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How to withdraw Naira to your Bank account with Binance P2P

2021-02-16

Binance continues to delight our users with useful functions and new opportunities for crypto-fiat operations. Another important update is the NGN Fiat/NGN addition on the P2P platform.

As a reminder, Binance recently launched the function of NGN transfers between wallets, with which users can transfer NGN balances to other Binance users. Additionally, NGN Fiat balance has been added as a new P2P payment method , allowing you to pay for transactions using your balance on the exchange wallet.

And last week we were pleased to announce that a new NGN / NGN pair has been added to P2P. This trading pair allows you to directly convert your Naira balance on the exchange into your Naira Bank Account, by performing exchange transactions with other Binance users without commissions.

In fact, the NGN in your Binance wallet are your exchange-traded assets with which you can trade on the spot market e.g NGN/USDT, NGN/BTC, or transfer it to P2P for withdrawal to any of your Bank Accounts.

Trade on Binance P2P now

How does it work?

First, you need to transfer your Naira balance from your spot wallet to your P2P wallet. Step 1. Select (1) “Wallets” on the bottom nav bar, then tap (2) “P2P” and click (3) “Transfer”

Step 2. Select “Transfer” from the options.

Step 3. Make sure (1) you’re transferring from “Spot” to “P2P Wallet” as shown below. Select (2) “NGN” from the options, and (3) enter the amount you want to transfer, then tap “Confirm Transfer”

Step 4. 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 5. 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 6. 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 7. 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 actually made payment. If the payment is received, confirm the transfer and complete the transaction.

The Naira balance will be credited to the buyer’s P2P wallet in a matter of seconds, and you’ve successfully withdrawn Naira to your bank account!

Trade on Binance P2P now