How to buy USDT with Naira in Nigeria

It’s probably not news to you that the Naira isn’t the strongest currency to store your savings. There aren’t a ton of other options, given the constant scarcity of forex and difficulties involved in buying dollars. If you’re trying to protect your money from inflation and market volatility in cryptocurrencies, USDT may be precisely what’s needed.

What is USDT?

USDT is a stablecoin that is price pegged to the value of a US dollar. That is, 1 USDT is designed to be worth $1. For anyone looking to hold a digital currency with stable value and asset backing, stablecoins are fantastic. USDT is particularly popular for this, as it has a larger market cap than any other stablecoin. In fact, on average, USDT has the largest 24-hour trading volume of any cryptocurrency, so it plays a significant role in the digital asset ecosystem.

What can USDT be used for in Nigeria?

Stablecoins like USDT are a promising way for Nigerians to stem the flood of double-digit inflation and the ongoing devaluation of the Naira. Although the Naira is not as volatile as your standard cryptocurrency, its constant depreciation is a tremendous strain on your savings. Transferring a portion of your Naira holdings to USDT helps to preserve the value of your savings.

Stablecoins have also emerged as important parts of a new class of products known as DeFi, or decentralized finance, in which financial transactions can be executed without the involvement of a third party like a bank or broker.

USDT is likely to come up if you consider using cryptocurrencies for purposes other than trading or investing (lending, borrowing, or financing).

Where can I buy USDT in Nigeria?

There are several ways to purchase USDT. There are also many crypto products in the market, promising everything from the best security to the best rates. However, many discover that buying it through the Flip app is the safest and easiest option. Flip provides an easy way for Nigerians to access dollar savings through USDT. 

The Flip app also offers virtual cards, allowing you to make payments, anytime, anywhere with a stablecoin-backed card. 

How to buy USDT with Naira using Flip 

Follow the steps below to buy your first USDT with Naira on Flip;

1. Download the Flip app

To buy USDT using Flip, you need to download the app on the Google Play Store or App Store.

2. Signup

Once you’ve downloaded the Flip app, you’ll need to complete the signup process and set up a transaction pin.

3. Link your bank account

After completing the signup process, the next step is to fund your Flip account with Naira. However, before you can do this you’ll need to link your bank account via Mono. To get this done simply click on the Fund Wallet button found on the Flip home screen and select the Mono Direct Debit option.

4. Confirm payment

Once you’ve selected the amount you wish to fund your Flip wallet with and your bank account has been successfully linked, the final step is to confirm your deposit using your bank transaction pin.

5. You’re good to go!

The amazing thing about Flip is that your Naira deposits are immediately converted to USDT as soon as you fund your wallet. You don’t need to go through the hassles of converting your money from Naira to USDT manually. 

You can send your USDT to any exchange or external wallet if you wish, or even better, save your USDT right on the Flip app and earn up to 6% interest daily. Amazing right! What are you waiting for then, head over to the Flip website and get yourself started right away.