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  3. Nigerian Naira (NGN) to Celsius (CEL)

Convert
Nigerian Naira (NGN) to Celsius (CEL) Instantly

NGN NGN
CEL CEL
Buy Celsius (CEL)

Purchase Celsius (CEL) with Nigerian Naira (NGN) easily at Switchere and benefit from fast, secure transactions.

About
Celsius (CEL)

Celsius Network, with its native CEL token, emerged as a major centralized finance (CeFi) platform designed to bridge the gap between traditional banking and the world of digital assets. Its primary function was to offer users the ability to earn yield on their cryptocurrency holdings and to take out crypto-collateralized loans. The platform operated on a custodial basis, managing user funds to generate interest income through lending activities to institutional borrowers. This model positioned it as a user-friendly alternative for crypto holders seeking to put their assets to work without navigating complex DeFi protocols.

The CEL token was the core of its loyalty and rewards system. As a utility token, holding and using CEL provided tangible benefits within the Celsius ecosystem, such as preferential interest rates for both earning and borrowing. Users could receive higher yields on their deposited assets and lower rates on loans, with rewards often distributed weekly in the form of CEL. This tokenomics structure was designed to incentivize user loyalty and drive demand for the native asset. However, the platform faced significant operational challenges and market pressures, which ultimately led to a Chapter 11 bankruptcy filing, profoundly impacting its users and reshaping the narrative around risk in the CeFi lending industry.

Celsius (CEL)

How to Buy Celsius (CEL)

swipe Step-by-step guidance
card Easy credit card payments
btn Streamlined purchase process
  1. Step 1 illustration
    01

    Choose NGN to CEL Pair

    Select your preferred payment method and enter the amount.

  2. 02

    Enter Your Celsius Wallet Address

    Provide your CEL wallet address and proceed with the payment.

  3. 03

    Receive Your Celsius

    Complete the payment, and your CEL will be sent to your wallet.

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Frequently asked questions

  • What does the NGN/CEL trading pair represent in the current crypto market?

    The NGN/CEL pair allows you to trade Nigerian Naira (NGN) for Celsius (CEL) tokens. It's crucial to understand that since Celsius Network's bankruptcy, the CEL token no longer has its original utility from the crypto lending platform. Trading this pair is now highly speculative, driven by market sentiment regarding the company's liquidation proceedings rather than any fundamental value or yield-bearing function. Transactions typically occur on cryptocurrency exchanges that still list this speculative digital asset.

  • What are common methods to buy CEL tokens using a Nigerian Naira (NGN) fiat on-ramp?

    Due to local banking regulations in Nigeria, the most common method is through Peer-to-Peer (P2P) markets on major cryptocurrency exchanges. Users find a verified vendor on a P2P platform who accepts NGN bank transfers. You initiate a trade, send the NGN via an instant bank transfer, and the vendor releases the CEL tokens from escrow to your digital wallet on the exchange. Always use the exchange's escrow service and complete KYC/AML compliance for secure trading.

  • What was the original CEL token utility on the Celsius Network platform?

    Before its bankruptcy, the CEL token was central to the Celsius Network's CeFi (Centralized Finance) ecosystem. Its primary utility was to enhance user benefits on their crypto lending platform. By holding CEL or choosing to earn interest payments in CEL, users could receive higher yield rates on their deposited digital assets, get discounts on loan interest rates, and use CEL as loan collateral. This tokenomics model was designed to incentivize holding and using the native token within the platform.

  • What are the primary risks of trading the NGN/CEL pair following the Celsius Network bankruptcy?

    The primary risk is extreme price volatility. Since the CEL token lost its utility, its price is driven almost entirely by speculation related to bankruptcy news and asset distribution plans. There is no underlying technical or functional value supporting it. Additionally, liquidity on order books can be thin, leading to significant price slippage on large trades. There's a substantial risk of total loss, as the asset could become worthless depending on the final outcome of the liquidation process.

  • What fees are associated with using an NGN fiat gateway for P2P trading of CEL?

    When trading NGN for CEL on a P2P market, there are several potential costs. First, the exchange rate offered by the P2P vendor includes their profit margin, which acts as an indirect fee. Second, some cryptocurrency exchanges charge a small fixed or percentage-based fee for completing a P2P transaction. Finally, while Nigerian bank transfers are often free, your bank might have its own charges. Always compare rates between different vendors in the order book to find the most competitive NGN-to-CEL conversion.
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