The Nigerian economy has been facing some major challenges in recent years. However, economic problems have been brought to the fore in the past six years when oil prices started declining. The sharp drop in oil prices, combined with other huge problems, caused the Naira, the national currency, to experience heightened inflation.
Due to inflation, the central bank introduced measures designed to save the economy. One of the side effects was that it made it almost impossible to access hard currencies like dollars. The result is that businesses need help processing international payments.
Turning to Stablecoins
One of the solutions that tech-savvy young people have come up with in Nigeria is using stablecoins. These are cryptocurrencies pegged to the dollar. As a result, their value is relatively stable compared to holding the Naira, whose monthly inflation can be as high as 20% or more.
Making him a Naira to dollar exchange can take time and effort. However, making the USDT to Naira change is relatively easy for many people. Once you have the USDT in your crypto wallet, it is easier to find someone via an exchange or other means who can make the exchange to US dollars for the USDT.
Besides making it possible to access US dollars without using the centralized banking system of Nigeria, with all its restrictions, it is cheaper and faster. A typical international transfer of dollars from the US to Nigeria can take days to complete the transaction. On top of that, charges can be quite high. Sometimes, the payment processors take as much as 10 percent of the transaction value.
With USDT, the transaction takes place in a minute or less. You can then have your USDT in your wallet, which you can use for everyday transactions. Some international companies will even accept USDT as payment for goods and services, depending on your business partners. The result is a simple, convenient means of continuing to conduct business.
How much is 100$ USDT in Naira?
USDT is pegged to the US dollar, meaning the value of $100 USDT is the same as $100 in US dollars. While there may be fluctuations, these fluctuations are often less than 0.1%. If you have USDT, it will have the same value as US dollars.
How to Sell USDT in Nigeria at Best Rates
To sell USDT, you should visit a P2P exchange, like CoinCola. On these platforms, look for a trusted seller. You should use a platform with a good reputation and escrow service. Additionally, conducting several transactions when exchanging your USDT for Naira is good to avoid taking on too much risk at once. CoinCola has made it easy for millions of users to buy and sell USDT, today the company becomes the pioneer to support USDT-TRC20 tokens. CoinCola exclusive USDT-TRC20 campaign also gives users the chance to win big in this. We believe that this is going to be the future of trading as cryptocurrency market matures. Watch out for more exciting news 🙂