How can I Withdraw XRP to Naira, I find it quite simple so I’m going to explain how to sell Ripple in Exchange for Nigerian Naira and cash out Ripple Coins by yourself, exclusively on this post.
Do not stop reading this article until you understand the process of withdrawing Ripple coin to your Nigerian bank account.
Previously I wrote How To Start Bitcoin Exchange Business In Nigeria, you can read it after you understand how to convert XRP to cash.
What Is XRP?
XRP is short for Ripple which is the 3rd popular cryptocurrency listed on Coin Market Cap and a part of the Altcoins.
Ripple was developed following the vision of fast transactions without the help of financial institutions.
How do you sell Ripple for Naira?
In order to withdraw Ripple to Naira, you first need to sell it and for this tutorial, we will use the Luno Cryptocurrency wallet.
Update: Luno no longer supports Naira withdrawal since the Nigerians Government restricted crypto to bank transactions early 2021
Note: We will pay you Naira instantly if you sell your Ripple to us @ Crypto Redeemer but if you wish to learn the process involved in how to cash out Ripple Coins by yourself then keep reading.
So If you don’t already own a Luno account Read Best Bitcoin Wallet In Nigeria then scroll the post to where I explained how to create Luno wallet.
After creating the account, install the Luno app from your phone’s app store then sign in with your details.
If you already have existing XRP stored in another wallet you can transfer that to the new Luno wallet you just created but if you don’t already own any Ripple you can scroll down and skip to the next heading.
Transfer XRP To Luno Account
Open the Luno app, Click “Wallets” below then press “Receive”
and then “Add new receive address” select XRP Wallet.
You can name the new address anything but I choose to use “XRP” instead, then you click “Create”
Congrats, you just successfully created a Ripple wallet address.
To view your created address click receive and select the XRP name you used, you should see your address and XRP tag.
You need both in order to successfully send Ripple to your Luno Ripple Wallet.
Use your address and XRP tag to send your Ripple from other exchanges to luno in order to withdraw it to Naira but if you already have Ripple on your Luno account proceed to the next step below.
update: You are better off selling your crypto to us, since Naira withdrawal are now restricted on crypto exchanges.
Withdraw XRP To Naira from Luno XRP wallet
Now that your coins are in your wallet you first need to sell it for Naira and then withdraw the Naira to your Nigerian bank account.
Open the Luno app again and click “wallet” and then click “Sell” select Ripple.
Select to sell Ripple for NGN Wallet.
Enter the amount of XRP you wish to withdraw then click Next.
Now you need to confirm the sell order, now you have successfully sold XRP for Naira and your Luno NGN wallet is funded and ready for withdrawal.
Click wallet and select NGN wallet then click withdraw.
Select the account you wish to withdraw the cash to but if you haven’t added any bank accounts before click “Add bank beneficiary” and fill the details of your correct bank account with the same name you used in creating your Luno account or else it won’t work.
This is why when creating Luno account you have to use your real details.
After adding your bank account, enter the amount of Naira you wish to withdraw and follow the procedure to confirm the withdrawal request
You will be prompt to enter your security pin and then it will return successful.
How Long Does Luno Withdrawal Take?
After doing the above withdrawal process, it would take between the exact time you made the withdrawal request and the next 24hrs or even longer depending on factors only the Luno team can explain.
One thing is certain, you will receive the Naira in your account within the next 24hrs if the bank details is correct.
So make no mistakes when trying to withdraw XRP to your Nigerian bank account.
If you find any difficulties trying to withdraw Ripple to Naira please do not hesitate to contact Crypto Redeemer by clicking the whatsapp icon below.