Economy
How to Invest in Bitcoin and Convert to Naira: A Comprehensive Guide
Bitcoin has become a popular investment and trading option for the youths in Nigeria. This is because the entry barrier is lower than traditional investments, and the returns also tend to be higher. This is what makes Bitcoin attractive to many investors. However, its volatility should also be taken into account; this is why understanding how to invest in Bitcoin and convert to Naira is crucial if you’re looking to follow this path.
In this guide, you’ll learn an overview of Bitcoin investment and how to make informed decisions and confident money decisions in the crypto market.
Understanding Bitcoin
Bitcoin is a decentralized digital currency whose primary attraction is its lack of a central authority. BTC’s growing acceptance and adoption are due to its transparent yet secure system that can be used on a global scale. However, it is not without its own risks, such as price volatility and regulatory uncertainties. Understanding these aspects is essential before investing in Bitcoin.
Investing in Bitcoin
To invest in Bitcoin, you’ll need to choose a reliable crypto exchange that operates in Nigeria, create a secure wallet, and decide on an investment method. There are various ways you can earn with Bitcoin; some are:
- Buying and Holding
This is one of the most popular, less risky, and passive ways to grow your Bitcoin investment. It is also a long-term investment type, so you need to be patient while waiting for your investment capital to accumulate profit.
2. Trading
Trading is more risky than investing, and to succeed, you need technical know-how. You also need to keep a close eye on your price charts, as the profitability of this investment type depends on short-term price movements in the market.
3. Mining
This is when you use specialized hardware to become a network validator and secure the network while mining new coins. Mining is on the more expensive side as its hardware and electricity costs don’t come cheap.
4. Staking
Staking is when you invest some amount of BTC, hold it in a wallet, and use it to validate transactions on the network and earn rewards. Aside from the initial investment capital, you don’t need so much as it is a more passive investment.
5. Bitcoin-Based Funds
These include exchange-traded funds (ETFs) and mutual funds. They give you the opportunity to gain from price movements without owning Bitcoin yourself. These Bitcoin-based funds are managed by professionals and are diversified to spread the risk.
Selling Bitcoin for Naira
The crypto terrain is rockier than it is in the rest of the world. However, with so much enthusiasm and resilience, Nigerian traders continue to push forward. To make it easy to sell Bitcoin for Naira, the best option to do this with is the Breet app.
Breet is a crypto-selling platform that is available in Nigeria and traders and is the best alternative to all other ways to sell Bitcoin. It is an over-the-counter (OTC) solution that processes transactions at the speed of light, is extremely secure, and offers some of the best rates in the crypto market.
Because it is dedicated to crypto-to-cash and crypto-to-crypto transactions without the option of storing crypto, it directly deposits the converted Bitcoin to local bank accounts, so that process is seamless.
Here’s how to sell your Bitcoin for Naira on Breet:
After downloading the Breet app on your Android device or iOS device, follow the prompts to sign up. Alternatively, you can just use the web app to register. After registration, it’s time to complete your KYC registration. Also select your default currency (Naira or Cedi), then input your bank account. Now, let’s sell some BTC:
- Navigate to the “Crypto-to-Cash” section and select “Bitcoin.” You’ll then see your unique wallet address, generated during sign-up. Simply copy it or scan the QR code to send your ETH.
- Breet automatically detects the incoming BTC and displays the conversion amount in NGN. Just sit back and let Breet take care of the rest.
- Once the transaction is confirmed, your NGN balance will be updated. You can then withdraw your funds directly to your bank account.
Pro-Tip: For a smoother experience next time, consider enabling “Automatic Settlement” to have your funds deposited directly into your bank account without any extra steps.
Conclusion
Investing in Bitcoin and converting it to Naira can be a rewarding venture if done correctly. By understanding the basics of Bitcoin, choosing the right investment method, and using Breet to sell for the most profitable and seamless experience, you can navigate the crypto world like a boss. Remember to stay informed, exercise caution, and only invest what you can afford to lose.
By Dipo Olowookere
The local stock market firmed up by 1.13 per cent on Friday as appetite for Nigerian stocks remained strong.
Investors reacted well to the 2026 budget presentation of President Bola Tinubu to the National Assembly yesterday, especially because of the more realistic crude oil benchmark of $64 per barrel compared with the ambitious $75 per barrel for 2025. This year, prices have been between $60 and $65 per barrel.
Business Post observed profit-taking in the commodity and energy sectors as they respectively shed 0.14 per cent and 0.03 per cent.
But, bargain-hunting in the others sustained the positive run, with the consumer goods index up by 3.82 per cent.
Further, the industrial goods space appreciated by 1.46 per cent, the banking counter improved by 0.08 per cent, and the insurance industry gained 0.04 per cent.
As a result, the All-Share Index (ASI) increased by 1,694.33 points to 152,057.38 points from 150,363.05 points and the market capitalisation chalked up N1.080 trillion to finish at N96.937 trillion compared with Thursday’s closing value of N95.857 trillion.
A total of 34 shares ended on the advancers’ chart, while 24 were on the laggards’ log, representing a positive market breadth index and bullish investor sentiment.
Austin Laz gained 10.00 per cent to close at N2.42, Union Dicon also jumped 10.00 per cent to N6.60, Tantalizers increased by 9.80 per cent to N2.69, Aluminium Extrusion improved by 9.78 per cent to N12.35, and Champion Breweries grew by 9.71 per cent to N16.95.
Conversely, Sovereign Trust Insurance dipped by 7.42 per cent to N3.87, Royal Exchange lost 6.84 per cent to trade at N1.77, Omatek slipped by 6.84 per cent to N1.09, Eunisell depreciated by 5.88 per cent to N80.00, and Eterna dropped 5.63 per cent to close at N28.50.
Yesterday, traders transacted 1.5 billion units worth N21.8 billion in 25,667 deals compared with the 839.8 million units sold for N32.8 billion in 23,211 deals in the preceding session, showing a surge in the trading volume by 76.61 per cent, an uptick in the number of deals by 10.58 per cent, and a shrink in the trading value by 33.54 per cent.
By Adedapo Adesanya
Three stocks stretched the bearish run of the NASD Over-the-Counter (OTC) Securities Exchange by 1.21 per cent on Friday, December 19, with the market capitalisation giving up N26.01 billion to close at N2.121 billion compared with the N2.147 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropping 43.47 points to 3,546.41 points from 3,589.88 points.
The trio of FrieslandCampina Wamco Nigeria Plc, Central Securities Clearing System (CSCS) Plc, and NASD Plc overpowered the gains printed by four other securities.
FrieslandCampina Wamco Nigeria Plc lost N6.00 to sell at N54.00 per unit versus N60.00 per unit, NASD Plc shrank by N3.50 to N58.50 per share from N55.00 per share, and CSCS Plc depleted by N2.91 to N33.87 per unit from N36.78 per unit.
On the flip side, Air Liquide Plc gained N1.01 to close at N13.00 per share versus N11.99 per share, Golden Capital Plc appreciated by 70 Kobo to N7.68 per unit from N6.98 per unit, Geo-Fluids Plc added 39 Kobo to sell at N5.50 per share versus N5.11 per share, and IPWA Plc rose by 8 Kobo to 85 Kobo per unit from 77 Kobo per unit.
During the trading day, market participants traded 1.9 million securities versus the previous day’s 30.5 million securities showing a decline of 49.3 per cent. The value of trades went down by 64.3 per cent to N80.3 million from N225.1 million, but the number of deals jumped by 32.1 per cent to 37 deals from 28 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc finished the session as the most active stock by value on a year-to-date basis with 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units traded for N4.9 billion.
The most active stock by volume on a year-to-date basis was still InfraCredit Plc with 5.8 billion units worth N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Adedapo Adesanya
It was not a good day for the Nigerian Naira at the two major foreign exchange (FX) market on Friday as it suffered a heavy loss against the United States Dollar at the close of transactions.
In the black market segment, the Naira weakened against its American counterpart yesterday by N10 to quote at N1,485/$1, in contrast to the N1,475/$1 it was traded a day earlier, and at the GTBank forex counter, it depreciated by N2 to settle at N1,467/$1 versus Thursday’s closing price of N1,465/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, which is also the official market, the nation’s legal tender crashed against the greenback by N6.65 or 0.46 per cent to close at N1,464.49/$1 compared with the preceding session’s rate of N1,457.84/$1.
In the same vein, the local currency tumbled against the Euro in the spot market by N2.25 to sell for N1,714.63/€1 compared with the previous day’s N1,712.38/€1, but appreciated against the Pound Sterling by 73 Kobo to finish at N1,957.30/£1 compared with the N1,958.03/£1 it was traded in the preceding session.
The market continues to face seasonal pressure even as the Central Bank of Nigeria (CBN) is still conducting FX intervention sales, which have significantly reduced but not remove pressure from the Naira. Also, there seems to be reduced supply from exporters, foreign portfolio investors and non-bank corporate inflows.
President Bola Tinubu on Friday presented the government’s N58.47 trillion budget plan aimed at consolidating economic reforms and boosting growth.
The budget is based on a projected crude oil price of $64.85 a barrel and includes a target oil output of 1.84 million barrels a day. It also projects an exchange rate of N1,400 to the Dollar.
President Tinubu said inflation had plunged to an annual rate of 14.45 per cent in November from 24.23 per cent in March, while foreign reserves had surged to a seven-year high of $47 billion.
Meanwhile, the cryptocurrency market was dominated by the bulls but it continues to face increased pressure after million in liquidations in previous session over accelerating declines, with Dogecoin (DOGE) recovering 4.2 per cent to trade at $0.1309.
Further, Ripple (XRP) appreciated by 3.9 per cent to $1.90, Cardano (ADA) rose by 3.5 per cent to $0.3728, Solana (SOL) jumped by 3.4 per cent to $126.23, Ethereum (ETH) climbed by 2.9 per cent to $2,982.42, Binance Coin (BNB) gained 2.0 per cent to sell for $853.06, Bitcoin (BTC) improved by 1.7 per cent to $88,281.21, and Litecoin (LTC) soared by 1.2 per cent to $76.50, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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