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Nigerian banks are required to shut down their services to any customers who buy, sell or trade cryptocurrencies. The KYC process includes verifying your identity with a valid identification document. This must be done before most platforms will allow you to make a purchase. Once your account has been verified, you’ll need to choose which cryptocurrency you wish to purchase and how much, as well as which payment method you’d like to use. Make sure to review the total cost for the transaction, including fees, before confirming the purchase. Read more about Buy Litecoin here. Despite this setback, residents can still buy, sell and trade Bitcoin and other crypto assets in Nigeria. This guide will provide an overview of those platforms where it’s still possible to purchase crypto in Nigeria, as well offering information about the payment methods you can use to do so. To store the cryptocurrency you purchase, you must have access to a crypto wallet. You can use a wallet that is naively provided by crypto exchanges or use a wallet for which only you have access to the private key. This latter option includes hardware wallets, such as Ledger Nano S, desktop software wallets, such as Electrum, or mobile apps, such as Trust Wallet.

Many Nigerians have resorted to buying cryptocurrencies via bank transfer in order to circumvent the current regulations. Peer-to-peer exchanges allow crypto merchants to accept payment via bank transfer. This method is also one of the cheapest ways to purchase cryptocurrencies, as it involves a direct purchase. Binance and Bundle are two platforms that enable Nigerians to trade Bitcoins or buy cryptocurrencies using this form of payment. Other Bitcoin marketplaces that are available to Nigerians to are LocalBitcoins and Paxful. Buying cryptocurrencies via credit card remains popular, as it’s highly convenient. However, the CBN crypto ban means that currently, it is not possible for Nigerians to buy Bitcoin and other crypto assets using naira-domiciled cards. International Visa or Mastercard credit card payments are accepted.

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If you would like to learn more about cryptocurrencies in Nigeria, check out our guide on the best crypto exchanges in Nigeria, best crypto apps in Nigeria, and the crypto renaissance in Nigeria. In fact, according to Chainalysis, Nigeria is the top sixth globally in their global crypto adoption index. For most centralized platforms, you will first need to create an account. Depending on the platform and where it is registered, you may also need to provide data and personal information as part of a Know Your Customer process. As a general rule, you can buy cryptocurrencies in Nigeria by following these three steps, regardless of which platform or service you use. Note that Bitcoin ATM fees are significantly higher than those for other purchase methods. If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. To check the price of Bitcoin to Naira, Nigerian users can use the Bitcoin page on CoinMarketCap, and simply switch the currency on the top right to NGN.

Ether is the second-largest cryptocurrency by market cap and one of the most popular altcoins worldwide. Ether has seen high demand in Nigeria due to its recent rise in value and central importance for many DeFi products. Nigerians can use P2P services to trade Ether in order to adapt to the restrictions imposed by the CBN ban. Send and receive money anywhere, faster than a bank transfer and with free market rates.

Payment Methods For Buying Crypto In Nigeria

Send money across borders at real exchange rates without restrictions. Protect your money in digital dollars without losing value from unstable currencies or possible devaluations. CoinMarketCap takes a look at some of the ways that you can buy Bitcoin and other cryptocurrency in Nigeria. “Airtm is where I can keep my money save. When I need to withdraw, the transaction takes less than 20 minutes.” I’m a technical writer and marketer who has been in crypto since 2017. Completing the CAPTCHA proves you are a human and gives you temporary access to the web property.

• Nigerians can use P2P services to trade Ether in order to adapt to the restrictions imposed by the CBN ban.
• Ether is the second-largest cryptocurrency by market cap and one of the most popular altcoins worldwide.
• If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.
• Peer-to-peer exchanges allow crypto merchants to accept payment via bank transfer.

One thing to note is that credit card processing fees may mean that paying with a credit card is less cost-effective than other payment options. Similar to credit cards, the CBN crypto ban also applies to debit cards linked to Nigerian bank accounts. However, international debit cards would still work, and will incur lesser fees as compared to credit cards. In light of the ban, it comes as no surprise that buying Bitcoin using credit and debit cards is not the easy way to go about it. That is also mainly why Nigeria is one of the top countries in the world in terms of peer-to-peer trading volume, and top African country for Bitcoin P2P trading. The rising popularity of cryptocurrencies has not gone unnoticed by Nigerian regulators. In February of this year, the Central Bank of Nigeria imposed a ban preventing banks and financial operators from processing transactions for cryptocurrency exchanges.

How To Buy Crypto In Nigeria

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“I have been using Airtm for more than two years. I have completed transactions from my bank account to several wallets and back. Everything is satisfactory and in record time. Good exchange rate.” Never invest what you can’t afford to lose as the cryptocurrency market is volatile. Can also be traded in real time against other digital currencies on our cryptocurrency exchange. Instantly and use it as you see fit – be it trading or sending money online or making payment anytime ,anywhere. No need to deal with additional costs that come with remittances via traditional financial institutions. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. “I love the platform. The simplicity, especially the wide variety of payment methods. I live in Venezuela and find obtaining foreign currency very difficult.. There is noting like Airtm.” This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”).