For the crypto beginner or bitcoin newbie, converting Bitcoin to Naira or its cash equivalent could be confusing. Buy and Sell prices differ across exchanges and simple calculations on how much naira you would receive also pop up.
Have you been caught in this mix? Ok, we’ve got you; here’s how to convert and calculate Bitcoin or any cryptocurrency to Naira.
To convert your Bitcoin (BTC) to Naira, you will need an exchange or vendor who readily buys BTC. For secure and fast payments, I choose NairaEx. They are Nigeria’s premier Bitcoin exchange, are available round the clock and offer the best rates on the market.
After getting an exchange (NairaEx), next you proceed to get rates. On the NairaEx website the rates Bitcoin to Naira are clearly shown by the top left of the website.
Example: BUY 355, SELL 360
BUY 355 means NairaEx/Vendor buys/will buy your bitcoin at the rate of 355/$ per dollar. SELL 360 means if you wish to buy bitcoin from NairaEx or Vendor, they sell 360/$ per dollar.
Next, you proceed to calculate naira amount. Here, basic arithmetic multiplication is done.
Example: Let’s say you want to sell $50 worth of Bitcoin (BTC) and the NairaEx rate for the day is 355 per dollar.
To calculate your fiat/naira value, you multiply $50 x 355 = 17,750 Naira. So once your BTC is sent and confirmed within minutes, NairaEX will credit the equivalent in Naira to your bank account.
NOTE: Bitcoin (BTC) and crypto market rates are not constant; they vary as the market changes. That is, rate could be 350/$ today and 355/$ on another day.
Do not get confused when you see 1 Bitcoin/1 BTC equal to over 3 million naira or less at this time. You can always buy and sell a fraction of 1 Bitcoin; that is $10, $20, $56, $2000, $5700 and more as shown in step 3 above.
Alternatively, if you wish to convert Naira to Bitcoin in USD, you can simply Divide.
Example: You have 20,000 naira and wish to buy bitcoin with rate at 360/$; you simply divide 20,000/360 to get $55.5 BTC.
Why you need a trusted vendor? Business and crypto transactions require trust and credibility. To ensure you get value for your Bitcoin (BTC), trade ONLY on trusted exchanges such as NairaEx – this saves you the risk of fake vendors, saves time, and in very rare cases of dispute you have a trusted customer care desk to call.
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