Nigeria is in the midst of a cryptocurrency revolution and whether it be for personal or business-related reasons, many are wondering how to get their hands on some themselves. For most, the main driving factor behind the decision is Nigeria’s failing national fiat currency as they are looking for solutions.
The obstacle
Although cryptocurrencies appear to be exactly what Nigerians are looking for, the Central Bank of Nigeria refuses to process transactions involving crypto exchanges. Since the local regulators are not in favor of them either, buying cryptocurrencies can be a challenge. Now for the good news: with the right knowledge, Nigerians can still purchase cryptos and we’ll tell you everything you need to know to get started.
Before you begin
Before proceeding, make sure you have a crypto wallet where you’ll be storing your newly-acquired digital coins. This can be either an online wallet or a hardware wallet, so it’s important to know the differences. The general consensus is that the former are more user friendly while the latter tend to be more secure. It’s impossible to cover everything in one short article, so our best advice is to go with whatever you’re comfortable using.
The options in Nigeria
With that out of the way, how can you buy cryptocurrencies despite all of these setbacks? Below, you’ll find the current working methods we recommend exploring:
Bitcoin ATMs
Nigeria is home to several Bitcoin ATMs, so take your pick! The good news is that these machines allow you to convert the local currency into Bitcoin with ease. At the same time, they allow you to remain completely anonymous. The downside of using them, however, is that you may encounter rather steep fees in the process. Alas, such is the price for complete anonymity!
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Peer-to-peer exchanges
This option involves initiating a transaction with other individuals rather than purchasing from licensed sources. Pick a payment method, define your price, and the exchange will match you up with the most suitable buyer. This method ensures privacy and provides safety at the same time; before funds are released from the escrow system, the buyer must confirm that everything checks out.
Crypto brokers
Crypto brokers are a great option if you’re comfortable paying with your credit card or via bank transfers. It’s simple and straightforward – not much different than making a standard online purchase. However, not all crypto brokers accept customers from Nigeria, so make sure to do your homework beforehand.
Crypto trading platforms
Sign up on one of the crypto trading platforms to unlock the ability to trade cryptocurrencies. The first step is to deposit the regular fiat currency into an online wallet. From there on out, you are free to swap your funds for any crypto asset you’d like to purchase. Once again, you’ll need to do your due diligence, as not all of these crypto trading platforms accept Nigerian customers, and in this market, things tend to change all the time.
Conclusion
As you can see, there are plenty of options for Nigerian citizens to obtain cryptocurrencies despite the numerous setbacks and challenges they may encounter. It is our hope that the tips provided above have answered your questions. Otherwise, feel free to reach out to us at any time.
