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How to buy US dollars using crypto and naira

Some cryptocurrency enthusiasts are jumping on the stablecoin bandwagon as the naira continues to lose value. 

However, a sizable portion of the Nigerian populace is not paying much attention to stablecoins. Many of them are ignorant of cryptocurrencies and how they operate. Interestingly, dollar-backed stablecoins can assist to protect against naira depreciation.

Stablecoins have a one-to-one exchange rate. This means that stablecoin pricing is tied to a specific exchange rate with the US dollar for Nigerians. For instance, a stablecoin purchased with $2 will remain valid for the same price in the future. 

Thus, inflation has no impact on the value. Also, a stablecoin is secure since it is normally governed by a reliable organization. A good example is the BUSD which is governed by the New York State Department of Financial Services. 

More advantages of stablecoins: Dollar stablecoins have emerged as an appealing alternative for consumers and businesses in regions with significant inflation and local currency volatility. 

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  • Stablecoins can be purchased most easily on top digital asset exchanges like Binance. The world’s biggest cryptocurrency exchange said that it had established a fiat gateway for the Nigerian Naira to boost cryptocurrency acceptance and accessibility to the public. 
  • Stablecoins help traders and investors solve a problem that many well-known cryptocurrency exchanges around the globe face. Because these exchanges do not have banking relationships, investors cannot use dollars, euros, or other fiat currencies to purchase the cryptocurrencies they want to trade. 
  • Stablecoins’ borderless feature makes payment easy and convenient and reduces transaction fees to an extremely low level.
  • It is available to all generations, including tech-savvy Nigerian youths and has no central authority that could compromise payment.
  • Well-known brands are utilizing cryptocurrency, meaning that digital users in Nigeria and the rest of the world have access to more.

Fair warning for you: Users must be aware that Stablecoins issuers are private entities with some having minimal to no regulatory monitoring on them. 

The idea that crypto assets are decentralized and the fact that a sizable percentage of the market is centralized are philosophically irreconcilable. Furthermore, there are serious concerns about these companies’ ability to maintain their stablecoins’ 1:1 fiat ratio in the event of a crisis. 

 That said, highlighted below are some of the ways you can buy dollars on crypto exchanges.

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Directly via a wallet to a Crypto Exchange: Nigerians can now deposit NGN from their bank accounts and withdraw cash from their Binance wallets.

  • Once you deposit your naira, it can be exchanged for USDT or any other stablecoin using the NGN/USDT trading pair. 
  • To open an account, go to the cryptocurrency trading platform and select Register in the top right corner. Before moving forward with the registration, be sure you have read and comprehended the terms and conditions. 
  • After your account has been created, go to the area for KYC/AML to finish the procedure (it is mandatory). Set forth the conditions necessary to perform the KYC/AML verification. You can add Naira to your fiat wallet in a variety of ways using the site. 

Consider the P2P trading option: You can purchase USDT and BUSD in the “Wallet” area of your dashboard after funding your account. The P2P marketplace on Binance or Paxful is the most popular option to buy stablecoins. 

  • With almost no transaction fees, dollar-backed stablecoins are instantaneously available to anyone with a device connected to the internet, wherever in the globe. 
  • Get a free Bitcoin wallet with 2FA security by creating an account with Paxful and verifying it. Locate a merchant by clicking Buy in the top menu and choosing Buy Bitcoin. 
  • View the vendor’s terms by clicking the Buy button after reading the prerequisites. 
  • Like a standard debit card, a cryptocurrency debit card is linked to a digital wallet that stores your cryptocurrency rather than your bank account. Every time you make a purchase, the cryptocurrency you own is instantly changed into the retailer’s preferred form of accepted government-issued money, such as the US dollar. 

Where can I find a crypto card? If you are determined to obtain a bitcoin debit card, you must first open an account with a cryptocurrency exchange or a digital wallet. You can then add cryptocurrency to your account or buy it by making a purchase. 

  • Be aware that waiting lists exist to obtain a card. Once you have verified your identity and fulfilled the setup criteria. 
  • The biggest cryptocurrency exchange in the US, Coinbase, offers the Coinbase Card that enables you to use your crypto asset holdings for both in-person and online purchases. A few US clients can currently use this card. 
  • Depending on how much you are prepared to spend, Coin.com, another cryptocurrency exchange, offers a range of debit card alternatives with various crypto rewards. 
  • The Binance Visa Card and the recently unveiled Robinhood Cash Card are two more cryptocurrency debit cards to consider.

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