Bitcoin is the number one cryptocurrency in the world and the most popular in Nigeria. Though it’s not officially recognized as a legal tender by the Central Bank of Nigeria, it is still widely used in the country as a means of paying for goods and services.
Bitcoin VS the Nigerian Naira
Currently, many businesses in Nigeria prefer receiving payments in bitcoin than in Naira, the country's official currency, it may be surprising but it’s true. The reason why this is happening is because while the value of bitcoin have risen over the years, the Naira has been depreciating in value since about the year 2013 and it’s unfavorable to these entrepreneurs especially those who engage in foreign transactions. A popular and typical example would be the case of Mr. Silas Okwoche, the founder of Nerve Mobile; his company was a victim of the depreciation of the Naira. Mr. Okwoche was dealing on purchasing Android smartphones directly from China and bringing them into Nigeria via Alibaba. The business was solid and going well until the unfortunate happened, the Nigerian Naira fell over 15% against the Chinese Yuan. The imported phones became so expensive here in Nigeria that he could no longer make sales as no one was willing to buy. If he had used bitcoin to manage his affairs just as many Nigerian entrepreneurs are doing today, it would have been a different and better story.
Many Nigerians today, especially the ones who know little about what bitcoin is all about thinks and believe that bitcoin transactions are shady because it is unregulated in the country, but this is not true and as they learn about it, more and more people keeps getting involved.
Nigerians into bitcoin normally uses peer to peer bitcoin marketplaces like Paxful and LocalBitcoins to trade bitcoins but in such marketplaces, you get to pay high transaction fees which would not be attractive to you. The good news is, there are Bitcoin to Naira exchanges in Nigeria where you can sell your BTC to Naira or vice versa, one of such exchanges in Nigeria is MyTopExchange
Where to sell your bitcoin in Nigeria
Selling your Bitcoins to a renowned bitcoin exchanger in Nigeria like MyTopExchange is better and safer than using peer to peer marketplaces.
Why you should use Mytopexchange
MyTopExchange offers a secure, automated and easy to use platform where you can sell your bitcoins conveniently and have the Naira equivalent deposited into your account within minutes.
Carrying out such a transaction on Mytopexchange is quick you can start now by following these steps;
Register an account with Mytopexchange
Done, you have successfully created an account on Mytopexchange and you can now sell your bitcoins in exchange for Naira.
How to sell your Bitcoins on Mytopexchange
Just as easy as it was for you to register, so it is for you to sell your bitcoins, just follow these steps once you are logged into your Mytopexchang account dashboard;
Bitcoin has been performing better than the Nigerian Naira in recent years. Many Nigerians are now seeing Bitcoin as a better payment option for carrying out foreign transactions. If you want to sell bitcoins in Nigeria, you can do that with Mytopexchange, Mytopexchange is a trusted bitcoin exchange website in Nigeria.
You can contact MyTopExchange on 08144333114 and follow MyTopExchange on Facebook