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Home / Bitcoin Guide / Bitcoin, Solution for Cheaper Remittances in Nigeria

Bitcoin, Solution for Cheaper Remittances in Nigeria

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The Central bank of Nigeria has come up with a rule that leaves most Money transfer operators (MTOs) unable to provide services to Nigeria. With only three companies – western Union, MoneyGram and Ria able to continue operations, Nigerians in the diaspora are stuck with the high fees associated with these Money transfer operators. This has pose a huge concern to Nigerians home and abroad who like to move money across international borders.

However, the introduction of bitcoin into our world has revolutionized the way money is being transferred around the globe. With bitcoin in our world, we no longer have to worry about the local and international regulations that plague international money transfers to and from Nigeria, since it allows you to send ANY amount, ANY time, to ANY part of the World in almost less than FIVE minutes, at almost no cost. Bitcoin is no longer the new strange technology it used to be, as many individuals and organizations around the world now realizes that it is the cheapest, yet the fastest means of sending and receiving funds in our planet today. Not only that, it also ensures a safer delivery of your fund, without being monitored by any government or any individual, since it makes use of the decentralized technology called blockchain.

Why remittance in Bitcoin better than conventional currency 

Remittance is a sum of money sent in payment or as a gift. Listed below is some instances where bitcoin might be a better choice when sending money abroad.

  1. With the world fast becoming a global village, it is not uncommon to find services online from a provider who lives several thousands of miles away in a different continent, services like graphics design, data analysis, article writing etc are rendered by people to people they have never even met. It is easiest and fastest for these services to be paid for in bitcoin, as the receiver receives payment in their wallet in less than five minutes on their devices.
  2. Families now live in different part of the world, and often have urgent needs of funds, with bitcoin, student in the diaspora can now receive fees and allowances almost instantly from their parents, aged parents medical bill can be sent within the shortest period of time. Friends and relatives living in Europe, America, Asia and other parts of Africa can now send instant funds to their families back home in a safest and quickest way.
  3. Entrepreneurs in Nigeria often have to send money to their business partners in China, Japan and across the globe, bitcoin makes it faster for people to transact business. People no longer have to wait for days to receive funds, nor do they have to maintain long queue in the bank or at the ATM.

How to use Bitcoin for remittance in Nigeria

  1. The first step to own bitcoin is to create a bitcoin wallet account.

A bitcoin wallet is a digital account that functions like your bank account, where your bitcoins are stored. Every wallet has an alphanumeric code called the wallet address, and functions like your Bank Account Number. With your wallet address you can receive bitcoin into your wallet from anywhere in the world. (Create a free wallet at blockchain.info)

  1. Buy bitcoins

You can exchange your cash for bitcoin and get them transferred directly to your wallet anywhere in the world (http://www.buybitcoinworldwide.com). Bitcoin is available for sale in Nigeria at www.nairaex.com.

  1. Sell bitcoins at Nairaex

Simply create an account at www.nairaex.com, in order to convert your bitcoin to Naira in Nigeria

Why it is better to deal with NairaEx

NairaEx is a leading Nigeria-based e-currency exchange that allows customers to buy and sell Bitcoin with Nigerian Naira at fair and competitive market rates via bank transfer and fast withdrawal into any Nigerian bank. 

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