You might have noticed that the cryptocurrency world has evolved quite a bit. It’s not just about Bitcoin and Ethereum anymore; we’ve got memecoins, NFTs, and stablecoins like USDT (Tether) making waves. In Nigeria, USDT has gained a lot of traction, and it’s easy to see why. With the Naira’s volatility, knowing how much your crypto is worth can really help you manage your funds effectively.
So, let’s dive into how much 100 USDT is worth in Naira today. I’ll also show you how to use Koyn to sell your USDT at the best rate. But first, let’s take a moment to understand what Tether is all about.
KEY TAKEAWAYS:
- USDT(Tether) has become popular among Nigerians because it is a good hedge against the fluctuating Naira.
- Tether is pegged to the US dollar, which makes it a stable asset.
- The average rate of 1 USDT to the Naira is between ₦ 1,620 – ₦ 1,700,
- Koyn is the best app to convert 100 USDT to Naira.
What Is USDT (Tether)?
USDT (Tether) is a stablecoin, meaning its value is pegged to a stable asset — in this case, the US Dollar. Unlike Bitcoins and other altcoins, this crypto has minimal fluctuations. Hence, it maintains a 1:1 value with the dollar.
Tether is often preferred by crypto traders who want to protect their investments from the volatile market. For many Nigerians, this crypto coin is used as a hedge against inflation. However, there would usually come a time when they would convert USDT back to Naira for their day-to-day activities.
Best USDT Rates In Nigeria 2024
As a result of the growing adoption of USDT in Nigeria, it is important to secure the most favorable rate when converting your holdings. While the rate can vary from one platform to another, the average rate of 1 USDT to the Naira is between ₦ 1,620 – 1,700. Factors like market demand, platform fees, and currency policies influence the prices. Here is a breakdown of what to expect when converting different amounts of USDT to Naira.
| USDT Amount | Amount In Naira |
| 10 USDT | ₦ 16,200 – 17,000 |
| 20 USDT | ₦ 32,400 – 34,000 |
| 50 USDT | ₦ 81,000 – 85,000 |
| 100 USDT | ₦ 162- 170,000 |
| 200 USDT | ₦ 324,000 – 340,000 |
| 300 USDT | ₦ 486,000 – 510,000 |
| 500 USDT | ₦ 810,000 – 850,000 |
How To convert Your $100 USDT to Naira
Many platforms are available for converting Tether to Naira. However, Koyn is the best because of its quick conversion time, ease of use, and transparent fee structure. Ultimately, you will get the maximum value for your assets. Check out how to trade $100 USDT using the Koyn app.
- Download and install Koyn: Go to either Google or Apple Play Store to download the Koyn app. Install the app and sign up with your email address or phone number.
- Deposit your USDT into your wallet: After setting up your profile, go to the wallet section to deposit your USDT from your external wallet. You will be given a wallet address to transfer the crypto to.
- Initiate conversion: When your USDT is in your Koyn wallet, go to the conversion section and select USDT. Next, input 100 USDT and wait for the app to calculate how much to expect based on the exchange rate.
- Confirm your transaction: After reviewing the details, confirm your conversion. You can now wait a few minutes for your Naira to reflect in the wallet.
- Withdraw to your bank: Finally, go to the withdrawal section, input your bank details, and wait for the funds to enter your bank account. Depending on your bank’s processing time, this step can take a few minutes to hours.
FAQs On Converting USDT To Naira
Q1: How much is 10 USDT in naira?
A1: Based on the current rate, 10 USDT varies between ₦ 16,200 – 17,000. However, because of exchange fluctuation, it is best to check the most recent rate on the Koyn app.
Q2: What does USDT mean?
A2: USDT (Tether) refers to a type of cryptocurrency called a stablecoin. It is designed to maintain a 1:1 value to the US dollar, which makes it a less volatile altcoin.
Q3: How much is USDT to a dollar?
A3: Tether is pegged to the US dollar, so 1 USDT equals 1 USD.
Q4: How can I change my USDT to Naira?
A4: You can change your USDT to Naira using the reliable Koyn app. Download the app and follow the steps shared in this article.
Q5: Is it advisable to keep my money in USDT?
A5: It depends on your financial goals. If you want to protect your money from the depreciation of local currencies like the Naira, then it is a good option.
Conclusion
Koyn has made converting USDT to Naira a lot easier. You can also sell Bitcoin on it. The platform has user-friendly features that make it an excellent choice for both new and experienced traders.
As we have mentioned already, the exchange rate can change because of the depreciation of the Nigerian currency. Thus, it is important to check the platform to get the updated rates and fees.
References
- “Transparency”. Tether.to. 3 July 2022. Archived from the original on 4 July 2022. Retrieved 4 July 2022.
- “Create Property – Managed”. omniexplorer.info. 6 October 2014. Archived from the original on 4 July 2022. Retrieved 4 July 2022.
- “Tether (USDT) Price, Chart & News | Binance: Tether price, USDT price, Tether value”. www.binance.com. Archived from the original on 17 June 2022. Retrieved 11 July 2022.
- “Axios Crypto”. Axios. 1 August 2024. Retrieved 14 August 2024.
- Kharif, Olga; Nicolle, Emily (31 July 2024). “Tether Stablecoin Issuer Says 2Q Profit Was $1.3 Billion”. Bloomberg. Retrieved 14 August 2024.