How to Buy, Sell Cryptocurrencies in Nigeria and also How to Withdraw Safely to your Nigeria Bank Account

February 5th, 2021, is a day cryptocurrency traders in Nigeria will never forget because of the Central Bank of Nigeria (CBN) policy on buying and selling of crypto’s.

Earlier in February, the Central Bank of Nigeria (CBN) released a circular, effectively banning cryptocurrency trading in Nigeria and ending the relationship that existed between Nigerian crypto exchanges and banks in the country.
Check the photo below to read the release.

CBN release on cyptocurrency trading

The ban has forced many Nigerians to hold their cryptocurrencies, and those who want to buy are currently finding it difficult to buy. Some exchangers in Nigeria like Luno, YellowCard, Patricia among others have currently disabled naira withdrawals, while some have found a way to move on with P2P (Peer-2-Peer).

For Bundle Africa, they recently sent a mail to all subscribers that they are working out a way of building a P2P platform while expanding to the Ghana market.

But I’m going to show you how to buy, sell crypto’s and withdraw directly to your Nigeria bank account.

How to Buy, Sell Cryptocurrencies in Nigeria and also How to Withdraw Safely to your Nigeria Bank Account

Binance P2P

With Binance P2P trading, you can buy, sell cryptocurrencies and also withdraw safely to your Nigeria bank account.

Binance P2P is a peer-to-peer trading market where you can safely trade cryptocurrencies in exchange for your local currency. Binance P2P’s escrow service safeguards every transaction, giving traders a peace of mind.

Fraudulent transactions are not permitted when you use Binance P2P.

How Does Binance P2P Works

Once the buyer places an order, the seller’s cryptocurrency will automatically be transferred from the seller’s wallet to the temporary deposit with Binance P2P’s escrow service. The cryptocurrencies will be held in the deposit guarantee until the transaction is successfully completed by both parties.

Step 1: First of All Register an account on Binance or simply download Binance app on your device playstore to register

Perform all the necessary identity verification and then proceeds.

Step 2: Once you are done with all the registration process, you can now place your order

Place an order to buy or sell cryptocurrency. The crypto will be held by Binance P2P temporarily until the operation is successfully completed.

Step 3: Start a conversation

Start a conversation with the seller or buyer. When you are trading with a counterpart that you do not know, we recommend that you use the chat to communicate with him/her. The chat history will be essential if there is a dispute with your counterpart and you make an appeal.

Step 4: Make the payment or release the cryptocurrencies

If you are a buyer, make the payment and notify the seller that you completed the payment. Click the “Confirm” button to notify the seller that you made the payment. If you are a seller, wait for the buyer’s payment confirmation before releasing the crypto.

Also Read: How To Generate Nigeria Recharge Card Pin Online For Free

How to Withdraw Naira on Binance to Your Bank Account

Step 1: Go to the home page, click “P2P Trading”. On the P2P page, click the (1) “Sell” tab and then select (2) “NGN” as the crypto asset you want to sell. Select an ad and click (3) “Sell”.

Step 2. After selecting a suitable offer, it’s time to place your withdrawal order. Enter the amount you want to withdraw to your bank account, then tap “Sell NGN”

Step 3. Wait for payment from the buyer. Please note that your NGN balance is frozen for the duration of the transaction, on the same principle as transactions with cryptocurrencies (BTC, USDT, etc.)

Step 4. After the buyer completes the payment and marks the order as paid, the “Confirm transfer” button will become active. Please be sure to check your Bank Account and make sure the buyer has made payment. If the payment is received, confirm the transfer and complete the transaction.

Remitano

Remitano provides escrowed P2P Bitcoin marketplace where people buy and sell Bitcoin easily and safely with notable simple UI, friendly online customer support 24/7 and lowest fee compared with major players on the market. Their team is comprised mostly by banking professionals with extensive experience in financial products, E-currencies, Payment System and Agile Software Development, and others.

Currently, it has service in many countries including Australia, Malaysia, Nigeria, Vietnam, Cambodia, China and is growing everyday.

How To Buy Bitcoin on Remitano

To buy Bitcoin on Remitano, first sign up for an account at Remitano.com or download the app from your device playstore, select a seller from the available list, input the amount of BTC, and pay the price in Naira via instant bank transfer. Your Remitano wallet will be funded once the seller confirms receipt of funds. To sell Bitcoin, you need to deposit BTC in your Remitano Bitcoin wallet, select a buyer from the available list and wait for the buyer to pay. Once you confirm receipt of funds from the buyer, the Bitcoin will then be released to them.

Also Read: Best Banks To Open a Domiciliary Account with in Nigeria

How to deposit and withdraw in Naira on Remitano

To withdraw and deposit your cryptocurrencies in Naira, you have to make use of the Fiat wallet.

What is Fiat Wallet?

Fiat wallet at Remitano is used to store your local currencies on the website, it will help to boost your trading experience. The trade will be completed instantly when you have sufficient local currencies on the website and also no need to wait for the seller to check his bank statement.

Currently, we are supporting Fiat Wallet for Nigeria market (NGN wallet), Malaysian wallet ( MYR wallet), Indian market (INR wallet), Venezuelan Wallet (VES Wallet) and Indonesian market (IDR wallet)

Who can withdraw:

  • All level users can withdraw from their MYR/NGN/INR/IDR/VES wallet

Who can deposit:

  • All users that has been verified can deposit to our FIAT Wallet

How to deposit into your Fiat Wallet

Step 1: Choose DASHBOARD -> WALLET

Step 2: Find your fiat wallet (on the top coin list) -> click to DEPOSIT

Step 3: Choose the bank and amount you want to deposit -> click DEPOSIT.
You need to make sure to transfer with the exact amount and description in your bank transaction description/remarks.

Step 4: Log into your bank account and transfer to the bank account shown
You need to make sure to transfer with the exact amount and description in your bank transaction description/remarks.
E.g.:

Note:
If your bank balance is insufficient or you want to change the amount, you can “Cancel the deposit” and create another deposit request.

Also Read: How To Create A Verified Lesotho Paypal Account That Send And Receive Fund In Nigeria

How to withdraw from your Fiat Wallet

Step 1: Click to the “withdraw”

Step 2: Key in the amount you want to withdraw.

Step 3: Create an account to withdraw your money.
The system will remember your account and you don’t have to key in your account again.

Step 4: Click “Confirm” to withdraw your money

Step 5: Click “withdraw” after checking all the details again

Step 6: Check the status of the withdrawal

Once the withdrawal is submitted, you can check the status of the withdrawal in the history of withdrawal. Once the status is Proposed, the money is sent and when it shows Delivered, you can check your bank statement in your internet banking.

Skrill

Skrill is another way to buy and withdraw cryptocurrency is through skrill. It allows you to buy cryptocurrencies with ease.

Just open a Skrill account for free, link your debit card and start buying. You can find out an easy guide on how to go about it.

But your best shot without any restriction is for you to make use of P2P.

Happy trading…
If you have any question, please feel free to make use of the comment box below.

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4 thoughts on “How to Buy, Sell Cryptocurrencies in Nigeria and also How to Withdraw Safely to your Nigeria Bank Account”

  1. Wow, thanks for this info, there is always a solution to every problem created by the Nigeria government.

    Reply
  2. I’m no ⅼonger positive where you are getting your info, but
    great topic. I need to spend a ѡhile fіnding out much more or understanding more.
    Thank you for fantastic info.

    Reply

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