NGNX Naira Stablecoin on Obiex; How To Deposit, Withdraw and Use NGNX on Obiex

Obiex Guides Jun 28, 2023

A Stablecoin is a type of cryptocurrency tied to something like regular money or gold so that it doesn't go up and down in value as much as other cryptos like BTC, ETH, PEPE, DOGE and XRP, etc.

This helps make it more stable since it's pegged(tied) to the same value of a generally stable fiat currency like the U.S. Dollar or a commodity like gold.

Tether (USDT) and USD Coin (USDC) are two of the most popular stablecoins in the cryptocurrency market. You may have traded either of these stablecoins before, but did you know there’s a stablecoin pegged to the value of the naira? It’s called NGNX and can be used like Naira on the Obiex cryptocurrency exchange.

What can you use NGNX to do on Obiex?

Buy Cryptocurrencies with NGNX

With NGNX, our Naira stablecoin, you can conveniently buy over 20 cryptocurrencies on Obiex, including BTC, ETH, USDT, BUSD, ARB, and SOL.

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Pay for Utilities

You can easily use NGNX to buy data and airtime for your mobile phone and pay your electricity and cable bills, all from your Obiex crypto wallet.

Fund Betting Accounts

If you enjoy betting, you can conveniently fund your betting account with Naira using our NGNX stablecoin.

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Pay for WAEC and JAMB

With NGNX, paying for your WAEC and JAMB is as simple as a few taps on the screen.

Easier International Money Transfers

With our Naira stablecoin, sending money across borders becomes simpler and cheaper.

You can easily transfer money to your family, friends, loved ones and business partners without using banks or expensive/complicated remittance services. This means lower fees and faster transactions.

For example, if you’re in Kenya and want to send Naira to your family member in Nigeria, you can fund your Obiex wallet with USDT, swap it to NGNX and send it in less than 5 minutes.

How to Deposit NGNX On Obiex

Log in to your Obiex account using your registered email address and password. If you don’t have an obiex account, click here to create one in less than 2 minutes.
Select “Deposit”, select “Fiat”, and select “NGNX.”
Input the amount of Naira you want to deposit and select “Confirm.”
Select a merchant and Confirm the Transaction. Obiex merchants are safe to transact with.
Send the exact amount of naira you requested to the Merchant Bank account details provided and Confirm Payment.
In less than 10 minutes, your wallet will be credited with the amount stated in the merchant Quote.

How to Withdraw NGNX On Obiex

Log in to your Obiex account using your registered email address and password. If you don’t have an obiex account, click here to create one in less than 2 minutes.
Select “withdraw”, then select “Fiat”, and then select “NGNX”. You can also scroll down to Naira on the homepage and click "Withdraw."
Select “Withdraw to bank account”. Input how much you want to withdraw from your wallet and select “Continue.”
Select your Nigerian Bank account and input your account number and Confirm.
Input your withdrawal Pin and 2FA code and confirm the transaction.
Voila, you have successfully withdrawn NGNX(Naira) to your local bank account🚀

How to Swap NGNX to BTC, ETH, USDT and other Cryptocurrencies

Log in to your Obiex account using your registered email address and password.
Tap the swap button at the bottom middle of your screen.
Select NGNX from the "from" coin list.
Select BTC, ETH, USDT, ETH, USD, USDC, or BUSD from the "select coin" list.
Select and confirm the coin amount you want to exchange.
The swapped amount of NGNX is now in your wallet.

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How to Swap from BTC, ETH, USDT and other Cryptocurrencies to NGNX

Log in to your Obiex account using your registered email address and password.
Tap the swap button at the bottom middle of your screen.
Select ETH, USDT, BNB, BCH, LTC, SOL or any other crypto from the "from" coin list.
Select NGNX from the "select coin" list.
Select and confirm the coin amount you want to exchange.
The swapped amount of the NGNX is now in your Bitcoin wallet.

Disclaimer: This article was written by the writer to provide guidance and understanding of cryptocurrency trading. It is not an exhaustive article and should not be taken as financial advice. Obiex will not be held liable for your investment decisions.