How to convert gift cards to naira in Nigeria
So you got a gift card, and now you’re wondering, how do I convert this gift card to naira? Maybe it’s an Amazon gift card, and you really don’t want to buy anything from the online store, or you simply can’t use the gift card because the store it’s affiliated with is not open to doing business in Nigeria.
Well, the good news is that you are in the right place. We’ll break down the process of converting your gift card to naira in detail here. And if you already know how to, but just need a reliable site to exchange gift cards in Nigeria, you are still in the right place. Just follow this link to get started.
So, you didn’t click the link? Great! Let’s get started.
A gift card is a prepaid voucher or debit card that’s been loaded with a certain amount of money, which can be used to purchase goods and services from the vendor affiliated with the card. The physical cards are often fashioned like an ATM card, but unlike your ATM card, they can’t be used to withdraw money from any bank in Nigeria. Rather, they work more like recharge card vouchers. It’s like buying an MTN recharge card—you can’t use it to buy Airtel or Glo credit.
Amazon cards, for instance, can’t buy you that new musician’s tune you just discovered on iTunes. And the Google Play gift card will only buy you items featured in the Google Play Store.
Why Convert Your Gift Cards to Naira?
You can convert your gift card to any currency you want—even to everybody’s favourite, dollars—which will hopefully remain favoured by the time President Trump is done with his tariff war.
So why convert to naira? The first and main reason is convenience. Converting your gift card to naira allows you to spend it immediately—especially if you’re in a crunch and hurriedly need money. With naira, you can instantly pay for household goods, food, electricity, transport, and so much more without hassle.
But what if you already have enough naira? Why should you still convert to naira and not dollars?
Well, for one—your government. You know how even PayPal doesn’t work for Nigerians? There are a lot of government complications at play. The CBN (Central Bank of Nigeria) has several limits and policies surrounding the dollar. These limits make getting access to dollars a headache, and even if you do manage to get some, converting it through crypto, the black-market aboki, or bureau de change comes with its own risks and costs.
But let’s say none of that is your problem—you really want it in dollars. First, finding a legit gift card buyer in Nigeria who’s willing to trade gift cards for dollars is a whole other ball game. Our country simply does not have the infrastructure to motivate trust in foreign businesses. Most companies that trade gift cards are based abroad, reject Nigerian IPs, and others request KYC (Know Your Customer) data that is simply impossible to fill as a Nigerian.
And because of the high risk of doing business with Nigeria, any gift card company you come across online willing to trade with Nigeria in dollars may be trying to scam you—or may offer you incredibly low rates for your gift cards.
You can still convert to crypto, but—expert advice—if you don’t understand crypto, stay away from it. We don’t advise against it completely, as you will someday be able to exchange your gift card with crypto on Owodex. But we’ll put in a lot of effort into ensuring that you understand crypto first—and how volatile the market is.
Oh, and let’s not forget: right now, crypto is banned in Nigeria, and the CBN has been freezing funds in accounts suspected of crypto trade.
Where to Exchange Your Gift Card for Naira
Now that you’ve decided to exchange your gift card to naira, let’s introduce you to Owodex. Owodex is a gift card exchange platform created for Nigerians, by a Nigerian, and is a fully registered business with the CAC.
When you exchange gift cards in Nigeria with Owodex, you can be guaranteed speed, security, and above all, the best value for your gift card. Owodex offers attractive exchange rates. It is also safe and secure, applying end-to-end top-tier encryption for all transactions.
Also, once you sign up on Owodex, you get a ₦2,000 sign-up bonus, which can be withdrawn once you complete gift card transactions of at least ₦100,000, or used to purchase airtime after your first exchange.
Speaking of airtime, you can also purchase airtime on Owodex—Glo, Airtel, MTN, Etisalat—any network in Nigeria. You can buy them here. You can also pay your DSTV, GOTV, and even electric bills with Owodex.
Now, back to why you’re here. Another benefit of exchanging gift cards with Owodex is the Rate Calculator. You can know exactly what you’ll be getting for your gift cards before trading with our rate calculator.
Owodex – Your Gift Card, Your Terms, Your Way.
How to Sell Your Gift Card on Owodex
To start trading gift cards in Nigeria, Sign up on Owodex. The sign-up process is easy. Click the sign-up button and enter your details: Full Name, Username, Email Address, Mobile Number (starting with +234), your preferred password (which you’ll have to type again to confirm), your referral code if someone introduced you to Owodex, and accept the terms and conditions. We encourage you to read the terms and conditions before accepting. Now press the sign-up button.
Next, go to your email. You’ll see a verification email from Owodex. Click the link. The login page will open—now enter your email and password and log in.
Once you log in, you’ll see your wallet. Your balance should read ₦0.00, and you’ll see the ₦2,000 sign-up bonus. If you click on the Activate button for the two thousand naira, you’ll be taken to a page where the terms of the sign-up bonus are stated. You’ll also see your referral code and a button to track all your referral bonuses.
Now, back to business.
In your wallet dashboard, you will see the wallet balance as well as two buttons—one to Transfer and the other to Withdraw your balance. You’ll also see your recent transaction logs.
Next, click on the Services Menu. You’ll be taken to a page where you’ll select which action you’d like to take: Sell Gift Cards, Buy Airtime or Data, Claim Bonus and Reward, or Pay Bills.
When you click the Sell Gift Card button, you’ll be taken to a page to select the gift card you’d like to trade. Once you select the gift card type, you’ll enter the details of the card and press Submit.
To claim your money once your gift card has been bought, go to your dashboard and select the Withdraw button, where you can enter the beneficiary’s account details. The money should appear in your account within 24 hours.
What Affects Gift Card Rates in Nigeria
Now that you know how to trade your gift card, you may come one day and see that a gift card, say, iTunes gift card, is selling for ₦100,000 today and tomorrow it’s selling for ₦80,000, and wonder what’s going on. Don’t fret—gift card value fluctuates. These fluctuations are based on many factors, both local and international. They are:
1. Card Type / Favourability
All gift cards are unique in their own right. There are cards which are in high demand, like Amazon, iTunes, and Google Play, which means that the buyer will be able to resell them quickly. Less favourable cards will attract lower rates from buyers.
2. Card Currency
A big factor in the value a buyer gives to a card is the value of the currency. The dollar has a high exchange rate in naira, so a gift card preloaded with USD will attract a higher rate than one loaded with a currency with a lower exchange rate.
This also basically means, if you have an Amazon UK, Amazon US, and an Amazon CAD card, you’ll find that each card, while all being from Amazon, will have different values as their region of origin’s currency will play a role in determining the value of the gift card.
3. Demand and Supply
When there is a high demand for a card, its value rises. However, a high demand can lead to more supply of a card, and when the supply exceeds the demand for the card, the value of the card will fall.
4. Exchange Rate Fluctuations
You know how yesterday, that aboki in Allen, Ikeja was telling you that he will buy your dollar for ₦1600, but when you returned today, he now tells you that he will buy your dollar for ₦1400, just because Trump said one thing and the value of dollars dropped overnight? Well, this sort of fluctuation also affects the value of your gift cards.
But don’t fret, platforms like Owodex buffer against risk.
5. Platform Policies
Every platform has its business model, market dynamics, unique rates, and tolerance to risk levels. Platforms like Owodex, for instance, offer referral bonuses and a ₦2,000 sign-up bonus, while others offer lower rates to shield themselves against fraud and chargebacks on used, suspicious, or counterfeit cards.
6. Is the Card New or Used?
I mean, this is a no-brainer. Unused cards will have a higher value than used cards. You should also know that used or pre-owned cards will most likely be flagged by any platform they are traded on, and even if they are accepted, they will be priced lower because of the risk involved in buying them.
7. Volume of Transaction
People who sell in bulk will get higher rates than those selling retail—just one card at a time.
8. Verification Time and Trust Score
A trust score is a mark given to you and the gift card you want to sell. It factors in your trade history. If you have a clean history, your transaction will be treated more quickly than a person with a shady history. And if you are verified on the platform, you’ll also get a higher rate than an unverified user.
Avoiding Getting Scammed
No article on how to trade a gift card for cash will be successful without a guide to avoiding scams while trading. Every transaction is susceptible to a scam if proper security measures are not followed. So now that you are ready to trade your gift card for cash, here are a few measures to take:
1. If the Deal Seems Too Good to Be True, Then the Deal Is Too Good to Be True:
Always compare prices and rates before choosing a buyer for your gift card. If you see a buyer offering a way higher exchange rate than other buyers or the average market price, take a step back and investigate for a scam. Check around, ask on X (formerly Twitter), ask on Nairaland, and any other gift card review site before you commit. Or better still, take the age-old Naija route and jump and pass. Run.
2. Don’t Trade with Non-Registered Buyers
Basically, check for a registration number, check the business name with CAC, and for the love of cash, don’t sell your gift card to people on social media who send you DMs like “I’ll buy all kinds of gift cards fast and reliable.” Run.
3. If They Request Code First Before Payment, Run
Real traders use an escrow system or pay instantly upon card verification—not after testing it for hours. Since some may request a code for instant verification and not the escrow system method, again, don’t trade on social media. Check for reviews, check for registration before trading with a legit gift card buyer in Nigeria who uses the instant verification method.
4. Tread with Care When Trading on Telegram O!
Telegram and scam are like 5 & 6. Groups there change usernames daily, delete chats, and completely vanish after successfully scamming a handful of people. Shine your eyes. We’ll advise you to stick to platforms with a verified web/app presence where you can track your transaction and where you are sure that the business has put in enough investment in itself to not simply pack up and disappear after scamming people of their gift cards.
5. The Gaslight Gift Card Scam
Yes, some buyers will use your cards, then tell you that your card is invalid because it has been used. Again, do not offer your code before payment. And where you have to—because, let’s face it, all transactions are based on a system of trust—use a platform like Owodex, which verifies and logs every step of your transaction, allowing you to track your sale.
6. Gift Card Boosters Are Scam. Run O!
There is no such thing as software that can generate, change, or recharge your gift card o! Make them no see you o! It is a scam! No fall for am. If you share your card with sites promising to boost your $100 gift card and turn it into $200, they will steal your gift card and sell it to a legit gift card buyer in Nigeria while you are home crying and ranting because you no like to dey hear words.
Stay safe out there, the streets are hard. Protect yourself, protect your gift card, protect your cash.
How to Get the Best Gift Card Rates
Now that you are well aware of the methods you can be scammed in gift card trade, let’s give you the tea on how to get the best deals when you exchange gift cards in Nigeria.
1. Use Trusted Gift Card Exchange Platforms Like Owodex
The best rates are on secure sites that offer structured platforms and real-time rate calculators. No haggling for prices. They say, this is your card, this is our offer. Chikena.
2. Sell in High-Demand Seasons
People like good deals, but are not always hunting for these deals. However, in gift-buying seasons like Christmas, Easter, Valentine’s Day, Hanukkah, Black Friday, and Back-to-School season, people will demand certain gift cards, mostly Amazon gift cards. During these periods, the value for these gift cards in Nigeria will rise.
3. Acquire Only Popular Cards
Card buyers consider the resale value before buying. A card that is unknown or less popular will be harder to sell than a card that is known. Basically, cards get level. A $100 Amazon gift card may earn you ₦70,000, while a $100 Shorite gift card may earn you ₦30,000, because one is easier to sell than the other.
4. Acquire USD Cards over Other Currencies
Even though pounds have a higher value than dollars, because the universal trading currency is still USD, a USD-denominated gift card will earn more than GBP, AUD, or CAD, even though they may have a higher exchange rate than USD.
5. If the Seal Is Broken, Do Not Accept It
Treat acquiring cards like buying medication. Don’t buy used cards. If it looks damaged, then it’s probably damaged. Trying to exchange gift cards that are damaged may lead to longer verification time, lower offers, and you being flagged as a risky customer.
6. Trade High Denomination Cards
Have you ever tried to exchange dollars with an aboki under Berger Bridge? Well, if you have, you’ll notice that they buy $100 at a higher exchange rate than $20. This is because higher denominations have more value than lower denominations.
7. Take Advantage of the Platform’s Offers
If the platform offers any signup bonus or referral reward, take advantage of it. Get that money!
8. Become a Verified User
Once you trust the platform, become a verified user to improve your reputation on the platform, which will earn you faster processing time, higher rates, and any promo that the platform may offer from time to time to its verified users.
Conclusion
There you have it—how to convert gift cards to naira in Nigeria. Remember to trade on a verified site, watch out for the best time to exchange your gift card for the best value, and choose high-value cards.
If you found this article useful, please share it. Someone out there in Lagos or Abuja, who knows, may really need to read this article before trading their gift card for cash.
