Make Money Buying and Selling Bitcoin in Nigeria

Buy and Sell Bitcoin in Nigeria – Here I will show you how to make money by buying and selling bitcoin in Nigeria? Yes, this is actually possible.With this post, you will learn how to make money from bitcoin in Nigeria as well as any other part of the world.

Just like other currency trading, you can exchange bitcoin to Naira or Dollar and exchange Dollar or Naira to Bitcon using the agreed or market exchange rate with your seller or buyer.

Bitcoin exchange rate?

Bitcoin is simply a digital currency or crypto-currency that is accepted just like any other currencies. You can check the current Bitcoin to Dollar exchange rate and Bitcoin to Naira exchange rate.

Bitcoin to Naira or Naira to Bitcoin exchange rate fluctuates from time to time. But you can always find the current exchange rate on the Bitcon marketplace.

How to Make Money Buying and Selling Bitcoin in Nigeria

make-money-buying-and-selling-bitcoin

It’s very simple to make money from buying and selling of Bitcoin especially if you understand how the normal money market works.

Let me explain to you…

Bitcoin is just more than money. It’s a very valuable commodity. The official value of 1 Bitcoin is about  NGN220,000.00 (Two hundred and twenty two thousand Naira) and it’s about USD700. The acceptability is what is amazing me.

Note: Just like any other commodity, these exchange rate changes over time.

So how do you make money it after knowing all this?

Sure, you make money if you trade the commodity wisely (just like buying and selling jeans in Onitsha main market). You buy Bitcoin, knowing the current exchange rate and sell it to another person on a better exchange rate.

Once you succeed in selling it on a higher exchange rate, you now have a gain. On the way round, you can loose if you cannot sell it at the rate higher than the rate you bought it. This is like stock trading or Forex.

So, the deal is basically buying and selling Bitcoin and making profit from it. From my explanation and/or reality, you can loose your investment if you don’t trade smartly (as a business man).

1. Make Money from Buying and Selling Bitcoin through Currency Flipping

You can also make money from buying and selling Bitcoin if you are good playing with other countries currencies. Example, you buy Bitcoin with Naira and Sell it on a more valuable currency like Dollar.

For instance, you …

If you buy 1 Bitcoin is NGN220,000.00 and sell the  1 Bitcoin for  for  USD700

You can make more money in Naira (NGN329,000) if you change the USD700 to Naira with the current exchange rate in the black market (NGN470).

So, you will now make additional NGN109,000 as gain from the trading maneuver. This is called playing with currencies without waiting for appreciation time.

1. Make Money from Buying and Selling Bitcoin through Bitcoin Parking

Another way to make money buying and selling bitcoin is to buy it and keep with the hope that the value will rise for you to sell it later for profit.

See the explanation below:

Let me explain the bitcoin parking strategy for you.

For instance, you …

If you buy 1 Bitcoin is NGN220,000.00 and park

After sometime, the value of Bitcoin rises in Naira to about (NGN300,000)

You now sell it out  to make additional  NGN80,000 as gain from the trading maneuver. This is called Bitcoin parking by waiting for appreciation time.

You have to be very careful because you are trading a very high value commodity here. You can loose so much than you can recover.

Where to Buy and Sell Bitcoin Online in Nigeria

See the best place to buy bitcoin here. To buy and sell bitcoin in Nigeria visit Localbitcoin and signup for free. At Localbitcoin, they have electronic wallet to store your bitcoin. They also have escrow services that help in buyer-seller protection and avoiding incidence of scam.

There, you can buy bitcoins with credit card or buy bitcoin with PayPal. 

After signup, you can then post a trade (advertise) your offer. You should only create Bitcoin advertisement if you plan to trade bitcoins regularly. If you are just buying Bitcoin, you can simple reply to the existing advertisement.

All your purchased Bitcoins are stored in your online bitcoin wallet with Localbitcoin.com. Please find and read their terms of service and understand it very well before you join

I also buy Bitcoin at a reasonable rate. You can pick my contacts in the hire me page, let’s talk.

That’s it… Trade wisely.


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About the Author

Ifiokobong Ibanga is a life coach, a mentor and an inspirational speaker. He like testing ideas to find out what works. Sure, he has made substantial income online, so he's knowledgeable enough to teach you. Chat Ifiokobong Ibanga on Twitter here: Follow @IfiokobongR Join me on Facebook Chat!

7 Enlightened Replies

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  1. onyebuchi says:

    Thanks for the information do I have to create a website for it before selling the Bitcoin

    • Ifiokobong says:

      No, you don’t need to create a website before you start selling Bitcoin. All the transactions are done on Localbitcoin

      • online lion says:

        guy abeg show me where them dey sell 1 btc at 220000 even 250000 abeg please. mtcheew dey deceive people all in the name of blogging buy bitcoin in naira is a painful loss that you can’t afford to loose when selling to other country with or without our current economic situation, please proove me wrong!!!

        • Ifiokobong says:

          Bros visit LocalBitcoins and bid for bitcoins in Nigeria. You will even buy more than that amount. Sorry, I don’t publish what I dont practice here. Thanks

          • online lion says:

            Buy bitcoins online in Nigeria
            Seller Payment method Price / BTC Limits
            nzeken (100+; 100%) National bank transfer: Nigeria 392700.00 NGN 100000 – 180000 NGN Buy
            alwaysnoble26 (100+; 100%) Cash deposit: Bank Transfer 393271.10 NGN 10000 – 790000 NGN Buy
            Topazo (30+; 96%) National bank transfer: Nigeria 394467.88 NGN 50000 – 765998 NGN Buy
            qimmor (100+; 100%) National bank transfer: Nigeria 397000.00 NGN 50000 – 715911 NGN Buy
            Stanify (100+; 100%) National bank transfer: Nigeria 398000.00 NGN 30000 – 400000 NGN Buy
            3kachi4u (100+; 100%) National bank transfer: Nigeria 398049.80 NGN 100000 – 913811 NGN

          • online lion says:

            shey you are seeing the rate at which they sell?

          • Ifiokobong says:

            Yes bro… I thought you said it was lower. My post was illustrative and not the actual pricing. Of course bitcoin price changes in seconds. Thanks for reading my blog.

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