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Since the Nigerian government banned crypto to naira withdrawal, what method are you using to withdraw your coins??

  • Thread starter Thread starter Sincerem
  • Start date Start date
Luckily enought I made enough withdrawal before the ban, but the way forward is p2p and that's even easier. Using the binance platform you are sure of successful transaction.so the government can continue in their shallowness while crypto flourishes.
 
i don't think the Nigeria government ban the withdrawal to our account but I think the government ban or asked all banks not to trade crypto currency or exchange it in the bank but even with that I wil still invest in crypto because crypto is the future.
 
Sincerem said:
Those of us from Nigeria are experiencing lousy time when it comes to crypto to naira withdrawal into the local bank account. The country stopped such transaction taking place, and its hard now to withdraw the coins down to our naira bank account. Since the government doesn't want anything that has to do with naira and crypto transactions to place in the bank in order not to get the the fiat currency devalued.

Do you think their is any alternative left to withdraw our coins??
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Right now I use roqqu, however Nigeria government ban naira deposits, they did ban transferring cryptocurrency from one wallet to another , they don't even have the pawer to do so, if I want to sell my cryptocurrency now , I would have to find a buyer myself, negociate price with him, which will be so stressful and it will take along process.
 
This is really pathetic, I received a mail from Busha telling me all transactions both deposit and withdrawal has being suspended and that they will be give an update soon. For now in still monitoring the situation to see what can be done in order start withdrawing again.
 
Michaellee said:
Right now I use roqqu, however Nigeria government ban naira deposits, they did ban transferring cryptocurrency from one wallet to another , they don't even have the pawer to do so, if I want to sell my cryptocurrency now , I would have to find a buyer myself, negociate price with him, which will be so stressful and it will take along process.
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That is very bad, where will you get such buyer to pay using your own country's fiat currency. I don't see such happening anytime soon, I see luno paying its users directly to their bank account even when the new law is functional.
 
Niftyyem said:
Although I am yet to make any withdrawals for now bit according to the news I read on Luno blog, there is no stopping of naira withdrawals rather that of deposits. What platform is stopping withdrawals into local bank accounts?
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Good.. i also read a similar update on luno that your withdrawal will not be affected but making a deposit into your luno wallet via a bank account may not be possible for now due to the order Federal government made.
 
Since the ban on cryptocurrency by Nigerian government, I have been using binance peer to peer transactions to buy and sell cryptocurrency. Sometimes I purchase crypto through a third party exchanger.
 
Sincerem said:
That is very bad, where will you get such buyer to pay using your own country's fiat currency. I don't see such happening anytime soon, I see luno paying its users directly to their bank account even when the new law is functional.
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It happens a lot and I have done it before
 
Well i don't think the policy affect any withdrawal policy, the only effect is that you cannot do direct depositing from a naira account into a bitcoin wallet. Well if it happens that i won't be able to withdraw then I will transfer my bitcoin to one of my forex broker account so as to withdraw through the broker.
 
Blue house said:
Well i don't think the policy affect any withdrawal policy, the only effect is that you cannot do direct depositing from a naira account into a bitcoin wallet. Well if it happens that i won't be able to withdraw then I will transfer my bitcoin to one of my forex broker account so as to withdraw through the broker.
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I am just certain there would always be a way around such issues, so I am not too bothered about withdrawal. However, most times being able to deposit and buy straight from the platform helps avoid possible issues such as being scammed and the likes.
 
Niftyyem said:
I am just certain there would always be a way around such issues, so I am not too bothered about withdrawal. However, most times being able to deposit and buy straight from the platform helps avoid possible issues such as being scammed and the likes.
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Exactly, we will surely find a way around to withdraw and deposits the money whether the government likes it or not, some people said they would make all transactions including withdrawal and deposita through a betting wallet.
 
That being said, many Crypto pundits are of the opinion that although the Central Bank’s recent directive does not criminalize ownership of crypto, the circular will however make it difficult for them to process debit, credit card, and bank transfer transactions.

It is also interesting to note that most fintech startups like Paystack, Flutterwave, Korapay, usually partner with Deposit Money Banks, Non-Financial Institutions, other financial institutions to transact with Nigerian bank customers.
 
The ban was placed on buying from your nigerian account not from withdrawing. I hope guys quickly find ways or rather other methods of funding an exchange wallet with a nigerian bank
 
The Nigeria government loves to makes things and life difficult for its citizens because the reasons they claimed for the ban is unjustifiable. Since the ban I have been devastated because I'm currently earning legitimately on cryptocurrency. I will continue to earn into my wallet till there will be a solution or lift on the ban.
 
It is very bad for this policy that central Bank of Nigeria made because I was so disturbed last weekend when I heard the news and it was my first time of withdrawing from here so I need to use a friend that have PayPal to withdraw at lower rate.
 
Ltherman said:
I have done a few transactions between the last two days and its been all peer to peer which is the best form of transacting in crypto right now. Binance has provided a good platform where it functions as the escrow between parties in a transaction. Other platforms like Remitano is also a viable option.
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I also believe peer to peer is the best way for now, since there is no guarantee that the banks will not shut down your account if you receive payment.

Let's hope this policy does not last long.
 
I read through all the reasons the CBN gave for the ban and I found it difficult to understand the ban based on those reasons. Holding on to Warren Buffet's words and discarding that of Elon Musk seemed a little unreasonable to me.
 
The ban presently is affecting deposit of funds into your luno account. You can still make withdrawal from luno into your local bank account. Moreover this will just give room for peer to peer sharing to strive.
 
CBN say until dem regulate crypto trading, e dey prohibited for institutions to deal in di digital currency.

Dis new order don set panic for di digital money market in Nigeria as pipo no too dey sure of wetin go happun next to dia investment.

For those wey dey think of how to convert dia Bitcoin, Dogecoin and oda digital currencies to cash,yougo need some Apps wey you fit download for your phone or check online.

Dis na some debit cards apps wey you fit use wit crypto currency:
 
The banned don't have any reflect on my luno account cause I still withdraw last weekend but I think we can't just make deposit from local bank to crypto currency but can withdraw to local bank
 
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