Sometime last week, the federal Government of Nigeria placed a restriction on Binance which led to the company placing a ban on p2p transactions in the currency. Consequently, users started encountering difficulties converting their already existing assets on the platform to naira, so we will be having a look at some steps to withdraw naira from Binance.
This guide is targeted at those users who are new to cryptocurrency or doesn’t really understand how Binance works but they have assets that they want to convert to fiat and withdraw to their local bank accounts. Ever since NGN was yanked off the platform’s p2p, I’ve gotten several messages from members who are unable to withdraw their monies, so this article is going to be showing you the steps to withdraw naira from Binance without much hassles.
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How to Convert Crypto to Naira On Binance
There are two main ways of doing this on Binance, but they can be accessed on the trade page on your application.
Simply login to Binance, click on Trade > then select USDT/Naira if you want to convert from Usdt to naira, select sell and then enter the amount you wish to sell and proceed. The money will be converted to Naira and added to your ngn wallet.
But if this step doesn’t work well for you, while on the trade page, tap on convert, select USDT or the crypto asset you wish to convert and then select Naira as the currency you’re converting to and submit.
You will be shown the amount in naira and then you confirm and the money will be immediately added to your fiat balance. That’s how to easily convert from any crypto asset to naira on Binance, now the next step or perhaps the most important problem or question people ask is, how to withdraw naira from Binance? So let’s answer dive into that already.
Steps to Withdraw Naira From Binance
There are two main ways of withdrawing naira from Binance to your local bank account, the first one is by using cashlink while the other is transferring the money to another wallet and exchanging to naira on the third party app. The former is the standard, while the latter comes in handy when the first one fails or there are no available vendors.
To withdraw naira from Binance, simply click on the Trade > you will see convert, trade, p2p etc, click on Fiat and then you will see the option to deposit in naira and also to withdraw. Click on Withdraw, enter the amount you wish to withdraw and submit.
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You will be matched with a vendor and Paid through the usual means, i.e. You receive and confirm on the app. But since the p2p option was restricted, people often encounter problems withdrawing their money through Binance cashlink thus the need to restrategize.
Naira Withdrawal Via Valora
If the above method fails or there is no vendor to attend to your fiat withdrawal, simply go to the Trade page, tap on convert, select the asset you have and then convert it to Celo.
After converting the money to Celo, head to Play store or Apple store and download Valora App. Create a wallet, copy your Celo address from the app and go to Binance again, tap on your wallet, click on your Celo balance, then on withdrawal.
Withdraw the money to the Celo address copied from Valora and once it arrives into your valora wallet, click on Swap> move the money received to cUSD. While doing this, ensure you leave some Celo tokens for gas fee.
When you’re done swapping to cUSD, go to your Opera Mini Pay Wallet, click on Add Cash, scroll down to where you will see top up using exchanges, click on valora from the options and you’d be taken directly to Valora app to fill in the amount of cUSD you wish to send out. Enter and submit, the money will be credited to your minipay wallet.
Withdrawing from minipay is not a stress at all, just click on Withdraw use Cashramp, fill in your bank account information or use Pocket App, chipper, Kuda etc. select anyone that suits you, fill the necessary information and enter the amount you want to withdraw and submit.
The money will be credited to your local bank account after some minutes by the vendor and then you confirm and enjoy.
Those are the steps to withdraw naira from Binance following the p2p ban. Incase you’re planning to sell you crypto assets to a third party vendor who may even scam or offer you terrible rates, read and take note of the steps to withdraw your money. Enjoy and do well to share and join our telegram channel and group for more interesting updates.
