For a couple of years, cryptocurrency has been a hot topic in Nigeria. Even if you’ve not been keeping up with trends, you’ve most likely heard someone talking about it. If you’re considering investing in cryptocurrency in Nigeria, here’s a complete step-by-step guide on how to buy cryptocurrency in Nigeria.
This piece will explore cryptocurrency in Nigeria and the best ways to acquire some of these digital assets.
Where cryptocurrency stands in Nigeria today
Currently, with cryptocurrency, while Nigerians are free to do whatever they wish with crypto, including buying and selling, they cannot use their local banking system to do it.
The Nigerian Central Bank (CBN) announced in February 2021 that all commercial banks would be prohibited from engaging in any crypto transactions.
Cryptocurrency exchanges are the standard method for new investors to acquire cryptocurrency. Binance, Quidax, BuyCoins, and Patricia are some of the exchanges that work in Nigeria.
Before, you could use your Binance account, for instance, to buy cryptocurrency instantly with your bank account or credit card. But the law passed by the CBN means that such transactions are not permitted by the law and you risk having your bank account suspended.
Bank account Cryptocurrency purchases and sales through bank accounts are now illegal in Nigeria.
Suppose your financial institution has reason to believe that you are using your account to acquire or trade cryptocurrency. In that case, they may place restrictions on your account’s functionality or terminate it entirely.
Places to Buy Cryptocurrency in Nigeria
Some of the credible platforms to purchase cryptocurrency in Nigeria include Binance, Quidax, BuyCoins, and Patricia. These marketplaces have been around for a while and have all the features you might want: low costs, fast transactions, and friendly support staff.
How to buy cryptocurrency in Nigeria on Binance
•Create and log in to your Binance account, then select [P2P Trading] from the banner on the homepage.
•Select an ad on the P2P page, then click [Buy] followed by the cryptocurrency you wish to purchase (Ethereum, Bitcoin etc.).
•Set your desired Naira budget; the system will then calculate and display the corresponding quantity of cryptocurrency you can acquire. To proceed, please press [Next].
•When you place a buy order, the system automatically finds a seller whose ad best matches your needs. This is where you can find information on making a payment. After the transfer is complete, please proceed by clicking [Transferred, Next].
How to get started with Crypto buying in Nigeria
This area is for those who have decided to purchase cryptocurrency in Nigeria. We’ll outline the steps you need to take on how to buy cryptocurrency in Nigeria.
• Get a cryptocurrency wallet
A cryptocurrency wallet is a storage medium for digital currency. Your cryptocurrency exchange account (Binance, Quidax and the like) in Nigeria will also act as your wallet. On the other hand, you can use a mobile wallet, such as TrustWallet or MetaMask, to store and access your cryptocurrency. Please keep your wallet details guarded to avoid crypto fraud.
•Determine where to acquire your cryptocurrency
Secondly, on how to buy cryptocurrency in Nigeria, you’ll need to select a vendor. You can patronise any of the following avenues:
•Trading platforms: Cryptocurrency exchanges make it easy for investors to buy and sell cryptocurrencies. You may buy cryptocurrency through several different exchanges in Nigeria, many of which offer comfortable reading options. As earlier mentioned, examples include Binance and Quidax.
•Crypto exchanges: Exchanges for cryptocurrencies are websites that facilitate the buying and trading digital currency. Binance, Luno, and Quidax are some of the most well-known exchanges in Nigeria due to their reliability and user-friendliness. They put you in touch with reliable vendors, and transaction processes take just a few minutes.
•Brokers: Brokers in cryptocurrencies are individuals who facilitate exchanging one cryptocurrency for another. If you want to buy some cryptocurrency, you can find a reliable broker online, find out the current price of the coin you want, and then give them the equivalent amount of money for your crypto value. You just wait for them to send you the coins.
Ultimately, complete your crypto purchase. As earlier stated, while crypto exchange platforms can help you facilitate transactions, you may also independently locate a broker. And that’s about how to buy cryptocurrency in Nigeria.