Understanding Ethereum
Ethereum is the second-largest cryptocurrency by market cap and the foundation for most DeFi applications, NFTs, and smart contracts.
Current ETH to Naira Rate
As of today: 1 ETH = ₦3,200,000 (rates update every minute)
Why Convert ETH to Naira?
- Access your profits in local currency
- Pay bills and expenses
- Lock in gains during market highs
- Diversify your holdings
Conversion Methods
1. XFiat Direct Transfer (Fastest)
- Send ETH to your XFiat wallet
- Select "Convert to Naira"
- Choose your bank account
- Receive Naira within 45 seconds to 3 minutes
2. P2P Trading (Not Recommended)
While some use P2P, it comes with risks:
- Scam potential
- Account freezing risks
- Time-consuming negotiations
- Worse exchange rates
Fees and Limits
- Service Fee: 0.5% per transaction
- Network Fee: Varies (typically ₦500-2000)
- Minimum: 0.01 ETH
- Maximum: 100 ETH per day
Processing Time
Network Confirmation: Varies by network congestion (Ethereum network)
Bank Transfer: 45 seconds to 3 minutes after confirmation
Supported Banks
XFiat supports all Nigerian banks including:
- GTBank, Access Bank, First Bank
- UBA, Zenith Bank, Ecobank
- Polaris, Fidelity, Stanbic
- Wema, Sterling, Union Bank
- And 1000+ more
Security Tips
- Always verify the wallet address
- Use Ethereum mainnet (not testnets)
- Start with small test amount first
- Enable 2FA on your account
- Check gas fees before sending
Gas Fees Explained
Ethereum transactions require "gas" (network fees). Tips to save:
- Trade during low-activity hours (weekends)
- Use fee estimators to time transactions
- Consider Layer 2 solutions for smaller amounts
Tax Considerations
Keep records of all conversions for tax purposes. Cryptocurrency gains may be taxable. Consult a tax professional.
Troubleshooting
Transaction Pending?
Ethereum confirmations vary by network congestion. Track on Etherscan using your transaction hash.
Wrong Amount Received?
Exchange rates update frequently. The rate is locked when we receive your ETH, not when you send.
Start Converting Today
Ready to convert your Ethereum to Naira? Download XFiat and experience instant, secure crypto withdrawals.
