On this article, we are going to deliberate on crypto currency in Nigeria, we will also reveal where to get cryptocurrencies in Nigeria, and also let you know if crypto currency is legal in Nigeria or not.
This article will no doubt help newbies by providing answers to their questions.
What Cryptocurrency?
A cryptocurrency is a digital currency that transactions are verified and details of transactions are maintained by a decentralized system which makes use of cryptography, instead of a centralized authority. It is also defined as an array of binary data which is put together as a medium of exchange.
There is no doubt that the emergence of cryptocurrency has changed the lives of millions of people around the world, Nigerians are not excluded in the list of people that have enjoyed the benefits of cryptocurrency.
Several Nigerian youths have become millionaires through cryptocurrency, while several others have also been liquidated. The volatile nature of the cryptocurrency market makes the venture a very risky one to embark on.
Crypto Currency In Nigeria
Nigerians embraced cryptocurrency several years ago and it turned the lives of many people around. In the midst of the positive side of the crypto era came the negative aspect, the fact that cryptocurrency can not be monitored makes it an easy route for money laundering.
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It was to this effect that the federal government of Nigeria placed a ban on cryptocurrency activities in Nigeria. Earlier this year, the Central Bank of Nigeria placed a ban on cryptocurrency transactions in Nigerian financial institutes. According to the apex bank, the move was to save Nigerians from falling prey to criminals.
However, this ban has not affected the rate of Nigerians venturing into crypto investment. In fact, the rate of Nigerians going into cryptocurrency investment has quadrupled this year.
Ever since the CBN issued the ban on transaction of crypto currency in Nigeria, the citizens have resorted to peer-to-peer method of transactions. Peer-to-peer, aka P2P, is simply a direct exchange of digital assets like cryptocurrency between individuals without central authority involvement.
Although it is very risky, it is one of the fastest and cheapest means of asset exchanges.
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P2P Crypto Exchange in Nigeria
Since when the CBN banned cryptocurrency transactions in Nigeria, the P2P method of trading became popular. Several major exchanges introduced the P2P exchange owing to the fact that Nigeria is one of the highest dealers of crypto currency in Africa and worldwide.
A popular exchange like Binance offers one of the safest means of P2P transaction in Nigeria. It is one app that ensures that transactions are carried out scam-free. In fact, their mode of operation makes it almost impossible for anyone to get defrauded except such a person does not pay attention to details.
Here are some of the crypto exchanges in Nigeria that allows P2P transactions; Binance, Remitano P2P, Paxful P2p, OKEx P2p, LocalBitcoins, Coincola P2p, Coindirect P2p, and BuyCoins.
Binance is one of the most popular cryptocurrency exchanges in the world. The platform offers one of the safest space for cryptocurrency transactions. You can register and buy/sell/transfer cryptocurrency on the Binance app safely.
Is Crypto Currency Legal In Nigeria?
Although, the CBN placed a ban on cryptocurrency transactions by Nigerian financial institutions, cryptocurrency has not been declared illegal in Nigeria. This means that it is still legal to buy, sell and transfer crryptocurrencies in Nigeria as long as banks and other financial organizations are not involved.
Can I Trade Crypto In Nigeria?
Yes, you can trade crypto in Nigeria safely like I said above. Several Nigerians trade crypto on exchanges like Binance, Hotbit, KuCoin, MEXC, etc. However, most of these exchanges do not offer P2P trading, this means that you have to transfer cryptos from exchanges like Binance to them.
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Can a Nigerian use Coinbase?
A Nigerian can use Coinbase to send and receive cryptocurrency but will not be able to use it for trading and exchange. Coinbase is one of the famous crypto exchanges in the world but it offers limited functions to Nigerians.
How Do I Get Crypto P2P?
You can get Crypto P2P by creating account in any of the P2P-enabled exchanges listed above. For example, if you are opening account on Binance, you can simply navigate to ‘Trade’ and click on P2P. The procedure is relatively simply and straightforward. Read How To Buy Crypto Through P2P On Binance Here.
Which App Can I Use To Buy Cryptocurrency in Nigeria?
Since cryptocurrency operations were banned and you can not use your credit card in Nigeria to buy cryptocurrency, the only option is to buy through P2P on exchanges like Binance, Remitano P2P, Paxful P2p, OKEx P2p, LocalBitcoins, Coincola P2p, Coindirect P2p, and BuyCoins.
