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 Nigerian Exchange (NGX) Limited extended its losing streak to seven consecutive sessions on Wednesday after it closed lower by 0.36 per cent.
The loss suffered yesterday was inflicted by the energy space, which significantly shed 4.63 per cent at the close of business. This was because of profit-taking in Aradel Holdings.
Further, the insurance segment went down by 0.88 per cent due to sell-offs, especially after news of the revocation of the operating licence of Universal Insurance Plc by the National Insurance Commission (NAICOM) after it missed the new recapitalisation requirements.
The consumer goods index depreciated at midweek by 0.31 per cent, while the banking space recovered 0.54 per cent, with the industrial goods segment closing flat.
When market activities ended for the session, the All-Share Index (ASI) was down by 860.76 points to 240,750.47 points from 241,611.23 points, and the market capitalisation gave up N556 billion to settle at N155.417 trillion compared with the previous day’s N155.973 trillion.
International Energy Insurance shed 10.00 per cent to quote at N4.77, Aradel lost 9.99 per cent to trade at N1,374.20, Universal Insurance slumped by 9.41 per cent to 77 Kobo, Red Star Express depreciated by 9.26 per cent to N14.70, and Royal Express crashed by 8.62 per cent to N1.06.
On the flip side, Haldane McCall gained 10.00 per cent to end at N3.52, Coronation Insurance improved by 8.44 per cent to N2.44, UAC Nigeria jumped by 6.56 per cent to N177.85, AVA Capital grew by 6.29 per cent to N7.60, and Caverton rose by 5.32 per cent to N4.95.
The most active equity during the session was Fortis Global Insurance, with a turnover of 610.7 million units worth N1.2 billion. FCMB traded 60.9 million units worth N722.9 million, Fidelity Bank transacted 57.0 million units valued at N1.2 billion, Consolidated Hallmark sold 46.3 million units worth N312.7 million, and Royal Exchange exchanged 43.5 million units valued at N45.8 million.
In all, a total of 1.2 billion shares valued at N37.8 billion exchanged hands in 34,546 deals on Wednesday compared with the 429.8 million shares worth N27.5 billion traded in 35,683 deals on Tuesday. This indicated a spike in the trading volume and value by 179.20 per cent and 37.46 per cent, respectively, while the number of deals declined by 3.19 per cent.
By Aduragbemi Omiyale
The operating licence of Universal Insurance Plc has been withdrawn by the National Insurance Commission (NAICOM).
This action was taken by the regulator over the failure of the underwriting firm, which is listed on the Nigerian Exchange (NGX) Limited, to meet the new recapitalisation requirements on or before July 31, 2026.
NAICOM said it revoked the company’s licence based on its powers stipulated in the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The regulator has appointed a Receiver/Provisional Liquidator for the insurance company, and he is Mr Ogbonna Chukwumerije, a partner at Pinheiro LP.
He will immediately trace, recover, secure and take possession of Universal Insurance’s assets, collate its liabilities and facilitate their settlement in accordance with the provisions of NIIRA 2025.
He is also required to liaise with NAICOM and submit periodic reports on the progress of the receivership and liquidation process.
Already, Mr Chukwumerije has informed banks, financial institutions, policyholders, creditors, debtors, customers and members of the public that Universal Insurance had entered receivership, advising parties dealing with the company’s funds, assets, records, policies, claims and liabilities to verify the authority of anyone claiming to act on its behalf.
Banks and other financial institutions were specifically warned against honouring withdrawals, transfers, payment mandates or other instructions issued on behalf of Universal Insurance unless authorised by the receiver.
However, Universal Insurance has taken steps to appeal NAICOM’s decision. The organisation was among six insurers that failed to meet the recapitalisation deadline.
By Adedapo Adesanya
The oil market was elevated on Wednesday as investors worried about escalating tensions in the Middle East, with the United Arab Emirates suspending all financial and economic transactions with Iran.
Brent crude futures settled at $91.62 a barrel after soaring by 60 cents or 0.7 per cent, while the US West Texas Intermediate (WTI) crude futures rose by 89 cents or 1.1 per cent to $85.83 a barrel.
The UAE has halted all trade, financial, and commercial ties with Iran until further notice, after saying Tehran had fired ballistic missiles targeting its territory.
Late on Tuesday, the UAE’s Defence Ministry said that “assessments revealed the two ballistic missiles detected, originating from Iran, were targeting maritime navigation and fell into the sea.” One of the missiles fell outside the Emirates’s territorial waters, while the second fell within its territorial waters, the ministry added.
In light of these missiles fired from Iran, the UAE halted all economic ties with Iran.
This development comes after US President Donald Trump said no talks were taking place with Iran and that the Strait of Hormuz was open. Iran, however, said the waterway remained shut.
The oil market remains focused on the Strait of Hormuz, through which about one-fifth of global oil and liquefied natural gas supplies passed before the US-Israeli war on Iran began at the end of February.
Available data from Kpler showed that only six commodity vessels crossed the strait on Tuesday, down from nine a day earlier and below the 10-day daily average of 11.
Meanwhile, oil shipments from Russia’s western ports have fallen to about 2.3 million barrels per day in the first half of August, 15 per cent below the initial loading plan, because of disruptions at the Black Sea port of Novorossiysk.
Crude oil inventories in the US saw a massive increase of 4.4 million barrels during the week ending August 14, according to new data from the US Energy Information Administration (EIA) released on Wednesday.
The EIA’s data release follows figures from the American Petroleum Institute (API) that were released a day earlier, which reported that crude oil inventories had fallen by 328,000 barrels in the period.
