Complete step by step guide on the safest and fastest way to convert Bitcoin to Naira, avoid scams, choose the right platform, and get your money in your Nigerian bank account.
There are three main ways Nigerians sell Bitcoin and convert to Naira. Each method has advantages and disadvantages depending on your priorities like speed, safety, fees, and convenience. Understanding these options will help you choose the best method for your situation.
Platforms like Monica that automatically convert Bitcoin to Naira when you deposit. No vendors, no waiting, no negotiation. Just send Bitcoin and get Naira.
Platforms like Binance P2P, Paxful where you match with individual vendors who buy your Bitcoin. You negotiate price and wait for vendor approval.
Exchanges like Luno, Quidax where you sell Bitcoin on their order book and withdraw Naira. More like stock trading.
For most Nigerians who just want to convert Bitcoin to Naira quickly and safely without complications, direct platforms like Monica are the best choice. If you are a trader who wants to time the market and can wait, traditional exchanges might work. Peer to peer should only be used if you absolutely need a specific payment method not available elsewhere, and even then be very careful of scams.
This is the complete process from having Bitcoin in your external wallet to having Naira in your Nigerian bank account. The entire process takes 15 to 40 minutes depending on Bitcoin network speed.
Go to App Store if you have iPhone or Google Play Store if you have Android phone. Search for Monica and download the app. The app is free and takes about 30 seconds to install. Monica works on all modern smartphones running iOS 13 or later, or Android 8 or later.
Open the Monica app and tap Sign Up. Enter your email address and create a strong password. Make sure to use a real email you can access. Monica will send a verification code to your email. Open your email, copy the code, and paste it in the Monica app. Your account is now created. This entire process takes about 2 minutes.
In the Monica app, tap on Deposit at the bottom of the screen. You will see a list of cryptocurrencies Monica supports. Tap on Bitcoin. Monica will show you your permanent Bitcoin wallet address. This address is yours forever and you can use it anytime to deposit Bitcoin. Tap the copy button to copy your Bitcoin address.
Open the wallet where you currently have your Bitcoin. This could be Binance, Luno, Trust Wallet, Coinbase, or any other Bitcoin wallet. Go to the Send or Withdraw section. Paste your Monica Bitcoin address that you copied in step 3. Enter the amount of Bitcoin you want to send. Double check the address is correct because Bitcoin transactions cannot be reversed. Click Send or Withdraw to complete the transaction.
After you send Bitcoin, it needs to be confirmed on the Bitcoin blockchain. This usually takes 10 to 30 minutes depending on network congestion and the transaction fee you paid. You can track your transaction by copying the transaction ID from your sending wallet and checking it on blockchain explorer websites. Monica will automatically detect your Bitcoin once it confirms.
Once your Bitcoin transaction confirms on the blockchain, Monica automatically converts it to Naira at the current exchange rate and credits your Monica Naira balance. You will see a notification in the app. The conversion happens within seconds after blockchain confirmation. No manual approval needed, no waiting for anyone.
Now you have Naira in your Monica balance. Tap Withdraw at the bottom of the screen. Select Bank Transfer. Enter your Nigerian bank account number and select your bank from the list. Monica supports all Nigerian banks including GTBank, Access Bank, First Bank, Zenith Bank, UBA, and all others. Enter the amount of Naira you want to withdraw. Tap Confirm. Your Naira will arrive in your bank account within 5 minutes. Bank transfers from Monica are completely free with zero withdrawal fees.
If this is your first time selling Bitcoin on Monica, consider sending a small test amount first like 0.001 BTC or $50 worth. This way you can verify the entire process works correctly before sending larger amounts. Many experienced Bitcoin users always do a test transaction first when using a new platform.
Nigeria has unfortunately seen many Bitcoin and cryptocurrency scams over the years. Knowing how to protect yourself is essential. Here are the most common scams and how to avoid them.
Learn to recognize warning signs that something might be a scam:
Here is how major platforms compare for selling Bitcoin and getting Naira. This helps you make an informed decision based on your priorities.
| Platform | Settlement Time | Bitcoin Fee | Withdrawal Fee | Method | Best For |
|---|---|---|---|---|---|
| Monica | 5-40 minutes | $2 flat | Free | Automatic | Quick cashouts, safety |
| Binance P2P | 30 mins - 2 hours | 0% | Varies by vendor | Peer to peer | Advanced users only |
| Luno | 1-3 hours | 1.5% trading fee | ₦50-100 | Exchange order book | Long term holders |
| Quidax | 1-2 hours | 0.5-1.5% trading | ₦100 | Exchange | Regular traders |
As you can see, different platforms serve different needs. Monica is optimized for speed and safety with automatic settlement. Peer to peer platforms like Binance P2P can work but require experience to avoid scams. Traditional exchanges like Luno and Quidax are good for people who want to time their sales and do not mind waiting.
For the average Nigerian who just wants to convert Bitcoin to Naira quickly and safely, Monica offers the best combination of speed, safety, and low fees. Check our live calculator to see current Bitcoin to Naira rates.
While you cannot control global Bitcoin prices, you can maximize the Naira you get when selling Bitcoin by following these strategies.
When you sell Bitcoin for Naira, there are actually two exchange rates involved: Bitcoin to USD, and USD to Naira. The final Bitcoin to Naira rate is these two rates multiplied together. Global Bitcoin price in USD changes constantly based on worldwide supply and demand. The USD to Naira rate varies based on parallel market rates and official rates. Platforms use different USD to Naira rates which is why some give more Naira per Bitcoin than others.
If you are not in urgent need of Naira, you can improve your rate by timing your Bitcoin sale. Bitcoin price tends to be more volatile on weekends and during US market hours. Sometimes waiting a few hours can give you 1% to 3% better rate. However, do not try to time the market too much because Bitcoin can also drop quickly. If you need Naira urgently, just sell immediately rather than trying to predict price movements.
Different platforms offer slightly different Bitcoin to Naira rates at any given moment. Before selling a large amount of Bitcoin, check rates on Monica, peer to peer platforms, and traditional exchanges. However, factor in fees and withdrawal costs. A platform showing 1% better rate but charging 2% withdrawal fee is actually worse. Monica shows transparent rates with the $2 Bitcoin fee and free bank withdrawals clearly stated.
When sending Bitcoin from your external wallet to your selling platform, you pay a Bitcoin network fee. This fee goes to miners, not to the platform. During times of high Bitcoin network congestion, fees can be $5 to $20 or even higher. If you are selling a small amount of Bitcoin like $100 worth, a $10 network fee is 10% of your transaction. For small Bitcoin amounts, consider converting to USDT on TRC20 network first which has much lower fees, then selling the USDT on Monica. Our USDT deposits are completely free on all networks.
Monica provides real time rates that update every 60 seconds based on global market prices. You get the rate at the exact moment your Bitcoin transaction confirms. There is no rate locking or stale prices. This ensures you always get fair market value for your Bitcoin. Some platforms use rates that are hours old which can work against you if Bitcoin price moved.
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