If you’re a Nigerian and still have your money saved as Naira, I don’t think you know how much you lose every day. In this guide, I’ll share with you the two best ways to buy dollars or USDT from Black market or Binance from Nigeria. This way, you get to save your money in Dollars and benefit from the uptrend.
You probably witnessed the spike in Dollar exchange against Naira a few days ago, when Naira went from ₦620/$1 to ₦710/$1, and it’s still increasing. Well, what else do you expect when the Nigerian economy has continued to dwindle?
[ads]
Instead of saving your Naira in the bank and watching it decline even when you’re not using it, you should take advantage of the economic failure by buying some USDT or dollars with it.
[ads]For example, let’s say you had ₦100,000 in your bank account a few days ago. The value of that hundred thousand Naira should have dropped by a couple of thousand Naira and some change within this short period.
Nevertheless, you can easily invest your Naira in Dollars, so your money will gain value as the Dollar gains value. This relates to Dollar Arbitrage, and it is probably what everybody wants, including you.
This wiki freelancing guide will show you the two best ways to buy dollars or USDT with your Naira or any other currency from Nigeria or any other country.
» MORE: 63 Amazing Reasons To Start Freelancing Today
2 Best Ways To Buy Dollars or USDT
- Buying dollars from the local black market (Aboki)
- Buying USDT on Binance
1. Buying dollars from the local black market
The first method is to buy dollars directly from the black market, fondly addressed as “Aboki” in Nigeria.
[ads]Buying dollars from the black market guys is pretty straightforward, and anybody can do this, including you.
For example, I bought 200 dollars from the black market a few months ago when it was at ₦550 per Dollar. Now, a dollar is seven hundred and something, and you can imagine the profit, especially if you had bought more.
How to save your dollars in cash in Nigeria
If you have some dollars as cash, you can either save it by:
- Keeping it in your house
- Or save it in your dollar domiciliary account
I strongly recommend saving your dollars in your domiciliary account when you have it as cash. This method is safer, and you can withdraw it at any time.
[ads]If you don’t have a domiciliary account, here is a detailed guide on everything you need to know about a Nigerian Domiciliary account; requirements, types, limitations, and how to fund and withdraw your dollars from a domiciliary account.
» MORE: How To Make 6-figure Income With Amazon Publishing – Secret To Success
2. Buying USDT using Binance
Apart from buying your dollars from the aboki or black market, the second way to buy your dollars with naira is by buying USDT.
If you’re into crypto, you should already know how to go about this. However, if you haven’t done anything crypto before, I don’t want you to fret a second because I’ll give you a straightforward explanation about all you need to know to get started.
First, USDT is also called Tether, and it’s a stable coin. It’s the type of cryptocurrency that pursues a steady valuation. Now, this means that it always has the current value of a dollar.
[ads]Simply put, think of it as 1 USDT is always equal to 1 US dollar, the same with BUSD. So, you don’t have to worry about anything.
For example, if you buy 10 USDT, you’ve got 10 US dollars in your account. And as the dollar rate is increasing, your USDT will continue to spike. And then, you can easily sell your USDT whenever you want and take the profit from it.
Another amazing is that the process of buying your USDT is super simple on Binance. You only have to create an account with Binance, if you don’t have an account already, and then buy from Pay 2 Pay.
Click here to create an account with Binance. I’m verified on Binance, and when you register with the link, you enjoy special benefits from Binance, such as getting some USDT.
» MORE: 63 Fantastic Reasons To You Should Start Freelancing Today
How P2P works on Binance
Now, I mentioned that you’ll buy your USDT through P2P, right? So it is just a method of buying USDT with your local currency without using your card. For example, you can buy USDT with Naira without using your card.
[ads]Of course, the Buhari government banned Nigerians from buying cryptos with their cards. So, please don’t use your Naira card to purchase USDT on any crypto platform.
With the P2P, you only have to go to the Binance P2P page and see many Nigerians who want to sell their USDT and also see the amount they are selling it. You’ll then transfer your Naira to their Nigerian bank account (displayed by Binance), and they’ll release the USDT in a few minutes after confirming your successful transaction.
I’ve created a straightforward guide on how you can create your Binance account and how you can buy USDT with Naira or any local currency in real-time. It’s super handy for beginners.
Over To You
You’ve seen the two best ways to buy Dollars or USDT in Nigeria.
[ads]- By buying dollars from the black market
- By buying USDT on Binance
While this is not a piece of financial advice, take the plunge to save your funds, make extra profit, and avoid having your Naira devalued by the poor economy.
Very helpful
Best of luck, Louis.
Good idea. But I’m not very good at crypto. I have a few USDT sent by my customer some weeks ago and I want to withdraw them to my domiciliary account.
Hi MacDonald, you don’t need to be a crypto guru to buy and sell crypto. The good thing is that USDT is a stablecoin, so it is always at the same value as U.S dollars. Again, you don’t have to go to the chart to trade USDT and Naira since you only want to withdraw your USDT.
If you have 10 USDT in your wallet, it’s equivalent to 10 U.S dollars.
And if it’s on Binance, you can sell your USDT at a reasonable amount, and the buyer will transfer the Naira equivalence into your Naira account.
You can then use the Naira to buy dollars and save them into your domiciliary account.
So, you can’t withdraw your USDT to your Domiciliary account directly. In fact, Nigerian banks don’t support any transaction relating to crypto.
Good luck!
It’s unbearable and there’s no hope for better. I have to get into crypto
Hi stephen, good luck as you do crypto. Trade safely
Interesting! But which one is better between the black market and buying USDT? And the safest too
Hi Charlotte. The two methods are feasible. If you ask me, I would prefer USDT since you do everything from your home.
Again, with USDT, you can easily make purchases online and sell at a little bit higher price. In fact, you can practically set the amount you want to sell your USDT.
While this is not a financial advise, I wish you good luck!
Thanks for this. I’d love to have my cash saved as dollars through black market. And I’m yet to open a dom account.
Can you help with straightforward steps to follow?
Hi Ray, take the plunge by opening a domiciliary account. Here’s everything you need to know about domiciliary account.
Nothing is stopping you now!