And you’re probably sitting and thinking, “How do I even buy cryptocurrencies in Nigeria?” Well, you’ve come to the right place.
In this article, we’ll dive into crypto in Nigeria and how you can get your hands on some of these sweet coins.
The Current State of Crypto in Nigeria: Is It Legal?
When it comes to crypto, different countries have their laws. So, crypto can be legal in one country and illegal in the next one.
For Nigeria, things are a bit complicated. Nigerians can buy and trade crypto as they like, but they just can’t do it with their bank accounts. In February 2021, the Central Bank of Nigeria (CBN) released an announcement that restricts all commercial banks from carrying out any crypto transactions. Here’s what that law meant:
- Normally, people who want to buy crypto can do so using cryptocurrency exchanges.
- Nigeria has several great crypto exchanges – like Quidax, BuyCoins, and Patricia
- To buy crypto, you can open an account with Quidax, for example, and just buy crypto using your bank account or credit card.
- But, because of the CBN’s law, this is no longer straightforward.
- The law states that anyone caught buying or selling crypto with their bank account will be penalized.
- If a bank suspects that you use your account to buy and trade crypto, they can suspend your account – or maybe even close it completely.
So, Where Do You Go?
You probably think that this means crypto is illegal in Nigeria. Well, it’s not. The CBN simply doesn’t want anyone using their bank accounts to buy and trade crypto. In itself, crypto isn’t actually illegal in Nigeria.
So, Nigerian crypto exchanges found a way to work around this – peer-to-peer (P2P) transfers. These transfers work like this:
Read More:How to buy Cryptocurrencies in Nigeria in 2022