To convert SOL to Naira on Luno, here are the detailed steps: First, you cannot directly convert Solana SOL to Nigerian Naira NGN within the Luno platform as Luno does not support direct SOL trading. You will need to transfer your SOL to an exchange that supports SOL/USDT or SOL/BTC pairs, then convert it to USDT or BTC, transfer that back to Luno, and finally sell the USDT or BTC for Naira. This multi-step process ensures you can liquidate your SOL holdings.

Table of Contents

Understanding the Landscape of Cryptocurrency Conversions in Nigeria

Navigating the world of cryptocurrency conversions, especially when dealing with specific altcoins like Solana SOL and converting them into local fiat like Nigerian Naira NGN, requires a strategic approach.

While the digital asset space offers immense opportunities, it’s crucial to understand the limitations and optimal pathways to ensure your transactions are efficient and compliant.

Many platforms, including Luno, offer excellent services for common cryptocurrencies but may not support every single altcoin directly.

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This necessitates a multi-platform strategy, which, while adding a few steps, is a standard practice for experienced crypto users.

The Role of Centralized Exchanges CEXs in Fiat Conversions

Centralized Exchanges CEXs are the backbone of most fiat-to-crypto and crypto-to-fiat conversions. How to convert from TRX to usdt on bybit

They act as intermediaries, facilitating trades between millions of users.

Luno, for instance, is a prominent CEX in Nigeria, known for its user-friendly interface and support for major cryptocurrencies like Bitcoin BTC, Ethereum ETH, and Ripple XRP, as well as stablecoins like Tether USDT. However, their altcoin offerings might be limited compared to global giants.

The key advantage of CEXs is their liquidity and regulatory compliance, offering a relatively secure environment for transactions.

For example, as of Q1 2023, Luno reported over 11 million customers across various markets, with Nigeria being a significant hub, demonstrating the trust placed in such platforms for basic crypto operations.

Limitations of Direct SOL to Naira Conversion

It’s a common misconception that all cryptocurrencies can be directly converted to any fiat currency on any exchange. How to convert SOL to rands

In reality, exchanges list specific trading pairs based on market demand, liquidity, and their operational capabilities.

For Luno, direct trading pairs like SOL/NGN do not exist.

This means if you hold SOL on Luno, you cannot simply click a “sell” button and receive Naira. This limitation isn’t unique to Luno.

Many regional exchanges focus on core assets to maintain high liquidity and lower operational complexity.

Understanding this constraint upfront saves time and prevents frustration, guiding you toward the necessary intermediate steps. How to convert TRX to usd coinbase

Step-by-Step Guide: Moving SOL from Luno to a Compatible Exchange

Since Luno doesn’t directly support SOL trading, the first crucial step is to move your Solana from Luno to an exchange that does.

This process involves a few critical actions, primarily focusing on secure transfers to avoid loss of funds.

You’ll need to choose an exchange that lists SOL and has a robust infrastructure for deposits and withdrawals.

Examples of such exchanges include Binance, Bybit, KuCoin, and Gate.io, all of which offer substantial liquidity for Solana trading pairs.

How to convert eth to TRX on trust wallet

Binance, for instance, processed over $22 billion in daily trading volume as of late 2023, making it a reliable choice for altcoin liquidity.

Withdrawing SOL from Luno If you accidentally sent it there

While Luno doesn’t natively support SOL trading, it’s possible some users might have accidentally sent SOL to a Luno wallet if Luno were to support a different blockchain network in the future that also uses Solana’s address format. In such a rare scenario, contacting Luno support would be paramount. As of now, Luno does not support the Solana network or SOL tokens. Attempting to send SOL to a Luno address would likely result in the permanent loss of your funds, as Luno’s system wouldn’t recognize the deposit. Always double-check supported networks and token types before initiating any crypto transfer. This point is critical: DO NOT ATTEMPT TO SEND SOL TO YOUR LUNO WALLET ADDRESS. Luno explicitly states the cryptocurrencies they support on their platform, and Solana SOL is not among them. Any such attempt would lead to irreversible loss.

Choosing an External Exchange for SOL Trading

The selection of an external exchange is paramount.

You need a platform that not only lists SOL but also offers competitive trading fees, high liquidity for SOL pairs typically SOL/USDT, SOL/BTC, or SOL/ETH, and a reliable withdrawal process.

Binance: Arguably the largest cryptocurrency exchange by trading volume, Binance offers extensive SOL trading pairs SOL/USDT, SOL/BTC, SOL/BUSD and deep liquidity. It’s user-friendly but can have a steep learning curve for absolute beginners.
KuCoin: Known for its wide array of altcoin listings, KuCoin is a strong contender for SOL trading. It offers numerous trading pairs and generally lower fees compared to some competitors.
Bybit: Primarily known for derivatives, Bybit also has a robust spot market for SOL and other altcoins. It’s gaining popularity due to its intuitive interface and active community.
Gate.io: Offers a very broad range of cryptocurrencies, including many lesser-known altcoins, making it a good option if you hold various niche assets.

When choosing, consider factors like user reviews, security features e.g., two-factor authentication, cold storage, and withdrawal limits. How to convert TRX to fiat

For instance, Binance processed over $22 billion in daily trading volume as of December 2023, providing ample liquidity for major altcoins like SOL.

Registering and Verifying Your Account on the External Exchange

Before you can deposit SOL, you’ll need to register and complete identity verification Know Your Customer – KYC on your chosen external exchange.

This is a standard regulatory requirement designed to prevent money laundering and fraud.

Registration: Provide basic details like email and password.
Email Verification: Confirm your email address.
Identity Verification KYC: This typically involves uploading a government-issued ID e.g., National ID card, driver’s license, international passport and often a selfie or live facial verification. This process can take anywhere from a few minutes to several hours, depending on the exchange and the clarity of your submitted documents. For example, Binance’s KYC process usually completes within 15 minutes for most users, but during peak periods, it can extend.

It’s important to complete KYC as most exchanges impose significantly lower withdrawal limits or restrict certain features for unverified accounts.

Transferring Your SOL to the Chosen External Exchange

Once you have an account set up and verified on an external exchange that supports SOL, the next step is to transfer your Solana from your current SOL wallet to that exchange. How to convert TRX to eth on trust wallet

This process requires precision to ensure your funds are not lost.

Remember, this assumes you already hold SOL in a non-Luno wallet e.g., Phantom wallet, Trust Wallet, Ledger, etc.. If you acquired SOL elsewhere and are looking to convert it, these steps apply directly.

Generating Your SOL Deposit Address

On your chosen external exchange e.g., Binance, navigate to the “Deposit” section and search for “SOL” Solana. The exchange will generate a unique deposit address for your SOL.

Crucial Tip: Ensure you select the correct network. For Solana, it’s typically the “SOL” network not ERC-20, BEP-20, etc.. Using the wrong network will result in permanent loss of funds. The SOL address usually starts with a G or H and is quite long. Double-check this multiple times. For instance, a Binance SOL deposit address might look like Hxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx.

Initiating the Withdrawal from Your Current SOL Wallet

Open your existing SOL wallet e.g., Phantom Wallet, Trust Wallet, etc. where your Solana tokens are stored. How to transfer TRX to kraken

Select SOL: Find Solana SOL in your wallet’s asset list.
Initiate Send/Withdrawal: Click on the “Send” or “Withdraw” option.
Paste Deposit Address: Carefully paste the SOL deposit address you generated from the external exchange into the recipient address field. Triple-check the address. Many users make costly mistakes by mistyping or pasting an incorrect address. A quick trick is to verify the first few and last few characters.
Enter Amount: Specify the amount of SOL you wish to transfer.
Review and Confirm: Review all the details – recipient address, amount, network – before confirming the transaction.
Transaction Fees: Be aware of network transaction fees, which are typically very low on the Solana network often less than $0.001 per transaction, sometimes even $0.00001.

Monitoring the Transaction

After initiating the transfer, you can monitor its progress:

Wallet Transaction History: Your SOL wallet will show the transaction as pending or confirmed.
External Exchange Deposit History: The external exchange will typically notify you once the deposit is detected and confirmed. Blockchain transactions take time, usually a few minutes for Solana, depending on network congestion. Solana boasts transaction speeds of up to 65,000 transactions per second TPS, making transfers quite fast, with finality often achieved within seconds or a few minutes.

Converting SOL to USDT or BTC on the External Exchange

Once your Solana SOL has successfully arrived in your external exchange wallet, the next logical step is to convert it into a more liquid and widely supported cryptocurrency that Luno accepts.

The two primary choices for this are Tether USDT or Bitcoin BTC. Both are excellent options, but USDT often preferred for its stability and direct conversion to Naira on Luno.

Why Convert to USDT or BTC?

The core reason for this intermediate conversion is Luno’s limited altcoin support.

Luno robustly supports BTC and USDT trading pairs against NGN. How to convert gbp to TRX on revolut

By converting your SOL to one of these assets, you create a pathway to liquidate your holdings into Naira on Luno.

USDT Tether: As a stablecoin pegged to the US Dollar, USDT offers price stability. This means its value doesn’t fluctuate significantly like other cryptocurrencies, reducing the risk of price changes during the transfer process. It’s widely traded and is often the preferred choice for those looking to quickly convert crypto to fiat.
BTC Bitcoin: Bitcoin is the most widely accepted cryptocurrency and is supported on virtually every exchange, including Luno. However, BTC’s price can be volatile. If you convert to BTC, be mindful of potential price fluctuations between the time you convert SOL to BTC and when you sell BTC for NGN on Luno.

Performing the Trade: SOL to USDT/BTC

This is where you execute the trade on the external exchange.

Navigate to Trading Pair: On your chosen external exchange e.g., Binance, go to the “Spot Trading” section. Search for the SOL/USDT or SOL/BTC trading pair.
Select Order Type:
- Market Order: This executes your trade immediately at the current market price. It’s the fastest option but might not give you the absolute best price if the market is volatile. Ideal for speed.
- Limit Order: This allows you to set a specific price at which you want your SOL to be sold. Your order will only execute if the market price reaches your specified limit. This is better for getting a precise price but might take longer to fill.
Enter Amount: Specify the amount of SOL you want to sell. The system will show you the equivalent amount of USDT or BTC you will receive based on the current market price or your limit price.
Confirm Trade: Review the details and confirm the “Sell SOL” order. Once executed, your SOL will be converted into USDT or BTC, and the funds will appear in your spot wallet on the external exchange. For example, if you sell 10 SOL at $25 per SOL, you would receive 250 USDT minus trading fees, which are typically around 0.1% for spot trades on major exchanges like Binance.

Transaction Fees and Spreads

Be mindful of trading fees. Exchanges charge a small percentage on each trade.

For example, Binance’s spot trading fees are generally around 0.1% per trade for most users, which can be further reduced if you hold BNB Binance Coin. There might also be a slight difference between the buy and sell price the spread, which is how market makers profit. How to convert TRX to cash on cash app

These costs are minimal but accumulate if you make many trades.

Transferring USDT or BTC from the External Exchange to Luno

With your SOL successfully converted to either USDT or BTC on the external exchange, the next critical step is to transfer these funds to your Luno wallet.

This brings your assets onto a platform where direct conversion to Nigerian Naira is possible.

Pay close attention to network selection during this transfer, as incorrect choices can lead to irreversible loss of funds.

Generating Your Luno Deposit Address

Select Cryptocurrency: Choose either “Bitcoin BTC” or “Tether USDT”.
Network Selection Crucial for USDT:
- For BTC: Luno only supports the native Bitcoin network, so there’s no network choice here.
- For USDT: This is where it gets critical. Luno supports USDT on the Ethereum ERC-20 network. Do NOT select TRC-20, BEP-20, or any other network. Selecting the wrong network will lead to permanent loss of your USDT. Verify that Luno specifies “ERC-20” for USDT deposits. As of recent data, approximately 60-70% of all USDT in circulation is on the Ethereum network, making ERC-20 a common standard.
Copy Address: Luno will generate a unique deposit address for your selected cryptocurrency. Copy this address carefully. For BTC, it will be a standard Bitcoin address. For USDT ERC-20, it will be an Ethereum address, typically starting with “0x”.

Initiating Withdrawal from the External Exchange

Go back to your external exchange e.g., Binance, KuCoin where your USDT or BTC is located.

Navigate to Withdrawal: Find the “Withdraw” section and select the cryptocurrency you wish to send USDT or BTC.
Paste Luno Address: Carefully paste the Luno deposit address you copied into the recipient address field on the external exchange.
Select Network Again, CRITICAL for USDT:
- For BTC: The external exchange will likely auto-select the Bitcoin network. Confirm it.
- For USDT: Manually select “ERC-20” Ethereum network from the network options. If you choose TRC-20 Tron or BEP-20 Binance Smart Chain, your funds will be lost because Luno only supports ERC-20 for USDT. This is the most common mistake users make.
Enter Amount: Specify the amount of USDT or BTC you want to transfer.
Review and Confirm: Review all the transaction details: cryptocurrency, amount, recipient address, and especially the network for USDT. Confirm the withdrawal. You will likely need to pass security verification e.g., email code, SMS code, 2FA code.

Withdrawal Fees and Confirmation Times

Withdrawal Fees: External exchanges charge a small fee for withdrawals. For BTC, this is a network fee. For USDT ERC-20, the fee can be higher due to Ethereum network gas fees, which fluctuate based on network congestion. As of late 2023, ERC-20 USDT withdrawal fees could range from $5 to $20, depending on network activity. Bitcoin withdrawal fees are generally lower, often $1-$5.
Confirmation Times: Bitcoin transactions can take 10-30 minutes, sometimes longer, to get sufficient confirmations. Ethereum ERC-20 transactions for USDT are generally faster, often confirming within 5-10 minutes. Luno will notify you once the deposit is successful.

Selling USDT or BTC for Naira on Luno

Congratulations! Your USDT or BTC has now safely landed in your Luno wallet.

This is the final step in the conversion process, where you will liquidate your cryptocurrency into Nigerian Naira NGN directly within the Luno platform.

Luno is known for its straightforward process for major crypto-to-fiat conversions. How to convert TRX to usdt on bybit app

Navigating to the Sell Section on Luno

Login to Luno: Access your Luno account.
Go to Wallets: On the Luno dashboard, navigate to the “Wallets” section.
Select Asset: Choose either your “Bitcoin BTC Wallet” or “Tether USDT Wallet.”
Initiate Sell: Click on the “Sell” option associated with that wallet.

Executing the Sell Order

Luno offers a simple selling interface for common assets.

Choose Sell Currency: You will be prompted to select the currency you want to sell e.g., BTC or USDT.
Choose Receive Currency: Select “Nigerian Naira NGN” as the currency you wish to receive.
Enter Amount: Enter the amount of BTC or USDT you wish to sell. Luno will display the equivalent amount in Naira you will receive based on the current market rate.
- Important: Luno’s interface is designed for simplicity. It typically offers a “Buy/Sell” option with instant execution at their quoted price. This is essentially a market order. If you’re a more advanced user and prefer to set specific limit prices, you might need to use Luno’s “Exchange” interface, though the regular “Sell” option is usually sufficient for quick conversions.
Review and Confirm: Carefully review the amount of crypto you’re selling and the amount of Naira you will receive. Pay attention to any fees Luno charges for the conversion. Luno’s selling fees are typically competitive, often around 1-2% for instant sell orders, depending on the transaction size and regional market dynamics. For instance, Luno’s Nigeria market boasts significant liquidity for BTC/NGN and USDT/NGN pairs, ensuring quick execution.
Confirm Sale: Click “Confirm” or “Sell Now.” Your cryptocurrency will be sold, and the corresponding Naira amount will be credited to your Luno NGN wallet.

Fees and Final NGN Balance

Luno Fees: Luno charges a trading fee for selling cryptocurrency. These fees are usually a percentage of the transaction value. Check Luno’s fee schedule page for the most up-to-date information, as fees can vary slightly. For example, Luno’s “instant buy/sell” fees for NGN pairs generally range from 0.75% to 2.0% depending on the asset and trade volume.
Naira Wallet: Once the sale is complete, the Naira will appear in your Luno NGN wallet. From here, you can choose to hold it, or withdraw it to your linked Nigerian bank account.

Withdrawing Naira to Your Bank Account from Luno

The final step in liquidating your Solana SOL into Nigerian Naira is withdrawing the NGN from your Luno wallet to your personal bank account.

Luno offers a streamlined process for this, leveraging local payment rails in Nigeria.

Linking Your Bank Account to Luno

If you haven’t already, you’ll need to link your Nigerian bank account to your Luno profile.

Navigate to Profile/Settings: In your Luno app or web interface, go to your profile or settings section.
Bank Accounts: Look for a section related to “Bank Accounts” or “Withdrawal Methods.”
Add Bank Account: Provide your bank name, account number, and account name. Ensure the account name matches the name on your Luno profile to avoid issues. Luno typically supports most major Nigerian banks e.g., GTBank, Zenith Bank, Access Bank, First Bank, UBA.
Verification: Luno may require a small verification deposit or other checks to confirm the account ownership.

Initiating the Naira Withdrawal

Once your bank account is linked and verified: How to convert TRX to wbtc

Go to Naira Wallet: In your Luno wallet section, select your “Nigerian Naira NGN Wallet.”
Click Withdraw: Choose the “Withdraw” option.
Enter Amount: Enter the amount of Naira you wish to withdraw. Luno will show you the minimum and maximum withdrawal limits.
Select Bank Account: Choose the linked bank account where you want the funds deposited.
Review and Confirm: Review the withdrawal details, including the amount and the destination bank account.
Confirm Withdrawal: You will likely need to enter your Luno PIN or perform a 2FA verification to authorize the withdrawal.

Withdrawal Fees and Processing Times

Withdrawal Fees: Luno typically charges a nominal fee for Naira withdrawals. This fee is generally fixed, regardless of the amount. For example, Luno might charge a flat ₦200 – ₦500 per bank withdrawal. Always check the exact fee displayed before confirming your withdrawal.
Processing Times: Naira withdrawals from Luno are usually processed quickly, often within minutes to a few hours, especially during banking hours. In some cases, it might take up to 24 business hours. Luno aims for fast processing, with data showing that over 90% of Naira withdrawals are completed within an hour during business days. However, factors like bank network issues or public holidays can cause delays.

Important Considerations for Nigerian Users

Financial Prudence: Engaging in cryptocurrency activities, especially selling and converting to Naira, should always be approached with financial prudence. Avoid speculative trading with funds you cannot afford to lose.
Security: Ensure your Luno account and linked bank accounts are secured with strong, unique passwords and two-factor authentication 2FA. Be wary of phishing attempts and only interact with official Luno channels.

Exploring Alternative Halal Financial Practices

While the process of converting SOL to Naira through legitimate channels like Luno is a common financial activity, it’s crucial for Muslim professionals to always consider the underlying principles of Islamic finance.

Cryptocurrency, in its current form, often exists in a regulatory grey area concerning Shariah compliance, particularly due to elements like speculation, volatility, and the absence of a direct productive asset.

Instead of solely focusing on speculative gains from crypto, consider integrating more stable and Shariah-compliant financial practices into your portfolio.

Ethical Investments and Halal Financing Alternatives

Instead of constant crypto trading, which often involves high risk and speculation, consider diverting some of your financial resources towards investments that align with Islamic principles. How to convert TRX to dollar

Islamic Equities and Sukuk: Invest in Shariah-compliant stocks equities or Islamic bonds Sukuk. These instruments are backed by tangible assets and are free from interest riba, gambling maysir, and excessive uncertainty gharar. Global Sukuk issuances reached over $200 billion in 2022, demonstrating a robust and growing market for ethical investments. Look for Shariah-compliant ETFs or mutual funds that screen companies for adherence to Islamic principles.
Real Estate: Investing in real estate is a time-tested method of wealth preservation and growth, often considered halal as it deals with tangible assets and generates rental income.
Halal Businesses and Ventures: Support or invest in businesses that operate on ethical, Shariah-compliant models, focusing on productive activities and avoiding forbidden industries alcohol, gambling, non-halal food, etc.. This not only generates returns but also contributes positively to the economy and society.

Avoiding Riba and Speculation

A core tenet of Islamic finance is the prohibition of riba interest and maysir gambling/speculation. While Luno offers the ability to hold and trade cryptocurrencies, actively engaging in frequent buying and selling purely for speculative gains similar to gambling without understanding the underlying technology or value can be ethically questionable from an Islamic perspective.

Interest-Free Banking and Financing: Seek out Islamic banks and financial institutions that offer interest-free loans Qard al-Hasan, Murabaha cost-plus financing, Ijarah leasing, and Musharakah partnership financing. These alternatives allow for legitimate financial growth without engaging in interest-based transactions.
Ethical Savings: Prioritize saving and budgeting. Build an emergency fund and save for long-term goals through Shariah-compliant savings accounts or investments. The focus should be on building sustainable wealth, not quick, speculative gains.

Zakat on Wealth

Frequently Asked Questions

What is Solana SOL?

Solana SOL is a high-performance blockchain platform designed for decentralized applications and crypto projects, known for its rapid transaction processing capabilities up to 65,000 transactions per second and low transaction costs. It’s often seen as a competitor to Ethereum.

Can I directly convert SOL to Naira on Luno?

No, you cannot directly convert Solana SOL to Nigerian Naira NGN on Luno.

Luno does not support SOL trading pairs or the Solana blockchain network.

Which cryptocurrencies does Luno support for direct NGN conversion?

Luno primarily supports major cryptocurrencies like Bitcoin BTC, Ethereum ETH, Ripple XRP, Bitcoin Cash BCH, Litecoin LTC, and Tether USDT for direct conversion to Nigerian Naira NGN. How to convert TRX to cad

Why doesn’t Luno support SOL directly?

Luno, like many regional exchanges, focuses on providing high liquidity and robust support for a curated list of major cryptocurrencies.

Supporting every altcoin would increase operational complexity, security risks, and may dilute liquidity for their core offerings.

What is the alternative process to convert SOL to Naira using Luno?

The alternative process involves transferring your SOL to an external cryptocurrency exchange like Binance, KuCoin, or Bybit that supports SOL trading, converting your SOL to USDT or BTC there, then transferring the USDT ERC-20 or BTC back to your Luno wallet, and finally selling the USDT or BTC for Naira on Luno.

What are the best external exchanges to transfer SOL to?

Popular and reliable external exchanges that support SOL trading include Binance, KuCoin, Bybit, and Gate.io. How to convert xrp to TRX on binance

Choose one based on your preference for fees, interface, and liquidity.

What is a “trading pair” and why is it important?

A “trading pair” refers to two currencies that can be traded against each other on an exchange, e.g., SOL/USDT or BTC/NGN.

It’s important because you can only make a direct trade if the exchange lists the specific pair you need.

Do I need to complete KYC on the external exchange?

Yes, you generally need to complete Know Your Customer KYC identity verification on external exchanges before you can deposit, trade, or withdraw significant amounts of cryptocurrency. This is a regulatory requirement.

How do I generate a SOL deposit address on an external exchange?

On your chosen external exchange, navigate to the “Deposit” section, select “SOL” Solana, and ensure you choose the correct “SOL” network.

The exchange will then generate a unique deposit address for you.

What is the Solana network fee for transferring SOL?

Solana network fees are typically very low, often less than $0.001 per transaction, making SOL transfers highly cost-effective and fast.

Should I convert SOL to USDT or BTC on the external exchange?

Converting to USDT Tether is generally recommended because it’s a stablecoin, minimizing price volatility during the transfer process.

BTC is also an option, but its price fluctuations can introduce additional risk.

What is the ERC-20 network, and why is it crucial for USDT transfers to Luno?

ERC-20 is a standard for tokens built on the Ethereum blockchain. Luno specifically supports USDT on the ERC-20 network. Sending USDT via any other network like TRC-20 or BEP-20 to Luno will result in permanent loss of funds.

What happens if I send USDT via the wrong network to Luno?

If you send USDT via a network that Luno does not support e.g., TRC-20 instead of ERC-20, your funds will likely be lost permanently and cannot be recovered. Always double-check the network.

How long do crypto transfers between exchanges usually take?

Bitcoin BTC transfers can take 10-30 minutes for sufficient confirmations.

Ethereum ERC-20 based tokens like USDT are usually faster, often confirming within 5-10 minutes.

Solana SOL transfers are typically very fast, within seconds to a few minutes.

What are the fees for selling USDT or BTC for Naira on Luno?

Luno charges a trading fee for selling cryptocurrency to Naira.

These fees typically range from 0.75% to 2.0% for instant sell orders, depending on the asset and transaction size. Always check Luno’s current fee schedule.

How do I withdraw Naira from Luno to my bank account?

After selling your crypto for Naira on Luno, navigate to your NGN wallet, select “Withdraw,” choose your linked Nigerian bank account, enter the amount, and confirm the withdrawal.

How long do Naira withdrawals from Luno to a bank account take?

Naira withdrawals from Luno are usually processed quickly, often within minutes to a few hours during business days.

However, delays can occur due to bank network issues or public holidays.

Are there any daily or transaction limits for withdrawals on Luno?

Yes, Luno has minimum and maximum withdrawal limits for Naira.

These limits are displayed on the withdrawal screen and can vary based on your verification level and account history.

Is crypto trading permissible in Islam?

Some scholars argue it’s permissible if it adheres to Shariah principles no interest, no gambling, real value, no illicit underlying assets, while others view it with caution due to speculation and uncertainty.

It is generally recommended to focus on ethical investments and halal financial practices that clearly align with Islamic principles.

What are Shariah-compliant alternatives to speculative crypto trading?

Shariah-compliant alternatives include investing in Islamic equities Shariah-compliant stocks, Sukuk Islamic bonds, real estate, and ethical businesses that operate on halal principles.

These offer wealth growth opportunities without engaging in forbidden elements like interest riba or excessive speculation maysir.

How to convert SOL to naira on luno