC deals happen in person.
Speed: 1-24 hours (negotiation, verification, bank transfer processing for large amounts)
Fees: Negotiated, typically 0.5-2% for large amounts. Better rates for very large transactions ($100K+)
Safety: Varies widely — reputable OTC desks are safe, but unverified dealers can be scammers. Always use established OTC services with verifiable track records.
Minimum: Typically $10,000-$50,000 (OTC desks focus on large transactions)
Best for: High-net-worth individuals or businesses converting large amounts of Bitcoin to Naira
| Feature | Monica (Automatic) | P2P Trading | OTC Deals |
|---|---|---|---|
| Speed | 5-40 minutes | 15 min - hours | 1-24 hours |
| Platform Fee | $2 flat | 0% (hidden in rate) | 0.5-2% negotiated |
| Bank Withdrawal Fee | Free | Buyer sends directly | Varies |
| Scam Risk | None (automatic) | High (counterparty) | Medium (verify dealer) |
| EFCC Risk | None (verified funds) | High (unknown source) | Low-Medium |
| SEC Regulated | Yes | Varies | Usually no |
| Minimum Amount | No high minimum | $10-$50 | $10,000-$50,000 |
| Availability | 24/7 | Depends on buyers | Business hours |
| Effort Required | Minimal (1 step) | High (negotiate, verify) | Medium (negotiate) |
P2P trading was the dominant method for Bitcoin-to-Naira conversion for years, but it carries serious risks that automatic platforms like Monica have eliminated. The two biggest dangers are fraud and EFCC exposure.
Fraud is straightforward — P2P buyers can send fake payment screenshots, reverse bank transfers after receiving your Bitcoin, or use social engineering to convince you to release Bitcoin before payment confirms. Even platforms with escrow are not foolproof, as experienced scammers have developed techniques to exploit these systems.
The EFCC risk is more insidious and often catches innocent users off guard. When a P2P buyer sends you Naira, you have no way of knowing where that money came from. If the buyer used stolen funds, proceeds of fraud, or laundered money, your bank account can be flagged during an EFCC investigation. Your account may be frozen, you may be interrogated, and clearing your name can take months — all because you received money from the wrong person on a P2P platform. With Monica, the Naira comes directly from the platform's verified accounts, completely eliminating this risk.
Total cost on Monica: $2 platform fee + $0.50-$5 BTC network fee + $0 bank withdrawal = approximately $2.50-$7 total. This is the cheapest legitimate option for withdrawing Bitcoin to a Nigerian bank account.
Understanding every fee involved in the Bitcoin-to-bank process helps you calculate exactly how much Naira you will receive. Here is a complete breakdown of all costs.
| Fee Type | Amount | Paid To | Notes |
|---|---|---|---|
| Bitcoin Network Fee (Gas) | $0.50 - $5.00 | Bitcoin miners | Paid when sending BTC from your wallet. Varies with network congestion. Higher fee = faster confirmation. |
| Monica Platform Fee | $2.00 flat | Monica | Flat fee regardless of amount. No percentage-based charges. Same whether you send $50 or $50,000. |
| Exchange Rate Spread | $0 (market rate) | N/A | Monica uses live market rates updated every 60 seconds. No hidden markup. |
| Bank Withdrawal Fee | Free ($0) | N/A | Monica sends Naira to your bank for free. No transfer fee, no processing charge. |
| Total Cost | $2.50 - $7.00 | — | Total cost to convert BTC to Naira in your bank account. |
| Method | Selling $100 BTC | Selling $1,000 BTC | Selling $10,000 BTC |
|---|---|---|---|
| Monica (Automatic) | ~$4.50 (4.5%) | ~$4.50 (0.45%) | ~$4.50 (0.045%) |
| P2P (Binance/Bybit) | ~$3-5 (rate spread) | ~$20-30 (rate spread) | ~$100-300 (rate spread) |
| OTC Dealer | Not available | Not available | ~$50-200 (negotiated) |
As the table shows, Monica's flat $2 fee structure becomes increasingly advantageous as your transaction size grows. For $10,000 worth of Bitcoin, you pay only about $4.50 total — compared to $100-$300 on P2P platforms where the "zero fee" is actually hidden in an unfavorable exchange rate spread. This is why understanding the total cost (fees + rate spread) is important, not just the advertised fee.
Total time: 5-40 minutes. Sending from wallet: instant. Bitcoin confirmation: 10-30 minutes (2-3 blocks). Auto-conversion: instant. Bank transfer: 1-10 minutes. Most transactions complete in under 25 minutes.
Here is a detailed timeline of each stage in the Bitcoin-to-bank process so you know exactly what to expect.
| Stage | Duration | What Happens |
|---|---|---|
| 1. Send BTC from wallet | Instant | You confirm the transaction in your wallet. It is broadcast to the Bitcoin network immediately. |
| 2. Transaction in mempool | 0-10 minutes | Your transaction waits in the mempool (queue) to be picked up by a Bitcoin miner and included in a block. Higher network fees get faster pickup. |
| 3. First confirmation | ~10 minutes | A Bitcoin block is mined approximately every 10 minutes. Once your transaction is included in a block, it has 1 confirmation. |
| 4. Required confirmations | 10-20 minutes | Monica requires 2-3 confirmations for security. Each additional confirmation takes approximately 10 minutes (one new block). |
| 5. Auto-conversion | Instant | Once confirmations are met, Monica instantly converts your BTC to Naira at the live market rate. |
| 6. Bank transfer | 1-10 minutes | Naira is sent to your bank account. Most banks credit within 1-5 minutes. Some banks take up to 10 minutes during off-peak hours. |
| Total | 5-40 minutes | From sending BTC to receiving Naira in your bank. Most transactions complete in 15-25 minutes. |
Several factors can influence how quickly you receive your Naira:
If you need your Naira urgently, choose the "high priority" or "fast" fee option when sending Bitcoin from your wallet. This ensures your transaction is picked up by miners quickly. The extra $1-$3 in network fees is worth it when you need the money fast. Also, using a bank like GTBank, Access Bank, or Kuda typically results in the fastest Naira credit times.
Monica supports all Nigerian banks for Naira withdrawal. Any bank with a valid Nigerian account number works. The most popular choices among users are GTBank, Access Bank, Kuda, OPay, Zenith Bank, and UBA, as these typically process transfers fastest.
One of Monica's strengths is its comprehensive bank support. You are not limited to specific banks — any Nigerian bank account works. Here is a list of commonly used banks and their typical processing speeds.
| Bank | Type | Typical Processing | Notes |
|---|---|---|---|
| GTBank | Commercial Bank | 1-3 minutes | One of the fastest. Very reliable for crypto withdrawals. |
| Access Bank | Commercial Bank | 1-3 minutes | Fast and reliable. Includes Diamond Bank accounts. |
| Zenith Bank | Commercial Bank | 1-5 minutes | Consistent processing. Popular among business users. |
| First Bank | Commercial Bank | 2-5 minutes | Nigeria's oldest bank. Reliable processing. |
| UBA | Commercial Bank | 1-5 minutes | Pan-African bank. Fast transfers. |
| Kuda Bank | Digital Bank | 1-2 minutes | Very fast. Popular among younger users. |
| OPay | Mobile Money | 1-2 minutes | Instant in most cases. Very popular for crypto cashout. |
| PalmPay | Mobile Money | 1-3 minutes | Fast processing. Growing in popularity. |
| Fidelity Bank | Commercial Bank | 2-5 minutes | Reliable. Good for business accounts. |
| FCMB | Commercial Bank | 2-5 minutes | Steady processing times. |
Digital banks like Kuda and mobile money operators like OPay tend to process transfers slightly faster than traditional commercial banks because they operate on newer, more agile banking infrastructure. If speed is your top priority, using Kuda or OPay as your withdrawal bank can shave a few minutes off the total process.
For the best experience: use a digital bank (Kuda/OPay) for faster Naira receipt, choose medium-high BTC network fee for faster confirmation, sell during banking hours for fastest processing, and send a test transaction first if it is your first time.
Monica supports 13 cryptocurrencies. If you have USDT, ETH, USDC, SOL, BNB, XRP, or TRON, you can also convert these to Naira and withdraw to your bank. USDT on TRC20 is the cheapest option (free deposit + ~$1 gas fee).
While this guide focuses on Bitcoin, Monica supports withdrawals for 13 different cryptocurrencies to Nigerian bank accounts. If your crypto is not Bitcoin, you may find even cheaper options.
| Cryptocurrency | Monica Fee | Typical Network Fee | Total Cost |
|---|---|---|---|
| Bitcoin (BTC) | $2 flat | $0.50-$5 | $2.50-$7 |
| Ethereum (ETH) | $2 flat | $1-$20 | $3-$22 |
| USDT (TRC20) | Free | ~$1 | ~$1 |
| USDT (ERC20) | Free | $5-$50 | $5-$50 |
| USDT (BEP20) | Free | ~$0.10 | ~$0.10 |
| USDC | Free | Varies by network | $0.10-$20 |
| Solana (SOL) | Varies | ~$0.01 | Very low |
If you have USDT on the TRC20 network, that is the absolute cheapest way to get Naira in your bank through Monica — free deposit, about $1 in network gas, and free bank withdrawal. Total cost: approximately $1. If your Bitcoin is on an exchange like Binance, consider converting to USDT TRC20 first, then sending to Monica for the cheapest overall path to Naira. Learn more about selling Bitcoin in Nigeria or check the current Bitcoin to Naira rate.
On Monica, the entire process takes 5-40 minutes. Bitcoin blockchain confirmations take approximately 10-30 minutes (2-3 confirmations required). After confirmation, Monica converts your BTC to Naira automatically and sends it to your bank within 5-10 minutes. Total time depends on blockchain congestion and your bank's processing speed.
On Monica, you pay a flat $2 fee for Bitcoin transactions. The bank withdrawal (Naira transfer to your account) is completely free. The only additional cost is the Bitcoin network fee (gas fee) when sending BTC from your external wallet to Monica, which varies from $0.50 to $5 depending on network congestion. Total cost: approximately $2.50-$7.
Monica supports all major Nigerian banks including GTBank, Access Bank, Zenith Bank, First Bank of Nigeria, UBA, Fidelity Bank, Stanbic IBTC, Sterling Bank, Union Bank, Wema Bank, FCMB, Kuda Bank, OPay, PalmPay, and many more. Any bank account with a valid Nigerian account number should work.
Monica accepts Bitcoin deposits starting from very small amounts — there is no high minimum threshold. You can withdraw as little as the equivalent of a few dollars worth of Bitcoin to your bank account. This makes it accessible whether you are cashing out $10 or $10,000 worth of Bitcoin.
Yes, withdrawing Bitcoin through a legitimate platform like Monica is safe. Monica is SEC-compliant, uses automatic conversion (no P2P counterparty risk), has over 500,000 users, and has processed over ₦400 billion. The Naira sent to your bank comes directly from Monica's verified accounts, so there is no risk of receiving funds from fraudulent sources that could trigger EFCC investigation of your account.
The best method is using an automatic conversion platform like Monica. It is faster (5-40 minutes), safer (no P2P counterparty risk), cheaper (flat $2 fee + free bank withdrawal), and more reliable than P2P trading or OTC deals. P2P trading carries scam risk and potential EFCC account freezing, while OTC requires high minimums. Monica's automatic conversion is the most practical option for most Nigerian users.
Yes, Monica operates 24/7. You can send Bitcoin and receive Naira at any time, including nights, weekends, and public holidays. However, bank transfer processing may be slightly slower during off-peak hours depending on your bank. Most major Nigerian banks process Monica's transfers within minutes regardless of the time, but some smaller banks may take slightly longer during off-hours.
Monica uses the live market rate at the moment your Bitcoin deposit confirms on the blockchain. Rates are updated every 60 seconds to reflect current market conditions. There are no hidden markups or unfavorable rate spreads. You can check the current rate anytime on Monica's Bitcoin to Naira rate page or in the app before sending your Bitcoin.
Join 500,000+ Nigerians withdrawing Bitcoin to Naira on Monica — flat $2 fee, free bank withdrawals, 5-40 minute payouts, SEC-compliant.
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