It may be very confusing to understand how bitcoins exchange rate is calculated in Nigeria.
There two main ways bitcoins exchange rate quoted in Nigeria
1. Dollar conversion: This means how much $1 worth of bitcoin is in Naira for example $1 BTC = 350 NGN.
2. Direct conversion. In this case the bitcoins value is directly converted to naira. For example 1BTC = 2,000,000 Naira.
The question most bitcoins buyers or sellers in Nigeria now ask is how do know the dollar conversion rate of bitcoins from the direct conversion quoted by exchange site.
For example if you arrive at Bitcoin Exchange site and the exchange is quoted as 1BTC = 2,700,000 Naira. What will be the $1 value in naira?
Step1: Go to Blockchain to know the current BTC to USD exchange rate.
Click Here to see current value.
Lets assume the current value as $7500 = 1 BTC
Step 2: Divide the direct conversion value quoted by exchange site by the dollar value in step 1.
That will be 2,700,000 /7500 = 360
This means the $1 BTC = 360 Naira by that exchanger.
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