22nd September, 2021
Nigeria has always been known as a country with a large population of resilient youths that are enthusiastic about innovation.
This explains why the enthusiasm shown towards the acceptability of cryptocurrency is not surprising.
However, the rising popularity of cryptocurrencies among the youth populations who have adopted coins such as Bitcoin, Ethereum, and Doge for transactions has attracted the regulating eye of the Central Bank of Nigeria (CBN).
In February 2021, the CBN directed all financial institutions to stop processing transactions for cryptocurrency exchanges. This led to a setback in transacting cryptocurrency from one party to the other.
Nevertheless, new means of buying cryptocurrency in Nigeria have emerged. All you have to do is to read through this article to learn how you can buy cryptocurrency in Nigeria.
Payment Method for Buying Cryptocurrency in Nigeria
There are different payment methods for buying cryptocurrency in Nigeria. It is often recommended that exchangers pick the method that is most convenient for them.
The payment methods are:
• Credit or debit card: With the recent CBN ban on cryptocurrency transactions, it is impossible to use naira domiciled cards for the transaction. Nevertheless, it is one of the most popular methods and highly convenient. It is cost-effective and timely.
• Bank transfer or deposit: This is the option that gained popularity after the ban. It involves using bank transfers or deposits to buy crypto despite the new CBN regulation. It is popularly called Peer-to-peer (P2P). Merchants find buyers who pay into their bank account after receiving the value of the cash paid in cryptocurrency sent to his wallet.
• Cash payment: This is related to the Peer-to-peer method of transaction. The only difference is the use of cash and physical meeting to complete the transaction.
Effective Guide on How to Buy Crypto in Nigeria
Below is the effective guide on how to buy crypto in Nigeria despite the ban on transactions involving cryptocurrency:
• Choose a crypto wallet that will serve as the address to where the cryptocurrency you want to buy will be transferred to. You can download blockchain applications like Binance, Trust Waller, or Luno to create your wallet.
• Choose the method you want to use to buy your crypto. Do you want to buy it directly from a cryptocurrency trading platform? Or do you want to use the Peer-to-peer option? Whatever you choose, always ensure that the safety of your coin is preserved.
• The final step is to buy your crypto after you have created your wallet and chosen the platform you intend to use to make your purchase.
Top Nigerian-based Crypto Exchange Platforms
Different platforms have been contributing to the easy and effective transactions of cryptocurrency in Nigeria.
They are:
• Patricia
• Quidax
• Luno
• Binance
• Bundle Africa
These are not the only ones in the country. They have only positioned themselves at the vanguard of this crypto revolution.
Through this platform, the goal of transacting cryptocurrency in Nigeria has been successfully implemented with continuous improvement every day.
Learning how to buy cryptocurrency in Nigeria is very important to avoid losing your money to scammers. This is what this article has achieved.
It has highlighted helpful steps to follow when you want to buy cryptocurrency.
Additionally, it has offered alternative platforms to make crypto transactions.