NGNX is live on Obiex - Buying Crypto in Nigeria with Naira made easy

ngnx Oct 27, 2021

Deposit and Withdraw NGNX with Naira on Obiex

In most African countries, the drive for crypto adoption is inspired by currency devaluation and the need to send money across the world at a cheap cost. It's no wonder that despite the crypto ban in Nigeria, P2P trades account for the bulk of crypto trades carried out in the country.

Since the crypto ban placed by the central bank of Nigeria restricted banks and financial institutions from facilitating crypto transactions, individuals and businesses looked for several ways to easily transact fiat and crypto.

This has led to a rise in the number of P2P trading activities in Nigeria. According to data from Nairametrics, Bitcoin P2P trading has surged about 16% annually since the ban, amounting to trade volumes of over $400m in Paxful and LocalBitcoins only.

With the rise of P2P trading, there have been some uncertainties centered around liquidity, delayed deposits & withdrawals, lack of trusted merchants who implicate P2P users, and many more.

With Obiex, all the issues listed above are addressed directly with a special P2P model that employs the use of ONLY verified merchants and a token called NGNX which is pegged to the value of the Naira.

The use of only verified merchants means Obiex customers have nothing to worry about when trading P2P, and for every amount deposited or withdrawn, they can rest assured knowing that transactions will always be completed in little time.

Just like with the creation of Bitcoin and the blockchain by Satoshi Nakamoto, Obiex solves the problem of exclusivity created by centralized financial institutions.  

The Central bank of Nigeria under the leadership of Godwin Emiefele had announced months after the crypto ban to release a digital currency denominated in Naira called enaira. It was originally planned for October 1st, 2021 but was postponed to a later date of October 25, 2021. Users experienced bugs while trying to use the enaira wallet which led to it being taken down briefly on mobile app stores.

With NGNX, we want our customers to have easy access to cash through depositing, withdrawing, and swapping crypto.

NGNX will be pegged to the value of the Nigerian Naira in the crypto market. NGNX can be deposited by sending Naira to a verified merchant on Obiex, and withdrawn directly to your bank account.

Obiexers can now deposit and withdraw NGNX from and to their bank accounts respectively. You can also buy Bitcoin and USDT with NGNX on Obiex by swapping NGNX for the desired crypto.

How to use NGNX on Obiex

To use NGNX, you will be required to input your BVN to confirm your identity, after which you'll be able to deposit, withdraw and swap NGNX.

NGNX Wallet Dashboard

N.B Inputting your BVN doesn’t permit Obiex to view your bank balances.

How to deposit Naira X on Obiex

How to Deposit NGNX

  1. Input the amount of Naira you wish to deposit
Deposit Naira on Obiex 

2. Pick one of our vetted merchants to make payment to

Choose a merchant to deposit Naira with on Obiex

3. Make payment to the bank account of the provided merchant. N.B a charge of NGN 100 is required

Make payment to a verified merchant on Obiex

4. Confirm within the designated time that you have made the payment, and the Naira will appear on your NGNX wallet balance.

How to withdraw Naira to your bank account

How to withdraw Naira X to your bank account using Obiex

Click on withdraw and input the Naira amount you wish to withdraw to your bank account.

  1. Add a bank account you'll like to receive the money
  2. Pick a vetted merchant to receive payment from. [N.B a charge of NGN 150 is required on every Naira withdrawal].
  3. Enter your Obiex transactional pin and 2-factor authentication code.
  4. Confirm payment once money has been received in your account.

It's worth noting that you're not restricted and can withdraw to any bank account within Nigeria, whether it's Zenith bank, GT Bank, First Bank, Access Bank, UBA, etc.

Swap NGNX for BTC and USDT

You can get BTC, WKD, USDC, BUSD, and USDT with NGNX by swapping from NGNX to any of these assets.

Get Bitcoin (BTC) and Tether (USDT) with NGNX on Obiex

Contact support for any assistance you need in depositing, withdrawing, and swapping NGNX

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Win 1 million Naira monthly for trading on Obiex
Obiex is rewarding its top NGNX traders with One Million Naira every month. The customer with the highest volume of NGNX trades will receive 1 million NGNX monthly while offer lasts.
Win 1 million Naira X every month for trading on Obiex. 


Paolo Abamwa

When Arsenal isn't stressing me, you can find me working on growth solutions or enjoying my life.

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