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How to use Polymarket in Nigeria: naira to USDC, step by step

Polymarket works in Nigeria with no known restriction but does not take naira. Buy USDC on Bybit or Luno and send it over Polygon.

By Matías MardonesUpdated on October 25, 20264 min read

Does Polymarket work in Nigeria?

Yes. Nigeria is not on Polymarket’s official geoblocking list and there is no known local block. Polymarket does not accept naira, though. To use it from Nigeria you buy USDC on an exchange, send it to your Polymarket deposit address on the Polygon network, and to cash out you send USDC back to the exchange and sell it for naira.

Is Polymarket allowed in Nigeria?

There is no Polymarket restriction on Nigeria and no known local block. That is the full picture that can be stated: no specific ruling for or against prediction markets is on record here. Nigeria also shows one of the highest per-capita levels of search interest in Polymarket worldwide. The Nigeria page is updated if the situation changes.

Step 1: buy USDC with naira

The exchanges most used in Nigeria to get USDC (Binance stopped all naira services, including P2P, in March 2024):

Exchange What you use it for
Bybit Buying USDC through its available methods
Luno Buying USDC through its available methods
  1. Open an account and complete the verification the exchange asks for.
  2. Fund it in NGN using one of the methods it supports.
  3. Buy USDC, a stablecoin worth 1 US dollar.

Each exchange sets and publishes its own buy, sell and withdrawal fees. Read them before you start, because on this route they make up most of your cost.

Step 2: send USDC to Polymarket over Polygon

  1. On Polymarket, open Deposit and copy your EVM deposit address. It is unique to your wallet and to that type of network.
  2. On the exchange, choose Withdraw, select USDC and pick the Polygon network. If Polygon is not available, use another network that Polymarket’s deposit screen lists as supported, and select the same one on both sides.
  3. Check the minimum shown on the deposit screen. Minimums change, so trust the screen, not a number from a forum.
  4. Confirm. Polymarket converts the incoming USDC into pUSD, its internal stablecoin, automatically.

Sending an unsupported token or using the wrong network can mean an unrecoverable loss. Polymarket runs recovery.polymarket.com to try to recover mistaken transfers, with no guarantee. The guide on how to deposit on Polymarket explains each screen in detail.

The interface also has card deposits, handled by an external processor with its own fees that vary by country, and a Coinbase connection.

Step 3: withdraw from Polymarket to naira

  1. On Polymarket, choose Withdraw. Your pUSD is converted into native USDC through a Uniswap pool on Polygon.
  2. Paste your USDC deposit address from Bybit or Luno and choose the same network.
  3. On the exchange, sell the USDC for naira and move it to your bank using that exchange’s methods and timelines.

What the official withdrawal docs say:

  • Polymarket does not charge a withdrawal fee.
  • Withdrawals are instant unless the Uniswap pool is depleted. Then they can be delayed or fail, and the official advice is to split the withdrawal or wait.
  • You can withdraw pUSD directly, but some exchanges do not accept pUSD deposits. To send funds to a Nigerian account on an exchange, withdraw as USDC.

Real costs from Nigeria

Item Who charges How much
Deposit Polymarket No fee
Withdrawal Polymarket No fee
Maker trades Polymarket No fee
Taker trades Polymarket Category rate, 0 to 0.07
Buying and selling USDC Bybit or Luno Exchange’s published rate
Withdrawing USDC from the exchange The exchange Exchange’s published rate
Polygon network The network Cents; usually paid by the exchange

The taker fee formula, with worked numbers, is in the fees guide. On taxes, the general principle applies: if you make a profit, ask an accountant how to report it.

Before you deposit

If prediction markets are new to you, read what Polymarket is and browse the markets board, which shows live prices with no account needed.

Frequently asked questions

Can I use Polymarket in Nigeria?

Yes. Nigeria is not on Polymarket’s geoblocking list and there is no known local block. You will need USDC, since Polymarket does not accept naira.

How do I deposit on Polymarket from Nigeria?

Buy USDC with naira on Bybit or Luno, then withdraw it over Polygon to your Polymarket deposit address. Check the minimum on the deposit screen before sending.

How do I withdraw from Polymarket to my Nigerian bank account?

Withdraw USDC from Polymarket to your exchange, sell it for naira there and transfer it to your bank. Polymarket does not charge for the withdrawal; the exchange may.

Does Polymarket charge fees in Nigeria?

Not for deposits or withdrawals. You pay a taker fee when you take existing orders, which depends on the market category, plus whatever your exchange charges.

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