The Nigerian crypto space can be a slippery slope; one minute you’re glad you’ve finally gotten the hang of crypto trading, and the next? You’re trying not to get scammed while keeping the profit you’ve made.
This same thing applies when converting Ethereum to Naira. But, contrary to popular belief, you don’t have to settle for less or compromise on your need for safety and a transparent fee structure, because you can have both.
In this blog post, we’ll discuss the 3 safe ways to convert your Ethereum to Naira without hidden fees. Sounds like what you’re looking for? Let’s get into it.
How to Convert Ethereum to Naira
Whether you’re a seasoned trader or just someone trying to cash out some ETH for the first time, the most important things to consider when converting Ethereum (ETH) to Naira are safety, speed and exchange rate.
Let me walk you through how to convert Ethereum to Naira and share a few tips to help you avoid unnecessary risks along the way:
- Crypto-to-Cash Apps
One of the simplest and safest ways to convert ETH to Naira is through dedicated crypto-to-cash apps. These platforms are built specifically for Nigerians who want a straightforward way to swap, sell or spend their crypto in naira without dealing with third-party buyers or unregulated vendors..
To use these apps you install, sign up and verify your account, after which you simply send your Ethereum to the wallet address provided by the app then you can convert at the Nigerian Ethereum exchange rate and withdraw the funds directly to your bank account.
Perks:
- Relatively fast withdrawal payouts
- Platforms are regulated and licensed
- Easy to use, which makes it my recommended method for anyone new to crypto
- Peer-to-Peer (P2P) Transfers
P2P trading is the most direct way to convert ETH to Naira, but it also comes with the highest risk if you’re not careful. In this method, you find someone willing to buy your Ethereum and pay you in Naira, usually through a bank transfer.
Deals like this are often arranged through centralised exchanges with escrow services or sometimes via WhatsApp/Telegram groups.
While P2P trading can offer flexibility and reasonable rates, you must do your due diligence. Always confirm the buyer’s reputation, check for completed trades, and never release your ETH until the payment has been confirmed in your bank account. Avoid dealing with strangers outside of a secure platform.
Best for:
- Experienced traders who want flexible terms or use specific payment methods.
- Traders with close relationships with vendors
The following sections highlight the safest platforms we use to convert Ethereum to Naira.
Best Platforms to Convert Ethereum (ETH) to Naira (NGN)
When converting crypto to cash in Nigeria, no one does it better than Breet. Once you send your Ethereum to your Breet wallet, you can either set it to automatically convert to Naira or handle the conversion manually then withdraw straight to your bank account.
Breet’s withdrawal payout is as fast as Sportybet and Opay transfers. Their rates are good. In fact, before selling, you can use their calculator to check the Ethereum to naira exchange rate and find out how much your ETH is worth in naira.
There is no P2P merchant wahala, and there is nothing like “drop your phone number” or “wait for alert. “ Everything is automatic, with no third parties, no fees, and you are in control.
Breet is regulated, so all funds are safe. You can either download the app or create an account and use it from the website.
Bybit is a crypto exchange that enables peer-to-peer(P2P) buying and selling some selected cryptocurrencies in Nigeria, including Ethereum.
Although Ethereum is listed on P2P, most people sell their Ethereum for USDT in the spot market before going to P2P to sell the USDT.
This is because of liquidity, i.e. there are more USDT traders than Ethereum traders on P2P, so to avoid “story” and long waiting times, we first convert to USDT.
After the conversion, proceed to the P2P market, but with caution, make sure you filter the merchants until you find offerings that match your order. Then sell to them, but don’t release your tokens until you receive the funds.
Like Bybit, Bitget is a crypto exchange supporting P2P trading in Nigeria. You can offload your Ethereum on Bitget’s P2P market, and the procedures are similar to those of Bybit, which I outlined above.
However, you will have to pay fees at this time. Bitget charges 0.5% of the total amount you are selling.
For instance, if you want to sell 1,000,000 naira worth of Ethereum, you will pay 5000 naira in fees.
Closing Thoughts
And that’s how we convert Ethereum to Naira, and the three safest options to use in Nigeria. P2P is more technical and holds the highest risk, especially from merchants.
Pro tip: Always use verified merchants with many completed orders( at least 1,000 completed orders), or, better still, skip the risks entirely and use Breet with peace of mind.
