The popularity of bitcoin in Nigeria is on the rise despite crypto ban by the Central Bank of Nigeria (CBN). Bitcoin adoption in Nigeria is rising to high levels due to the country’s economic decline, faster and cheaper bitcoin based remittances and with the devaluation of the Naira, Nigerians are scrambling to preserve their savings. Nigeria has become one of the hot spots for cryptocurrency in the world as Nigerians continue to buy and sell bitcoin and other cryptocurrencies.
Options of Buying Bitcoin in Nigeria after CBN Ban
Even with the ban (imposed on February 5, 2021) of cryptocurrencies in Nigeria, crypto still continues to bloom and flourish in the country. Crypto enthusiasts have found new ways to buy bitcoin in Nigeria and continue their crypto trades. The options of buying bitcoin in Nigeria after the ban include the following:
Use of P2P for Transactions
With P2P platforms, you don’t buy bitcoin with the Naira directly from the exchange. You buy from another person. Peer to peer exchanges connect individuals who buy bitcoin among themselves without going through an intermediary. In other words, P2P platforms serve as a marketplace to bring buyers and sellers together.
Buying Bitcoin using Credit Card
The crypto ban does not allow you to buy bitcoin using naira-domiciled cards. Instead, you can use international Visa or Mastercard credit cards to make payments.
Buy Bitcoin using Debit Card
Nigerians cannot buy bitcoin using debit cards linked to Nigerian bank accounts. Banks are banned from serving clients dealing in bitcoin. However, you can use international debit cards at lower fees.
Buy Bitcoin using Naira
You can buy bitcoin using naira or any other fiat currency in cash through Bitcoin ATMs in Nigeria (the two Bitcoin ATMs in Nigeria are inactive at the moment). Alternatively, you can find a seller who accepts cash payments on cryptocurrency platforms such as LocalBitcoins.
Where to Buy Bitcoin in Nigeria
There are plenty of best sites to buy bitcoin in Nigeria. However, choosing the best cryptocurrency exchange is a difficult task, especially for beginners. It is best to research on the available cryptocurrency and what each has to offer before making choice. Some of the factors to consider when choosing where to buy your bitcoin in Nigeria include the following:
- User Interface. Your cryptocurrency exchange of choice should have a user-friendly interface tat will make trading easier and faster.
- Security. Security is important especially in the crypto space. Choose a platform that gives priority to security.
- Deposit and Withdrawal Options. Different bitcoin exchanges offer different deposit and withdrawal options. It is best to find an exchange that offers a payment and withdraw method that you are comfortable with.
- Limits. Different platforms may have different withdrawal limits. Check out for theses limits.
- Credibility. It is important to check customer reviews for each platform to find out what other users are saying.
- Customer Support. A platform with a reliable customer support will be a better choice. You will need help in case of any emergencies.
- Fees. Different exchanges have different fees. Check the fees of each available platform, including deposit and withdrawal fees.
- Supported Coins. Different exchanges support different digital tokens. If you want to buy bitcoin, choose a platform that supports bitcoin.
Best Sites to Buy Bitcoin in Nigeria
The best platforms to buy bitcoin in Nigeria include the following:
Yellow Card Nigeria
Yellow Card is another one of the best cryptocurrency exchanges in Nigeria that allows you to buy and sell bitcoin with your local currency. You can transact using mobile money, bank transfer, debit or credit card. Yellow Card will not charge you for buying cryptocurrency.
Bitnob is a Nigerian cryptocurrency exchange that lets you buy, sell, save, borrow, and invest in bitcoin. Bitnob is built on the lightning network, making it possible to send and receive money almost instantly with lower fees. The exchange also offers a mobile app through which you can access all its features. The app has a simple user interface (UI) and easy-to-find functions.
While many crypto exchanges supporting Nigerian buyers are located elsewhere, Yellow Card and Bitnob have a local presence in Nigeria. Bitnob is a Bitcoin only so you will not be tempted to buy any scamcoins. Moreover, it supports Dollar Cost Averaging, buying a little bit every month or every week, and this is the best way to acquire bitcoin, under the condition that you hold at least 4 years. Find out more about how Dollar Cost Averaging works.
LocalBitcoins is one of the best bitcoin exchanges in Nigeria. It offers low fees, multiple layers of security and is easy to use. The platform also has a helpful customer support. LocalBitcoins is ideal for investors looking to buy bitcoin quickly and easily. Fund deposits and withdrawals on LocalBitcoins in Nigeria are free.
Luno is a popular fiat-to-crypto currency exchange that also includes a bitcoin wallet system. Its user interface is one of the most simple to understand and use. Luno offers low fees, allows you to set up price alerts, instant withdrawals and payments, and it also a mobile app. Luno’s maker-taker fees are 0% to 0.1%.
Send, Deposit, Exchange, and Buy Bitcoin with Telegram Online in Nigeria
- It is now possible to buy cryptocurrency in Nigeria, receive, exchange and send to other wallets for free using the instant messaging app, Telegram. At the moment, you can only buy with a bank card.
- To use the feature, open the Telegram messenger and search for “wallet”. Open the Telegram’s official wallet bot, click “/start” and select the options showing depending on whether you want to buy, send, receive or deposit cryptocurrency. You should also add it to the menu (for easy access).
Remitano is a peer-to-peer escrow bitcoin marketplace that allows you to buy and sell crypto in both fiat currencies and other digital tokens. The platform is user-friendly with a 24/7 customer support. Remitano offers competitive withdrawal fees, 0% deposit fees, and 1% trading fees.
Quidax is an African bitcoin exchange platform that allows clients to buy bitcoin with their local currency. The platform has an instant buy and sell option that allows you to buy bitcoin quickly. Alternatively, you can use the platform’s order book exchange to buy crupto. Quidax has good liquidity and trading volume, grants access to trade charts, and also offers a mobile app. Quidax charges a 0.2% maker fee and 0.3% taker fee. Bank transfer deposits are free while naira deposits via debit card come with a 1.4% fee.
Paxful enables you to buy bitcoin in Nigeria via bank transfers, MTN mobile money, PayPal, Amazon and iTunes gift cards, Chipper Cash, cash deposit, Perfect Money, and more. Paxful vendors also have gift cards you can use to buy bitcoin from the platform. Paxful does not charge any fee for buying bitcoin.
NairaEx is a Nigerian-based bitcoin exchange that allows its users to buy and sell bitcoin and perfect money with the Naira via bank transfer and debit card. NairaEx is safe and easy to use. It does not charge any trading fees. However, NairaEx has higher buy and sell rates compared to other platforms. This means that the fees are squeezed into its rates.
Binance is the other option you can use for cryptocurrency trading in Nigeria after CBN ban. It is among the leading bitcoin trading platforms in the world. It is a great option you can use to trade in cryptos in Nigeria after the bank by CBN. It has some of the most competitive rates. Many users like it for its professional attitude and low trading fees. One of the advantages of Binance is that you can convert Naira to bitcoin and bitcoin to Naira.
How to Buy Bitcoin in Nigeria
Buying bitcoin in Nigeria has been made a bit complicated by CBN’s ban on crypto. However, Nigerians have found ways around this difficulty. Follow these steps to buy bitcoin:
Choose a Crypto Wallet
Before you purchase your bitcoin, you need to have a bitcoin wallet for storing it. Cryptocurrencies are digital currencies and therefore, you need a secure cryptocurrency wallet to store your cryptos. Some of the best cryptocurrency wallets in Nigeria include software crypto wallets such as the Samourai and Muun wallets and hardware wallets such as the Trezor and Ledger wallets.
Choose where to Buy your Bitcoin
There are many crypto exchanges through which you can buy bitcoin. Some of them are the ones listed above. After choosing your desired bitcoin exchange, create an account with them. Some platforms will need you to provide personal information as part of their Know Your Customer (KYC) process. Once your account is verified, purchase your bitcoin (choose the token you want to purchase, how much, and your payment method then confirm the purchase).
Final Thoughts on Buying Crypto in Nigeria
The young and tech-savvy population in Nigeria are increasingly adopting bitcoin to protect their money from the failing Naira. Nigerians can use bitcoin to save, send money abroad, or invest and make money.