With Nigeria’s rapidly growing crypto adoption, Binance has become a go-to platform for many Nigerians looking to trade or invest in cryptocurrencies. However, due to regulatory restrictions, direct deposits and withdrawals from Nigerian banks to Binance are no longer available. But don’t worry—Binance’s Peer-to-Peer (P2P) system provides a smooth, legal, and secure alternative.
In this guide, we’ll break down how to deposit and withdraw Naira (NGN) on Binance using your local bank account or fintech apps like Opay, Kuda, Palmpay, Moniepoint, and Flutterwave.
🔁 The Core Method: Binance P2P (Peer-to-Peer Trading)
Due to Central Bank of Nigeria (CBN) regulations, crypto exchanges like Binance can't directly integrate with Nigerian financial institutions. But with Binance P2P, you can buy and sell crypto directly with other users who will pay or receive funds via bank transfer or fintech wallets.
✅ How to Deposit (Buy Crypto) Using Nigerian Banks
This involves buying crypto with your Naira through P2P. Think of it like buying airtime or paying someone—only this time, you're exchanging Naira for crypto.
🔹 Step 1: Fund Your Bank or Fintech Wallet
Ensure you have funds in your bank account (GTB, Access, Zenith, etc.) or wallet (Opay, Kuda, Palmpay).
Open your Binance account (mobile app or web).
🔹 Step 2: Go to P2P Trading
Tap "P2P" under the “Trade” menu.
Select “Buy” and choose a cryptocurrency (e.g., USDT, BTC, BUSD—USDT is the most used).
🔹 Step 3: Filter for Nigerian Sellers
Tap the filter icon:
Currency: NGN
Payment Method: Choose your preferred (Opay, Bank Transfer, Kuda, etc.)
Review available sellers based on price, completion rate, and limits.
🔹 Step 4: Place Your Order
Tap Buy and input the amount in Naira.
Confirm and proceed.
🔹 Step 5: Make Payment
Binance will show the seller’s account details.
Make the bank or app transfer (ensure you add the correct reference if needed).
Tap “Transferred, Next” on Binance after payment.
🔹 Step 6: Wait for Confirmation
The seller will confirm receipt and release the crypto to your Funding Wallet.
You now officially own crypto.
💸 How to Withdraw (Sell Crypto) to Nigerian Banks
To cash out your crypto into Naira, use the same P2P system in reverse.
🔹 Step 1: Move Crypto to Funding Wallet
Go to Wallets → Funding → Tap Transfer from Spot or Earn.
Choose crypto like USDT and confirm transfer.
🔹 Step 2: Sell on Binance P2P
Go to P2P → Sell.
Choose the amount and filter:
Payment Method: Bank Transfer, Opay, Kuda, etc.
Confirm buyer’s profile and rate.
🔹 Step 3: Confirm the Sale
Enter amount and bank details if not already saved.
Binance holds your crypto in escrow.
🔹 Step 4: Wait for Naira Transfer
Buyer sends money directly to your bank or fintech app.
Once you see the funds, tap “Payment Received” to release the crypto.
⚠️ Never click “Payment Received” until you actually get the money.
💡 Supported Payment Methods in Nigeria on Binance P2P
✅ Bank Transfer (GTBank, Zenith, UBA, Access, FCMB, First Bank, etc.)
✅ Kuda
✅ Opay
✅ Palmpay
✅ Moniepoint
✅ Carbon
✅ Paga
✅ Flutterwave
⚠️ Tips for Safe P2P Transactions
Only deal with verified users or those with 90%+ completion rate.
Avoid external chats—keep communication inside Binance.
Always use Escrow: Binance holds the crypto until payment is confirmed.
Don’t use crypto-related terms in your bank payment descriptions.
🚀 Final Thoughts
Even with regulatory restrictions, Binance remains accessible for Nigerians through its robust P2P platform. Whether you’re using a traditional bank like GTBank or digital platforms like Opay or Kuda, you can easily fund your Binance wallet and withdraw your crypto earnings in Naira.
With Binance P2P, crypto in Nigeria is alive and thriving. Just be smart, stay secure, and trade with confidence.
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