How to Deposit and Withdraw NGN on Binance

2022-11-24

Main Takeaways

  • Binance has a fiat gateway for the Nigerian Naira (NGN).

  • This gateway lets users deposit (on-ramp) and withdraw (off-ramp) funds directly to and from their Binance account.

  • Fiat deposits through this method will be credited to your Binance Spot wallet.

  • Users can convert these funds to other cryptocurrencies on the Spot market.

As part of its objective to broaden the use of cryptocurrency and make crypto accessible to the general public, Binance has added a fiat gateway for the Nigerian Naira (NGN).

Users can now deposit and withdraw fiat currencies like NGN directly to and from their Binance wallets. This is done through a peer-to-peer payment network of verified merchants with liquidity.

In this article, we will show you how to deposit and withdraw NGN on the Binance app, step by step.

How to Deposit NGN to Binance

Step 1. Create a Binance account and log into your account. If you don’t have a Binance account yet, sign up here for free.

Step 2. On the Binance app home page, click “Wallets”.

Step 3. On the Wallet page, click “Deposit”.

Step 4. Click “Cash” to switch to the cash menu. Search for your local currency (in this case, NGN).

Step 5. Select your payment method and click “Continue”.

Step 6. Fill in your payment account details. Make sure the account name here is the same as the one on your Binance account. Click “Continue” to proceed.

Step 7. Enter the amount you want to deposit and click “Continue”.

Step 8. Select a verified merchant and click “Send Request”.

Step 9. You will be directed to the payment page. After making your payment, click “I have paid” to confirm your payment.

Step 10. After your payment has been confirmed, you will be directed to the page that confirms your deposit. You can click “Close” to conclude this transaction.

Your NGN will appear in your Spot wallet. From here, you can convert it to any crypto of your choice by trading in the spot market. This guide will show you how to convert crypto in your spot wallet.

How to Withdraw NGN from Binance

Step 1. On the Binance app home page, click “Wallets”.

Step 2. Go to the “Spot” section and click “Withdraw”.

Step 3. Click “Cash” to switch to this menu. Select the currency you want to withdraw (NGN).

Step 4. Fill in your receiving account details. Make sure the account name here is the same as the one on your Binance account. Click “Continue” to proceed.

Step 5. Enter the amount you want to withdraw and click “Continue”.

Step 6. Select any verified merchant of your choice and click “Send Request”.

Step 7. Check the boxes if you agree to the terms and confirm that you have received your payment. Click “Continue” to proceed.

Step 8. You will be sent an OTP to confirm the transaction.

Step 9. Click “Close” to conclude this transaction.

You can deposit and withdraw NGN directly through the Binance app. For more information on how to deposit and withdraw fiat on Binance, kindly refer to the following related articles.