Since the Central Bank of Nigeria’s (CBN) letter to banks, we know it has been as frustrating for you as it has been for us. Naira withdrawals and deposits have been on hold but we are working on several solutions to help you withdraw and deposit Naira.
Starting today, we are rolling out Naira transfers. This means that you can transfer money from your Naira wallet to another person’s Naira wallet on Quidax in minutes.
How does Naira Transfer Work?
Let’s say you have 100,000 Naira in your Quidax Naira wallet and you want to send 50,000 Naira to your friend as a gift so that they can buy crypto.
Now, you can transfer the 50,000 Naira from your wallet straight to your friend’s wallet on Quidax using their email address or phone number. It’s just like how you’ve been able to transfer crypto from your wallet to another Quidax customer’s wallet using their email.
The sweet part is that there are zero fees.
Pro-tip: You can use this to solve your Naira withdrawal or deposit problem.
If you want to withdraw Naira and your friend wants to deposit Naira on Quidax, you can transfer the Naira you have on Quidax to him/her. In exchange for that, they can send the equivalent Naira to your bank account.
It’s fast and makes it easy to send money to your friends and anyone else on Quidax without withdrawing money directly to your bank account.
Frequently Asked Questions
What do I need when I want to send Naira to someone?
You just need the email address the person used to sign up on Quidax or you can easily use their Quidax username.
Do I need to complete my KYC before I can use the Naira transfer feature?
Yes, you have to complete Level 2 BVN verification before you can use it
Does the person receiving the money have to be registered on Quidax?
Yes, the person you are sending Naira to must have a Quidax account.
What is the maximum and minimum amount I can send to another Quidax customer?
The maximum and minimum amount you can send is dependent on your Account verification level. Each Account Verification level has a withdrawal limit. These limits also apply to internal Naira transfer.
Does the person’s email address have to be one they used to sign up on Quidax?
Yes, the email address has to be the same one the person used to sign up on Quidax.