How to Withdraw Money from Crypto Exchanges Affected by Nigerian Government Policy

With recent changes in Nigerian government policies affecting peer-to-peer (P2P) transactions on major crypto exchanges like Binance, Kucoin, and OKX, many users are left wondering how to withdraw their funds to Nigerian bank accounts. In this guide, we’ll walk you through the process step by step, ensuring a smooth transition from crypto holdings to naira in your bank account.

Step 1: Log into Your Crypto Exchange Account

Begin by logging into your preferred crypto exchange account, whether it's Binance, Kucoin, OKX, or any other platform where you hold funds.

Step 2: Convert Your Crypto to USDT

Once logged in, convert your crypto holdings into USDT (Tether), a stablecoin pegged to the US dollar. This ensures that your funds are easily transferable and maintain their value during the withdrawal process.

Step 3: Visit a Trusted Withdrawal Service Website

To facilitate the withdrawal process, visit a trusted withdrawal service that specializes in converting crypto to fiat currency, such as Nigerian naira. Look for a section specifically dedicated to withdrawals from exchanges like Binance.

Step 4: Navigate to the Withdrawal Section

Once on the withdrawal service website, navigate to the section that facilitates withdrawals from Binance or your chosen exchange. Look for options related to obtaining a quote for your withdrawal.

Step 5: Get a Quote and Contact the Merchant

Click on the "Get Quote" button and initiate contact with the merchant facilitating the withdrawal. Provide details about the amount of USDT you wish to withdraw and inquire about the current conversion rate to Nigerian naira.

Step 6: Confirm the Transaction Details

After negotiating with the merchant and agreeing on the conversion rate, you will be provided with a crypto wallet address where you should send your USDT. Ensure that all transaction details, including the amount and recipient address, are accurate before proceeding.

Step 7: Complete the Transaction

Once you've sent the USDT to the provided wallet address, wait for confirmation from the merchant. Typically, this process takes around 20 minutes to complete. Once confirmed, the merchant will initiate the transfer of funds to your Nigerian bank account.

Step 8: Pay Transaction Fee

Be aware that the merchant facilitating the withdrawal may charge a transaction fee. Typically, this fee ranges from 1 USDT for transactions between 10 USDT to 100 USDT, which would be deducted from the transfer amount. Ensure that you factor in this fee when calculating your withdrawal amount. Withdraw now

Conclusion:
Despite recent policy changes affecting P2P transactions on crypto exchanges in Nigeria, withdrawing your funds to a Nigerian bank account is still feasible with the right approach. By following these steps and utilizing trusted withdrawal services, you can seamlessly convert your crypto holdings into Nigerian naira, ensuring convenient access to your funds.