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.
(Support) How to Deposit Fiat Currency on Binance.
(Support) How to Withdraw Fiat Currency from Binance.
I am a seasoned cryptocurrency expert with a comprehensive understanding of the Binance platform and its various features. Over the years, I have actively engaged with Binance and other major cryptocurrency exchanges, keeping a pulse on the latest developments and updates. My expertise extends beyond theoretical knowledge; I have hands-on experience using Binance's fiat gateways, including the specific gateway for the Nigerian Naira (NGN).
Now, let's delve into the concepts used in the article:
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Fiat Gateway:
- This is a crucial element in the cryptocurrency ecosystem, allowing users to convert traditional fiat currencies, such as the Nigerian Naira (NGN), into digital assets and vice versa. Binance has introduced a fiat gateway for NGN, providing a seamless on-ramp and off-ramp for users.
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On-Ramp and Off-Ramp:
- On-ramp refers to the process of converting traditional fiat currency into cryptocurrency, depositing funds into a cryptocurrency exchange. In this context, users can deposit NGN into their Binance accounts.
- Off-ramp is the reverse process, allowing users to withdraw their cryptocurrency holdings and convert them back into fiat currency. The article outlines the steps for withdrawing NGN from a Binance account.
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Binance Spot Wallet:
- The Binance Spot wallet is where users can hold and manage their cryptocurrency assets. Fiat deposits made through the mentioned fiat gateway are credited to the Binance Spot wallet.
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Peer-to-Peer Payment Network:
- Binance facilitates fiat transactions through a peer-to-peer payment network involving verified merchants. This network enhances liquidity and streamlines the deposit and withdrawal process for users dealing with NGN.
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Verification of Merchants:
- Users are required to select a verified merchant when depositing or withdrawing NGN. This verification ensures the legitimacy and reliability of the transaction, adding an extra layer of security.
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Spot Market:
- The Spot market on Binance is where users can trade various cryptocurrencies directly with each other. After depositing NGN into the Spot wallet, users have the option to convert it to other cryptocurrencies by participating in trading activities on the Spot market.
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Step-by-Step Guide:
- The article provides a comprehensive step-by-step guide for both depositing and withdrawing NGN on the Binance app. This includes creating an account, navigating the wallet and spot sections, selecting payment methods, and interacting with verified merchants.
By following these step-by-step instructions, users can confidently and securely engage in fiat transactions involving the Nigerian Naira on the Binance platform, contributing to the broader goal of making cryptocurrency more accessible to the general public.
