How to sell Bitcoin in Nigeria: A step-by-step guide

It should no longer be news that In February of 2021, the Central Bank of Nigeria put a restriction on cryptocurrency transactions in the nation. The Nigerian crypto community was thrown into a frenzy as everyone who traded crypto began to seek alternatives on how to sell bitcoin in Nigeria after the ban. 

Luckily, fintech companies like Bitmama came to the rescue by providing not just the knowledge but also how to sell bitcoin in Nigeria after the ban. More than a year later, the crypto industry in Nigeria is still booming with different crypto exchange platforms springing up and arbitrage trading business booming.

Nigeria is one of the leading countries in the world when it comes to crypto adoption. A lot of people don’t want to miss out on the opportunities that cryptocurrency offers. This makes the number of people looking for how to sell bitcoin in Nigeria after the ban very high. The adoption keeps growing day by day despite the ambiguous legal status of digital assets in the country. You can read our post on the top 10 cryptocurrencies to invest in 2022 and how a beginner can easily invest in crypto.

Is now an appropriate time to sell Bitcoin?

Although no one can predict the future, the market may be attentively examined. Look at the overall trends, how Bitcoin has changed in recent weeks and months, and whether any upgrades are on the way, among other things. Follow crypto news in Nigeria to have a better understanding of how to sell bitcoin in Nigeria after the ban and make an informed choice.

Take-home point, it is never a good or bad time to buy or sell crypto. You are expected to DYOR (Do Your Own Research).

How to sell bitcoin in Nigeria after the ban

Selling crypto on Bitmama is so easy that it can be done in under a minute! You can put it to the test if you doubt it. Follow either of these two methods

The direct method

Not everyone is familiar with the P2P method of selling their crypto. We understand that it could be so confusing or even take a longer time to get your money. Furthermore, some might question the security of some P2P platforms. That is why at Bitmama we’ve simplified the process by creating a far easier way to sell your crypto safely and conveniently. 

1. Open your Bitmama app 
2. Click on Sell (it is right beside Buy) 
3. Select the coins you want to sell (BTC, ETH, CELO, etc) 
4. Select the fiat currency you are selling to (NGN, GHS, KES) 
5. Click on Sell and you have successfully sold your crypto

You can also see this video on quick steps to sell your coins on Bitmama app

The P2P method

Crypto P2P exchange platforms work by matching crypto buyers and sellers together to facilitate a trade. They can either browse crypto advertisements or create their own. 

It’s difficult to establish trust on other platforms such as social media, for example, because they are not crypto P2P exchange platforms. You can’t be certain that the buyer will follow through with the payment for the Bitcoin after receiving it. Therefore using a tested and trusted platform like Bitmama ensures your safety while you trade. You’ll also have the advantage of being able to check their reputation and ratings before engaging in any transactions. 

Bitmama typically takes a small fee for each trade conducted, and also requires users to store their funds in a separate digital wallet controlled by the platform. See our thoughts on how to open and fund a bitcoin wallet in Nigeria

How to sell on Bitmama P2P exchange

1. Login to your Bitmama account
2. Click on P2P
3. Click on sell
4. Choose and had listed on the exchange 
5. Enter the amount you would like to sell
6. Enter your preferred payment method
7. Fill in your bank account details
8. Click on submit and proceed
9. You will receive payment from the buyer
10. Then you can go ahead and credit the buyer’s wallet

There you have it. You can now successfully carry out your P2P exchange on Bitmama without any fear of losing your money. Get started today by downloading the app on iOS or Android