I am glad to bring this information to people that cannot easily withdraw their bitcoin to local bank accounts in Nigeria without the help of exchangers like naira4dollar, instant gold, etc.
If you are one of the many people who cannot do that, with LUNO, it is very simple. I prefer the LUNO bitcoin wallet because it is the safest and people can directly connect their local bank accounts with it. Also, there is a feature that enables people to see the total amount of their bitcoin in naira, this is in contrast to the usual US dollars that most other wallets have.
Recommended: How to Buy Bitcoin in Nigeria
It is important to note that when opening your account with LUNO, make sure you use the same name that is on the bank account you intend to link with LUNO.
Furthermore, you can easily deposit money into your LUNO wallet from any bank with your ATM card and your naira account on the LUNO platform will be credited instantly after which you can proceed to buy the amount of bitcoin you desire.
How to Transfer Bitcoin to Bank Account in Nigeria
- If you have your bitcoin in other wallets, you can send it to the LUNO platform
- Log in to your LUNO account
- Locate and click the “more” button right under the BTC balance
- A user interface will open, then click the “withdraw money” button.
- Another user interface will open for you to select the bank you want to withdraw to if you have linked multiple banks.
- Since there are multiple wallets on LUNO, such as Ethereum, bitcoin and your naira wallet, you will have to select which wallet you are withdrawing from. Once that is done please enter the amount you wish to withdraw and click continue or next.
- Once your withdrawal has been initiated, you may have to wait for up to six hours for your funds to be processed.
Note that the minimum amount you can withdraw from your LUNO wallet is 5000naira.
Guidelines on Withdrawal and Deposit on Luno Bitcoin Wallet.
To deposit money to the LUNO wallet, just find the “DEPOSIT” button under your BTC balance and tap on it, it will open a page where you will select the payment option you desire. LUNO uses PayU and Paystack. And for most Nigerians, Paystack is the most popular payment option. However, both payment platforms are easy and safe.
Note also that before you can deposit money on the LUNO platform, you have to, first of all, verify the account with some legal documents that bear the same name with the one you have opened the account with. You can use such legal documents as your driving license, National Identity card, international passport or your voters’ card. You may also be required to provide a utility bill document, such as your light bill.
LUNO is the most widely used bitcoin wallet and it is one you can trust because it is 100 percent safe. It is a financial company at the multinational level.
For ease of access, you can get the LUNO app from the APP store, but the web version is better because you can easily navigate a lot of features. Signing up for LUNO is completely free.
The processing fee of any withdrawal you make on LUNO is usually 200naira. For the level one verified user, the withdrawal or deposit limit is 200,000naria all-time. While the level two verified users have a withdrawal or deposit limit of 500,000 per month.
These are the steps to withdraw your bitcoins to local bank account in Nigeria. If you are new to cryptocurrency and wish to invest, I suggest you read on how to create a bitcoin wallet on Nigeria.