It is an undisputed fact that Nigeria has grown to become one of the biggest hubs for Bitcoin and cryptocurrency at large.
One of the significant contributions to the increase in cryptocurrency use and trade (Bitcoin in Nigeria) is naira instability.
The popularity of bitcoin has been growing drastically in the past few years.
The article will also explain the popularity of bitcoin and the best option to buy bitcoin in Nigeria.
You will also learn bout the legality of bitcoin in Nigeria.
It is not surprising to see Nigerians fall in love with this decentralized cryptocurrency.
This is because most Nigerians are now interested in being financially independent.
Nigerians also want to have alternative sources of income using technology.
Buying bitcoin in Nigeria doesn’t require any experience or prior knowledge.
The most important thing you need to know is how to use any of the options revealed in this article.
The good news is that most platforms are easy to navigate and user friendly.
Buying bitcoin is not rocket science. Once you are patient and ready to go through the basics, you won’t have problems in the short and long run.
This article results from extensive research carried out and personal experience with buying bitcoin in Nigeria.
Without wasting time on the introductory part, let’s dive into the basics and this article’s core.
Face to Face or Physical Purchase
The most secure and direct option to buy bitcoin in Nigeria is contacting the seller and set up a face-to-face transaction.
This could be a friend on your contact list or a trusted friend that is well known looking to sell bitcoin to naira.
Local bitcoin groups are great places to meet with other crypto lovers and traders.
There are many platforms out there, but the paid groups are safer than the free ones.
If you choose to use this option, make sure you meet in a public place and go with someone who knows about cryptocurrencies.
Using a P2P Trading Platform
You can buy BTC in Nigeria from reputable traders using various payment methods.
Each seller offers different rates, so be sure you choose a seller with a good reputation and a reasonable price.
Remitano requires you to verify your identity to start selling and buying bitcoin.
It is part of their KYC and anti-money laundering policies.
Additionally, there are just a few platforms that are on the same level as Remitano.
This means on a global scale, Remitano is a top platform that is not just limited to Nigeria only.
Using a Credit/Debit Card
An easy way to buy BTC in Nigeria is to use your credit or debit card. You can do this on Binance and Remitano.
Also, you can choose to buy Bitcoin, Ethereum, or other available cryptocurrencies.
But you will need to create an account and generate a bitcoin wallet to buy bitcoin on these platforms.
Although there’s a set service fee to use this option, it is a very seamless way to buy BTC in Nigeria.
Buy Bitcoin in Nigeria using Bitcoin ATMs
Bitcoin ATMs are now available in Africa and provide a convenient means to buy bitcoin and other cryptocurrencies.
Due to policies and regulations, it may not be as private as other options mentioned above.
According to coinatmradar.com., there’s only one Bitcoin ATM in Nigeria, located in Lagos.
So if you find yourself in Lagos, you can drop by the ATM to buy your first Bitcoin.
You can also convert your Bitcoin to naira on the ATM machine.
Buy Bitcoin from Regular Exchanges
A reputable cryptocurrency exchange is the easiest way to buy bitcoin in Nigeria.
Just like peer-to-peer exchanges, centralized exchanges will require KYC and identity verification before you can acquire BTC.
They also have varying charges and features, so it is essential to research your choice carefully.
Popular beginner-friendly exchanges include Remitano, Binance, Coinbase, and Kraken.
Some of these exchanges allow users to buy bitcoin with a credit card or bank transfer.
It is important to note that these exchanges hold and control your cryptocurrencies.
Exchanges have been hacked in the past, and users’ funds were stolen.
That is why it is advisable to create a private bitcoin wallet after buying Bitcoin on any exchange.
This way, you can transfer the larger portion to your private wallet and keep a small portion on the exchange for future transactions.
The Legality of Bitcoin in Nigeria
Another question that needs to answer is the legality of bitcoin in Nigeria.
There have been several talks, discussions, conferences, and meetings by the monetary body, the Central Bank of Nigeria, on Bitcoin.
One of their major stances is that Bitcoin is very volatile and is not regulated.
This means that any profit or loss trading or buying bitcoin cannot be tracked or investigated by CBN.
Banks in Nigeria are yet to start accepting Bitcoin. It is also essential to add that virtual cryptocurrencies were banned in Nigeria sometime ago.
When the news was shared, it wasn’t good news. However, the details were later clarified.
They revealed that their intention for doing so is because they cannot regulate Bitcoin. After all, everything happens on the internet.
However, the Central Bank of Nigeria has been working with the Nigeria Deposit Insurance Corporation (NDIC) to see how possible it is to start using Bitcoin technology.
In conclusion, it is fine to say that the legality of bitcoin in Nigeria is not clear.
But it has not stopped the rate at which people buy bitcoin in Nigeria and trade other cryptocurrencies.
We are hopeful that we would get positive news about Bitcoin’s legality and government stance in Nigeria.
This would help to make future transactions easier.
Hopefully, banks will also start accepting Bitcoin and cryptocurrencies as a store of value like Naira.