Bitcoin (BTC) has been a part of Nigeria’s financial conversation fo years. With many people trading Bitcoin, one question that keeps coming up is how do you sell Bitcoin in Nigeria and get Naira in 2026?
Some people had bad experiences while trying to sell their Bitcoin in Nigeria because they didn’t choose the safest option. Well, this does not have to be your story. Today, we will examine how to sell Bitcoin in Nigeria, how to avoid scams, and common mistakes that can cost you money.
By the end, you will know exactly how to move from Bitcoin to Naira with clarity and confidence.
Methods to Sell Bitcoin in Nigeria
Ridima is the best platform to sell Bitcoin in Nigeria and get Naira in 2026.
Here are the methods to consider to sell Bitcoin in Nigeria.
Method 1 – Direct Crypto Platforms.
Ridima is a direct crypto platform that allows customers sell their Bitcoin in Nigeria. All you have to do is deposit your Bitcoin and get your Naira instantly.
Using Ridima is the best method because there are no third parties, waiting time, or negotiation. Customers get the best value when they want to convert their Bitcoin to Naira.
Pros
- Payment is instant.
- No hidden bank charges.
- Automatic conversion.
- No risk of being scammed.
- SEC-regulated and compliant.
Cons
- Nigerian banks can delay payment.
Method 2 – Traditional Exchanges
There are established brands like Luno and Quidax that allow customers to sell their Bitcoin on their order book for Naira. This form of exchange is similar to stock trading.
Pros
- Brands are well-recognised.
- Transparent trading because of the order book.
Cons
- Delayed type of transaction.
- Requires trading and withdrawal fees.
- Conversion takes time.
- Not a trading method for beginners.
Method 3 – Peer-to-Peer Platforms
A peer-to-peer platform connects you with an individual vendor who buys Bitcoin. Examples of these platforms are Binance P2P and Paxful. Also, you can negotiate the rate and opt for another vendor if you are not impressed.
Pros
- Can negotiate for satisfying rates.
Cons
- High risk for scams.
- Settlement time can be long.
- The negotiation process can be long.
- Accounting freezing is a common.
- Vendors can delay or even cancel.
Of all these methods, Nigerians who want instant trading, safe conversion, and good rates use Ridima.
Step-by-Step Guide: Selling Bitcoin on Ridima
Here is how to sell your Bitcoin for Naira on Ridima;
- Download the Ridima App from the App Store or the Play Store.
- Open the Ridima App.
- Go to the menu on the app.
- Click on the Trade Digital Assets button.
- Click on Sell and indicate the cryptocurrency you want to exchange.
- In this case, choose Bitcoin as the cryptocurrency.
- Generate your permanent wallet address (This is a one-time action for all future actions).
- View the current exchange rate to know the worth of your Bitcoin.
- Confirm if you are satisfied with the rate.
- Upon satisfaction, send your cryptocurrency from your external wallet to the newly generated Ridima wallet address.
- Wait for our three security confirmation processes to be completed. This process can take a few minutes to ensure optimum accuracy and security of your transaction.
- Upon confirmation, you will receive the Naira equivalent of your transaction in your Ridima Naira wallet.
- You can withdraw Naira or settle your bills via the Ridima app.
Pro Tip
Are you a first-timer on Ridima? You can consider a small amount, like 0.001BTC or $50 worth, to test. This helps you to see how the entire process works before you send larger amounts. This is common advice if you are using a new platform for the first time.
How to Avoid Bitcoin Scams in Nigeria
Here is how to avoid Bitcoin scams in Nigeria.
- Peer-to-Peer Vendor Scams
On P2P platforms, you are dealing directly with another individual. Some vendors claim to have sent payment when they haven’t. They even send fake bank alerts or pressure you to release your Bitcoin quickly.
How to stay safe:
- Never release Bitcoin until the money reflects in your bank account.
- Don’t trust screenshots or SMS alerts as proof of payment.
- Avoid vendors who rush you or try to move the conversation off the platform.
- Use platforms with escrow, and follow their dispute process if something feels wrong.
- Fake Trading Platforms
Some websites and apps are designed to look like legitimate crypto platforms. They may promise instant cash-out but disappear once you deposit your Bitcoin.
How to stay safe:
- Only use verified platforms with a clear track record.
- Check for proper registration, customer support, and online reviews.
- Be cautious of platforms that don’t require basic verification or provide no clear company information.
- Too Good to Be True Rates
Scammers often attract victims by offering exchange rates that are far higher than the market rate. Once you send your Bitcoin, they just vanish or keep promising another day.
How to stay safe:
- Compare rates across multiple platforms before selling.
- Be suspicious of rates that are significantly higher than average.
- Remember that legitimate platforms operate within realistic market prices.
- Impersonation Scams
Some scammers pose as customer support agents or company representatives on WhatsApp, Telegram, or social media. They may ask you to send Bitcoin to a “support wallet” or share sensitive details.
Solution: Do not share your private keys, OTPs, or recovery phrases with anyone.
- Investment Scams
These scams promise to help you “recover lost Bitcoin” or offer guaranteed returns if you invest more funds. In most cases, they are designed to drain your wallet further.
The truth is that no legitimate service can magically recover lost or stolen Bitcoin. Hence, if someone asks for payment to recover funds, it’s almost always a scam.
Red Flags to Watch For
Here are some red flags to watch for.
- Pressure to Act Fast
Anyone who rushes you to “release now,” “confirm quickly,” or “send before the rate changes” is a big red flag to avoid. Scammers rely on urgency because they want to stop you from double-checking details or thinking straight.
- Proof of Payment That Isn’t Real
Another common tactic is the use of fake bank alerts, edited screenshots, or claims like “the bank network is slow.” Only trust money that has fully reflected in your bank account.
- Requests to Move Outside the Platform
If a buyer or “support agent” asks you to continue the transaction on WhatsApp, Telegram, or email, that’s a serious warning sign.
Keep all transactions and communication inside the official platform.
- Exchange Rates That Are Far Above Market Value
There is no free money anywhere. No one wants to make a loss while you, as a customer, are enjoying high rewards. Hence, an unusually high rate is often bait. Once you send your Bitcoin, there will be delays or excuses.
- Requests for Private Information
No legitimate platform or buyer will ask for your private keys, recovery phrase, OTPs, or login details. If anyone asks for these, the conversation ends immediately.
How to Protect Yourself When Selling Bitcoin
Scammers can also pretend to be support agents and message you directly after you post a trade.
- Use SEC-compliant platforms like Ridima that operate within Nigerian regulations to reduce regulatory risk and protect your funds.
- Never share your private keys, recovery phrases, or account passwords with anyone, under any circumstances.
Note: Legitimate platforms will never ask for them.
- If you’re using peer-to-peer platforms, always confirm payment inside your official bank app before releasing Bitcoin.
- Enable two-factor authentication (2FA) on all your crypto accounts to add an extra layer of security.
- When using a new platform for the first time, start with a small amount to confirm that the process works smoothly before sending larger sums.
- Check reviews and ask trusted Nigerian crypto communities about a platform before using it.
- Always choose platforms like Ridima that offer automatic Bitcoin-to-Naira conversion to remove vendor risk, eliminate negotiation, and reduce the chance of scams.
Platform Comparison: Where to Sell Bitcoin in Nigeria
Here is how major platforms compare for selling Bitcoin and getting Naira.
| Platform | Settlement Time | Bitcoin Fee | Withdrawal Fee | Method | Best for |
| Ridima | 2-10 minutes. | 0% | Free. | Automatic. | Instant payment and good rates. |
| Binance P2P | 30 mins – 2 hours. | 0% | Based on the vendor. | Peer to peer. | Perfect for advanced traders. |
| Luno | 1-3 hours. | 1.5% trading. | ₦50-100. | Exchange order book. | Perfect for advanced traders. |
| Quidax | 1-2 hours. | 0.5-1.5% trading. | ₦100. | Exchange. | Random traders. |
You can also always know the latest value of your Bitcoin before you sell it on Ridima for Naira.
Tips for Getting the Best Bitcoin to Naira Rate
While you can’t control Bitcoin’s global price, you can still improve how much Naira you receive when selling by;
- Understanding How Rates Work
Your final Bitcoin-to-Naira rate is influenced by two factors;
- Bitcoin’s price in USD and
- The USD-to-Naira exchange rate used by the platform.
Since platforms apply different USD-to-Naira rates, the amount of Naira you get can vary even when Bitcoin’s price is the same.
- Sell at the Right Time
If you’re not in a rush, waiting a short while can sometimes give you a better rate. Bitcoin prices often move more during weekends and US market hours. That said, don’t overthink it. If you need Naira urgently, selling immediately is usually the smarter choice.
- Compare Rates and Fees
Always check rates across platforms before selling large amounts. A slightly higher rate doesn’t help if fees and withdrawal charges eat into your funds. Ridima shows clear pricing, a fixed Bitcoin fee, and free bank withdrawals, so you know exactly what you’re getting.
- Watch Network Fees
Bitcoin network fees are paid to miners and can be high during busy periods. For small amounts, these fees can take a noticeable chunk of your value. In such cases, converting to USDT on a low-fee network first and then selling on Ridima can help you keep more of your money.
Conclusion
Selling Bitcoin in Nigeria in 2026 doesn’t have to be complicated or risky if you understand your options and choose the right platform. If you want the best value for your Bitcoin, the key is avoiding shortcuts that expose you to scams or unnecessary delays. By using a trusted platform like Ridima, you can sell Bitcoin to Naira and get Naira instantly and safely.
Reference
How to Sell Bitcoin in Nigeria 2025 – Complete Guide | Monica
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