Tether or USDT is the most popular stablecoin with the largest market value. It is backed by the US dollar and has taken prime position as the stablecoin of choice for traders moving value from one cryptocurrency to another. In Nigeria, USDT’s ties with the dollar and its stable nature makes it a good choice for Nigerians desirous of beating inflation and Naira volatility.
With inflation in Nigeria stock at double digits and the continuous loss in value of the Naira, stablecoins like Tether are a promising solution for smart Nigerians to beat the tide.
In this article, we would explore why you need to save some of your funds in USDT. We would also look at how to buy USDT in Nigeria with Naira using a solution from Yellow Card without the hassles of Dollar conversion.
What is Tether (USDT)?
Tether is a cryptocurrency pegged to the US dollar on a 1 : 1 ratio. Being pegged to a fiat currency means it is a stablecoin and does not exhibit the volatile fluctuations associated with traditional cryptocurrencies like Bitcoin.
It is used by traders who want to avoid the extreme volatility of traditional cryptocurrencies. It is also a more reliable store of value compared to traditional cryptocurrencies that exhibit sharp price swings. This is why it is the preferred intermediate crypto when converting from one cryptocurrency to another or when converting from crypto to fiat or fiat to crypto.
To learn more about USDT or Cryptocurrencies in general visit the Yellow Card Academy for easy to follow guides about different crypto and Blockchain technologies and cryptocurrency investment guides.
Why you need to Buy USDT in Nigeria
Tether maybe useful to cryptocurrency traders around the world. However, in Nigeria and other countries facing similar challenges of high or above average inflation rates and / or a volatile currency, it is a must have for anyone with some savings.
Here are a few reasons why you need to buy USDT in Nigeria
To Beat Inflation
Inflation is in double digits in Nigeria. Many items are getting more expensive reducing the quantity your Naira savings can buy overtime. However, by moving some of your savings to USDT which is pegged to the USD, you can beat inflation and ensure that when you eventually convert back to Naira, its value will be retained.
This is why a lot of Nigerians use solution from Yellow Card to Buy USDT and store them in their wallet to beat inflation.
To Beat Naira Volatility
While the Naira is not as volatile as your traditional cryptocurrencies its never-ending devaluation is a real pain on your savings. Moving some of your Naira savings to Tether will enable you keep the value of your savings.
To Avoid Extreme Volatility of Cryptocurrencies
If you are a cryptocurrency investor, stablecoins like USDT are great intermediate coins. Moving value to USDT limits your risk of exposure to to sudden drops in the price of traditional cryptocurrencies.
This is a great idea when converting from one crypto to another or from Crypto to fiat or fiat to crypto.
How to Buy USDT in Nigeria
With the relaunch of the Yellow Card app in Nigeria and the introduction of support for USDT on the app, Yellow Card is now a great platform to buy and sell Bitcoin, USDT in Nigeria.
The great thing about the app is that you can buy Tether with Naira eliminating the need to source for Forex.
To buy USDT using the Yellow Card app, you need to download the app on the Google Play Store or App Store or the Yellow Card App. You also need to install and signup as well as verify your identity. All these were covered in our Yellow Card review.
Once you are done with verification, you can begin the process of buying Tether. However, you have to fund your wallet first. Read our Yellow Card Review for details of how to fund your wallet.
Here is how to Buy USDT in Nigeria using Naira.
Step 1. Once your account is funded, tap on the USDT wallet summary
Step 2. Tap the Trade button to see your options for trading USDT
Step 3. Tap on Buy USDT with cash
Step 4. Enter the amount you want to move to USDT and tap on the Continue button. As you can see from the image below you can buy as little as 1,000 Naira worth of USDT (even lower). This means you can have a savings plan that involves moving 1,000 Naira or more weekly to USDT.
Step 5. A Summary of the Transaction will be displayed, tap on the Confirm button if everything checks out.
Step 6. Tap on the Done button to complete the trasaction.
In less than 30 seconds you would have the USDT in your wallet. This fast and seamless process makes Yellow Card one of the best platforms for buying USDT with Naira.
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