Recently, The Central Bank of Nigeria, CBN pronounced a Ban on Crypto currencies under a clause that payments can not be further made from Nigerian Banks to crypto currency accounts. This caused chaos within active Crypto Currency users in the country because the Ban actually came without any form of notice.
Well, looking critically at the circular, released by the CBN, the ban wasn't a restriction on Crypto currency trading in Nigeria but it only restricted direct deposits and withdrawals from Crypto currency accounts to the Nigerian Bank accounts.
Having understood this, several solutions have been sorted to serve as an alternative to aid the purchase of Crypto Currencies and to Liquidify your Crypto Currency assets to the Fiat NGN. This article will serve as a guide on how to purchase Bitcoin Cash, Liquidify your Bitcoin Cash in Nigeria despite the Ban.
How To Transact Crypto Currencies (Bitcoin Cash) In Nigeria
In the midst of the chaos caused by the Bank from CBN on crypto currency in Nigeria, P2P trading witnessed a new face, serving as a solution to crypto currency purchase and withdrawals in Nigeria.
What Is P2P Trading?
P2P Trading (Peer to Peer Trading) in a lay man's term is a direct trading interaction between two parties, a buyer and a seller. In some systems, for Instance Binance, trading is being done in the presence of an escrow, where the buyer sends the money directly to the seller and the seller on confirming the payment releases the coin purchased.
Although P2P have resulted to be the solution for crypto currency payments (deposits and withdrawals), One needs to be very careful on the system or platform being used as Scammers are likely to seize this opportunity to dupe so many of their assets.
So, what platform is safest to perform P2P Trading? I assume that's a question everyone reading this to this extent will ask. For now, I've been very familiar with the Binance P2P trading so, I'll be writing on how to use the Binance P2P trading option to transact Bitcoin Cash and any other Crypto currency of your choice.
How To Transact Bitcoin Cash Via Binance P2P trading options
Binance is a very popular crypto currency trading platform based on it's trading volume. Also, they have been well known for it's level of security.
Using the P2P trading in Binance allows you make instant purchase and sell of your Crypto Currencies then recieve payment directly to your Nigerian Bank account. Sip some coffee let's get into the details of how to Purchase, Withdraw your Bitcoin Cash or any other crypto currency using the Binance P2P trading option.
Before we proceed, click here to create an account on Binance if you don't have one already, ensure all verification processes are being done, both BVN and Facial verification. Once all is set we can now proceed.
How To Purchase Bitcoin Cash Via Binance P2P Trading
On your Binance App, Tap on Wallet and select P2P, switch to Buy.
You'll notice that there is no Bitcoin Cash (BCH) in the options, so we recommend USDT or BUSD because they are stablecoins. (High volatility resistance)
Tap on P2P Trading, on the top, select "Express" for instant pairing.
Input the Amount in Naira, tap on Buy with 0 fees.
You'll be instantly paired with a Seller, displaying a Direct Transfer payment method.
Transfer the stipulated amount on the trade to the Seller then tap on Transfer once you have Successfully transferred.
With a confined timeframe, the Seller will release USDT to your P2P account.
Once the USDT reflects on your P2P wallet, tap on Transfer, choose transfer to transfer asset within your Binance wallets, the aim is to transfer to your spot wallet.
On your Spot wallet, Select BCH and click on the BCH/USDT trading pair. Click on Buy to Purchase BCH.
How To Sell Your Bitcoin Cash For Naira Via Binance P2P
First Select The BCH/USDT pair and sell of your BCH for USDT
Tap on Transfer on your Spot wallet to transfer your USDT to your P2P wallet
Head to your P2P wallet and create a Sell order under the "Express" Option for instance pairing with buyer.
Within minutes, You recieve a credit alert from the Buyer, click on confirm to release the USDT to the Buyer.
For Further Clearifications, here's my contact @Bestiecrypto on Telegram. Good luck.
