I want to guess that you’ve heard numerous stories about how long it takes to withdraw crypto to a Nigerian bank account. While someone might say it took them minutes, another might admit that it took them hours. Needless to say, these mixed experiences have created confusion about this conversation.
To set the record straight, I will be explaining everything you need to know about how long it really takes to withdraw crypto to your Nigerian bank. You will also discover how choosing the right platform can make the entire process smooth and predictable. Ready? Let’s get right into it!
KEY TAKEAWAYS:
- Crypto cannot be sent directly to Nigerian bank accounts. It must first be converted to Naira, then withdrawn as a standard bank transfer.
- Withdrawal times range from 5 minutes with direct conversion platforms to two hours with P2P methods, depending on automation and human involvement.
- Withdrawals rarely take days unless something goes wrong.
- Bitcoin withdrawals naturally take longer than Ethereum or stablecoin withdrawals due to slower blockchain confirmation times.
What Actually Affects Withdrawal Time
There are several factors influencing how fast your money arrives, including:
- Blockchain confirmation time: Bitcoin may take longer because of its block time. On the flipside, Ethereum and certain stablecoin networks may confirm faster depending on congestion. Also, during busy market periods, confirmations slow down.
- Platform processing speed: After confirmation, the platform must process your transaction. While some use automation, which is fast, others review transactions manually, which may increase waiting time.
- Verification status: Platforms require identity verification for compliance and security. When you complete this process in advance, withdrawals move faster.
- Bank transfer speed: Most Nigerian banks process transfers quickly. However, occasional delays occur due to maintenance or network congestion.
The Three Common Crypto Withdrawal Methods in Nigeria
You should know that you cannot send Bitcoin or Ethereum directly to your bank account because banks do not receive crypto. In reality, the full withdrawal process involves two main stages:
- Converting crypto to Naira
- Transferring Naira to your bank account
Usually, you would have to use one of these methods to convert your crypto and move it to your Nigerian bank:
- Peer to Peer Withdrawal
Peer-to-peer platforms connect you with buyers, so you can sell your crypto directly to someone who transfers Naira to your bank account. This process takes between 15 minutes to two hours. When everything goes smoothly, peer-to-peer works well. However, human involvement introduces unpredictability, which often creates anxiety when you need money quickly.
Read Also – Why Selling Crypto Feels Confusing at First (And How to Go About It)
- Centralized Exchanges
Centralized exchanges allow you to trade your crypto on a market to convert it into Naira or stablecoins first. Then you request a withdrawal to your bank. Selling crypto here often happens quickly if liquidity remains strong.
In fact, Bitcoin and USDT usually sell within seconds or minutes. It is the withdrawal stage that determines the full timeline. While some exchanges process bank withdrawals within minutes. Others take several hours because they review transactions internally.
- Direct Conversion Platforms
Direct conversion platforms simplify everything by allowing you to sell directly to the platform instead of placing orders or negotiating with buyers. In many cases, this takes 5 to 15 minutes. In fact, with a platform like Koyn, you see the exact amount you will receive before sending funds. Once the blockchain confirms your transaction, Koyn processes your payout, and you can withdraw it straight into your bank within minutes.
Does Withdrawal Ever Take Days?
Under normal circumstances, no. Long delays usually happen because of:
- Incomplete verification.
- Disputes in peer-to-peer transactions.
- Incorrect wallet addresses.
- Major technical outages.
When you use reliable platforms and follow instructions carefully, extended delays remain very rare.
Conclusion
The confusion around crypto withdrawal times exists because different platforms operate differently. But the good news is that you now understand what creates these disparities. By choosing apps, like Koyn that prioritize automation and transparency over complexity, you can be rest assured that your withdrawal experience will feel more predictable and less like a gamble.
FAQs
- How long does it take to withdraw crypto to a Nigerian bank account?
Withdrawing crypto to a Nigerian bank account typically takes 5 minutes to 2 hours depending on your chosen method.
- Can I send Bitcoin directly to my Nigerian bank account?
No, you cannot send Bitcoin or any cryptocurrency directly to your Nigerian bank account because banks don’t accept crypto.
- Which crypto withdrawal method is fastest in Nigeria?
Direct conversion platforms are the fastest crypto withdrawal method in Nigeria, typically completing the entire process in 5-15 minutes.
- Why is P2P crypto withdrawal slower than direct conversion?
P2P crypto withdrawal is slower because it involves human interaction. You must wait for a buyer to accept your offer, transfer Naira, and confirm payment before crypto is released from escrow.
- Do crypto withdrawals to Nigerian banks ever take days?
Under normal circumstances, crypto withdrawals do not take days. Extended delays typically occur due to incomplete verification, P2P transaction disputes, incorrect wallet addresses causing failed transactions, or major platform technical outages.
References
- Nairacompare.ng – How to Cash Out Crypto to Your Bank Account in Nigeria (Quidax Guide)
- bitget.com – Can I Withdraw Crypto to My Bank or to a Debit Card, and How Long Does It Take? 2026 Guide
- gcbuying.com – How to Withdraw Bitcoin to a Nigerian Bank Account Instantly
