How to transfer bitcoin to bank account in Nigeria?

Read all about how to transfer bitcoin to bank account in Nigeria.

Bitcoin is the most valuable and popular cryptocurrency, it was created by an unknown person who goes by the name satoshi nakamoto.

It is a decentralized currency that cannot be controlled by any institution or government body, which is possible because of the blockchain technology.

If you want to know more about bitcoin, you can read my post on it here.

To withdraw bitcoin to your bank account is very easy and there are many ways to this, but the one I am going to be showing you is how to withdraw bitcoin to your bank account with luno.

The below is a step by step guide on how to transfer bitcoin to your bank account in Nigeria on Luno.

Make sure you read till the end and also drop a comment if you have any question.

Let’s get into it then…

How to withdraw bitcoin to your bank account in Nigeria?

I choose to use luno because, luno wallet is safe and secure and they are trusted, you can scroll down to read a little about luno.

NOTE: When registering on Luno, be sure to use your name just as it appears on the bank account you link with luno.

To transfer bitcoin to your bank account in Nigeria, you will have to follow the below steps:

1. Go to the home screen, click on “MORE” under you BTC balance.
2. Click on “INSTANT SELL”. Enter the amount you want to sell in Naira or in BTC, confirm the amount and proceed. Once you do this, the money will instantly be in your Naira wallet on Luno.
3. Go to menu, click on “WALLETS” to see your NGN wallet.
4. On the NGN wallet, click on “WITHDRAW” to transfer the money into your local bank account.
5. Enter amount you wish to withdraw and proceed.

NOTE: To deposit or withdraw from LUNO, you must first verify your LUNO Account using anyone of these:  National ID card, Voters card, Driving license or International passport.

If you try depositing money on LUNO without first verifying your account, your money might never reflect on your LUNO Wallet.

You are charged a processing fee of N100 on any withdrawal you make on LUNO. First level users can deposit or withdraw maximum amount of N200,000 on LUNO, while the maximum amount to be deposited or withdrawn by second level users is N500,000 monthly.

About Luno

Luno is a Cryptocurrency exchange where you can buy bitcoin, Bitcoin cash and ethereum. Luno was established in 2013.

Luno was formerly known as bitx, it was only as recently as 2016, that it rebranded to luno.

 

It was setup by Timothy stranex and the platform offers services as a Cryptocurrency trading platform, a brokerage service and a Bitcoin wallet also.

Luno initially only supported Bitcoin, but as of recent, it has added both ethereum and Bitcoin cash to its list of supported currencies.

The exchange seems open to adding even more Cryptocurrency in the future. On Luno, you can buy bitcoin using any of the following:

1. Debit/credit card
2. Bank transfer
3. Card deposit
4. Paystack
5. GTbank transfer

Conclusion

With this post, it should now be easy for you to withdraw bitcoin to your bank account in Nigeria, if you have questions or maybe you want to add something, you can leave it in the comment section below.

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Thank you for reading.

 

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