The increase in demand for bitcoins in Nigeria is making a lot Nigerians to seek various ways of converting bitcoins to naira.
What does Bitcoin to naira means?
Bitcoin to naira in the literal sense is referring to what is the exchange rate of bitcoins to naira. In order to know the current exchange rate you easily do a google search for the term bitcoins to naira and you will see a result as shown below
If you observe the result above it shows that 1 BTC = 274,230 Naira, but in reality the available market exchange rate for 1 BTC to Naira at the time of the post is 1 BTC = 445,000 naira. The reason for this difference is because google is quoting the price based on the official exchange rate of naira to dollar which is not obtainable for most Nigerians.
Bitcoin to naira can also be quoted in terms of dollar worth. This is quoted as $1 BTC = 520 Naira. what this is saying is you will pay 520 naira to get $1 worth of BTC. some people are more familiar with this kind of quote than the previous.