It has been 8 months since the Central Bank of Nigeria banned cryptocurrency and instructed banks to close accounts related to Crypto. This halted Naira deposit and withdrawal for Nigerian fintech companies into cryptocurrency trading, however, it didn’t stop Nigerians from getting ways to deposit and withdraw while dealing with crypto.
Many Nigerians opted-in to use Binance P2P while others made use of Bundle Africa and even Chipper Cash but with Luno announcing its plans to resume naira deposit, withdrawal for crypto traders in Nigeria, things are about to get better.
“We’re thrilled to announce that deposits and withdrawals in Naira will resume on the Luno platform in November,” Luno told its users in an email.
“You will be able to deposit and withdraw funds to and from the Luno platform using vouchers purchased and redeemed through a trusted third-party provider,” Luno said.
“We believe that this is the safest and easiest-to-use solution currently available to our customers in Nigeria and look forward to you experiencing it for yourselves.”
Luno warns users that it “does not set the price of bitcoin or any cryptocurrencies, we only facilitate transactions between customers.”
“The return of Naira deposits and withdrawals may cause significant price volatility, with the release of pent-up customer demand to buy and sell cryptocurrency causing unusual market behaviour that could last for several weeks,” Luno said. If you are new to Luno, you can get started here.