How can one withdraw Bitcoin to Nigerian Banks in form of of cash

[gochenko8]

It's no news that the Central Bank of Nigeria has ban every transaction that has anything to do with cryptocurrency in the Nigerian financial institutions... Many Nigerians are not happy with this development even as there are rumors on why cryptocurrency was ban in Nigeria.
According to Dr. Kemi the following are the reasons Government banned the financial institutions from involving in cryptocurrency related business.

1. EFCC cannot access BTC accounts of youth due to password restrictions
2. Northerners are losing $£€ changing biz due to Covid-19
3. Bleep up #Endsars organizers donations
4. Bleep up Sunday Igboho Donations
5. Suffer Nigerian youth

 

[btaliat]

Although government didn't tell the reason why cryptocurrencies are banned but your points may be far from the truth. So back to your question, withdrawing or converting bitcoins to cash may be difficult but still very possible. No wallet as at now ban withdrawal option. It is only deposit option that have been banned, and it is only one wallet I am very sure of. You can look for a vendor or trusted client that may be in need of your coins and you exchange your coins for money.

 

[Donkiz]

For now almost all crypto exchange platforms that facilitates direct withdrawal into a Nigeria account still have the withdrawal option available for whoever that wants to withdraw, it's only the deposit option that has been disabled.

If the policy is not reversed, then we will have to look for other ways to withdraw, like the use of escrows, which is very risky and not advisable unless you know of anyone that is trustworthy. Alternatively, we can utilize other platforms by moving money from our crypto wallets to the platforms, and then withdraw to our bank accounts from there.

 

[IamDozzy]

Someone on Twitter suggested moving your cryptocurrencies to 1Xbet as they accept cryptocurrency in which you can then money the cryptocurrency in form of Naira to your local bank account. But I am not sure this is entirely clear because the 1Xbet platform would want you to stake with the money first before moving it to your local bank account. Also the traditional method of buying and selling cryptocurrency is risky due to scammers who would be in the look for such transactions. But I believe the Nigerian government didn't think this through before arriving at this decision.