HOW IT WORKS

REGISTRATION FEE IS N2,000

1. Log on to i-Naira (SSL Certified Site) and click REGISTER
2. Registration fee is N2,000. In instances where a vendor provides a "Payment Code" for intending bidders, we will share such code with the new customers to enable them participate in the vendor's auction event without paying a registration fee. Please note, that the FREE access expires when the vendor's auction event closes.
3. Select SIGN-UP as a first-time user or SIGN-IN as an existing customer. Registration requirement includes: First and last names; Email; Phone number; Password.
4. All the foregoing details will be verified with a ONE-TIME-PASS sent to the user's phone number to re-enter into i-naira.com for security purposes. This is designed to prevent multiple fake account creation. If you are unable to receive your OTP, send "Please Verify Me" to 08096664448 on WhatsApp or via SMS for manual verification. Please note, only requests sent from the registered phone number will be treated.
5. Users unique identifier are the customers first names and four last digits of the users Nigerian phone numbers (Aisha ****4458).
6. The sign-up/ registration fee deters unserious internet users from registering/bidding, thus, it gives confidence to our registered users to participate.
7. Payment is powered by Paystack. You can also make Direct Bank Transfer to our designated bank account.

PRE-AUCTION ACTIVITIES

Once an auction contract is signed between i-Naira.com and a Vendor, we will create the following:
1. An auction room for the vendor will be created - VIEW AUCTION ROOMS.
2. A landing page with information about the vendor and items to be sold will be created. VIEW SAMPLE LANDING PAGE
3. Showcased items are only visible to customers who have made payment to gain access to a specific private room. A room is viewable by the public if the payment required to enter the room is set to zero (0).
4. When admitted into a room, you can then see the items the vendor is displaying.
5. Physical viewing dates are equally communicated for customers who want to physically inspect assets that will be auctioned. Only registered members can be allowed access to view assets.

AUCTION DAY ACTIVITIES

1. On auction day the following is how a customer can successfully bid for an item.
2. When you click on one item, a pop-up app opens and gives more details about the item that you are interested in.
3. Then you have an option to select NOT NOW or BID NOW to bid.
4. Bid ID is the unique NO INB0000001 assigned to an item by our system.
5. Item description, gives brief info about the item.
6. Highest bidder is the leading bidder, a winner will emerge when the auction time closes and the VENDOR's reserved price is met.
7. Highest bid, is the highest amount entered so far and does not imply a Winner. A winner is only determined when the last possible bid is entered before the time elapsed.
8. Start date is the time when the bid was opened.
9. End date is when the bid closes
10. Time left captures how long the bid will last in hours, minutes & seconds.
11. The box for bid entering is where bidders enter the amount they are offering for the item. Please enter your figures without comma or space.
12. Reserve not met highlighted in red show that the highest bidder will not win the item if it closes as it is because the entered amount is below 13. what the vendor want (Reserve Price).
14. More button shows bidders other available items
15. Bid history shows all the interested bidders for the item.
16. Submit button is the button bidders click to submit their bids
17. When the time set on an auction expires, a winner will emerge if the vendor's reserve price is met.
18. The winner has 48 hours to make payment or lose the item to the next runner - up. This option only kicks in when we don't get a BUY NOW offer that is higher than the final bid amount. Please note. We are at liberty to offer same item to an interested buyer who may offer more than the last final bid received after 48 hours required for payment. 

POST-AUCTION DAY ACTIVITIES

When an auction closes, the following activities will take place:
1. Participants can probe the BID HISTORY to view how the winner emerged the highest bidder. Please note, our system captures bidders activities in milliseconds, thus, it is the responsibility of the bidders to monitor their email notifications while bidding as well as refresh the bid page to see if you have been outbid in order to competitively enter a higher bid.
2. When a user emerges the winner, he/she is expected to pay for the won item. Payment can be made online or through direct bank deposit.
3. When admin confirms the winner's payment, a confirmed PAID invoice will be issued to the winner, which he/she will use to claim the won asset. 4. Please note that the system will automatically apply VAT of 7.5% and buyer's premium of 5% to the hammer price.

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