Ethereum (ETH) is Nigeria's third-most-converted crypto by volume after USDT and BTC. ETH cashout patterns are different from BTC because of network fees, faster confirmation, and the Layer 2 ecosystem that has matured significantly through 2024–2026.
This guide covers how to handle ETH cashout from L1 mainnet, how to bridge from L2s (Arbitrum, Optimism, Base), and the fee optimisation that matters when network gas spikes.
What's in this guide
1. L1 vs L2 — what Monica accepts
Monica accepts ETH on Layer 1 (Ethereum mainnet) only. If your ETH is on Arbitrum, Optimism, Base, or zkSync, you'll need to bridge it to L1 first via the official L2 bridge or a third-party like Hop or Across. Bridge typically takes 10 minutes to 7 days depending on optimistic vs zk.
2. Set up Monica for ETH
Open Deposit, choose ETH, copy your permanent ETH (L1) address. Save it in your sending wallet.
3. Send ETH from your wallet
From MetaMask, Trust Wallet, or exchange, initiate L1 ETH withdrawal. Network fees during normal times are $2–$15. During congestion, $20–$100 is possible. For small cashouts, consider bridging to a cheaper alt or selling on the L2 market first.
4. Wait for confirmation
ETH typically confirms in 1–3 minutes (12 confirmations is standard for exchanges). Monica recognises the deposit at confirmation and credits naira.
5. Withdraw naira
Same NIBSS flow. Bank cleared in 5–60 seconds.
6. ETH cashout fee optimisation
For ETH cashouts under $500, the L1 gas fee can be 5–10% of the amount. Consider: (a) bridging to a cheaper chain first, (b) using BTC instead if you have flexibility, or (c) batching multiple small cashouts into one larger one.
FAQ
Does Monica accept L2 ETH (Arbitrum, Optimism, Base)?
Not directly. Bridge to L1 mainnet first, then send to Monica.
How long does ETH confirmation take?
1–3 minutes typical for the 12-confirmation threshold most platforms use.
What's the network fee?
$2–$15 typical, $20+ during congestion.
Can I sell ETH for naira with 0% fee?
Yes — Monica charges 0%. Only network gas applies.