On this article we are going to discuss how to convert Ethereum to Naira, we will also talk about how to buy Ethereum in Nigeria.
There are several other questions that bothers on Ethereum in Nigeria that we will be providing answers for. In the meantime, let us first talk about Ethereum.
What Is Ethereum?
Ethereum is a decentralized and open-source blockchain which has smart contract functionality. Ethereum being the second highest cryptocurrency based on market capitalization was first released in 2015 after being initially conceived by programmer Vitalik Buterin in 2013. ETH is the native cryptocurrency of the Ethereum network.
Now that we have given the definition of Ethereum, let us now talk about how to buy it in Nigeria considering the fact that the federal government of Nigeria banned cryptocurrency transactions in Nigerian financial institutes.
How Can I Buy Ethereum in Nigeria?
Even with the ban on cryptocurrency transactions in the country, there are ways you can safely buy Ethereum in Nigeria. The most popular way to buy Ethereum in Nigeria is through Peer-To-Peer.
Several cryptocurrency exchanges allow P2P transactions and you can use this method to buy Ethereum.
To do this, simply open your Binance app or download it from Playstore or App Store if you don’t have it on your phone.
Ensure that you have verified your account by going through the account creating process correctly. Once you have a verified account on Binance, you can safely make use of the P2P feature to buy Ethereum.
Once your Binance app is open, click on Trades at the bottom of the page, then look at the top of the page and click on P2P. Click Buy and click on ETH, this will show you the various ETH vendors, their rates, payment options and their selling limits.
Once you have seen the vendor that fits what you need, click on buy and insert the amount of ETH you want, to avoid confusion you can click BY FIAT and insert the Naira worth of ETH that you want to buy. After doing this, click on BUY With 0 Fee, this will take you to the payment page, copy the bank account number provided by the vendor and make your transfer to the account. Once you have transfered, come back to the app and click on “Transfered, Notify”. Wait for the vendor to confirm the payment and the funds will be released to your account.
You can also buy Ethereum with BUSD, USDT, TUSD, USDC, EUR, RUB, TRY, BTC., etc, on Binance, KuCoin, Gate.io, or MEXC, etc. For example, let us say you want to buy ETH with USDT, simply fund your wallet with USDT on any of these apps and search for ETH/USDT. Once you have seen it, click on it and click on ‘Buy’, insert the amount of USDT you are using to buy the ETH or the ETH value you are buying. After doing this, click on BUY to swap the USDT to Ethereum.
Another way to buy ETH is by getting it from someone you know or in a group you belong to (risky). If you have a trusted person who has ETH, you can easily copy your ETH wallet address and send to the person to send the ETH to you, then you pay the person the Naira equivalent of the ETH you are buying. Note that this method is very risky and you may get scammed. You can use a mutual friend as an escrow if you do not trust the person.
What App Can I Use to Buy Ethereum in Nigeria?
You can buy Ethereum in Nigerian through these apps; Binance, KuCoin, Gate.io, or MEXC, etc. Note that due to the ban on cryptocurrency transactions by the federal government of Nigeria, the safest way to buy ETH in Nigeria is by P2P, or the apps listed above.
What is the Cheapest Way to Buy Ethereum?
The cheapest way to buy Ethereum is by using USDT, BUSD, or BTC to buy it on either Binance, KuCoin, Gate.io, or MEXC, etc. This way, you get to buy the coin at the official, P2P or buying from a friend may be a little bit expensive compared to buying directly with USDT, BBUSD, or BTC.
Also Read: Bitcoin To Naira
How Can I Buy Ethereum?
Like we have said above, you can safely buy Ethereum using P2P on Binance or other platforms that allow P2P transactions. You can also buy it directly on either Binance, KuCoin, Gate.io, or MEXC, etc. Thirdly, you can buy ETH from a friend or colleague who has ETH to sell (risky).
How to Sell Ethereum in Nigeria
Selling ETH is pretty straightforward and also the same way as buying, you can sell your ETH through P2P on exchanges that accept P2P transactions like Binance. Simply open your Binance app, click on Trades at the bottom of the app, go up and click on P2P. Once you have done this, click ETH and click on sell. You will see the various people who are looking for ETH to buy, their rates and the limit they can buy will be listed as well as their preferred payment option.
Also Read: Best Cryptocurrency To Invest In 2022
Chose the best option that fits you by clicking on Sell, insert the amount of ETH you want to see, to avoid confusion you can click ‘BY FIAT’ and insert the Naira worth of ETH that you want to sell, click sell once you are done and insert your preferred payment method then wait for the person to make payment. Once you have received the payment in your bank account, you can now confirm so that the funds will be released to the person.
Best Place to Sell Ethereum in Nigeria
There are many places to sell your Ethereum in Nigeria but the best place is unarguably Binance. This is because Binance has several selling or buying options that makes it comfortable for Nigerian crypto traders.
How Much is 1 Ethereum in Naira
Currently, one Ethereum is worth N1,592,725.11. Note that this price is not stable due to the volatility of cryptocurrency.
Ethereum to Naira
If you want to convert Ethereum to Naira, there are sure ways to do that easily. The best way to know the current value of Ethereum to Naira is by using Google. Simply follow this link and you will get the current value of Ethereum to Naira.
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Please note that information provided on this page does not translate to an investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. We only make predictions based on our analysis, we do not give you any guarantee on any coin. Ensure that you Do Your Own Research before buying any coin.