HOW TO

How to Buy Bitcoin in Nigeria After Ban

How to Buy Bitcoin in Nigeria After Ban-The Nigerian government has cracked down hard on cryptocurrency since the last two years. This move has affected some cryptocurrency exchanges in Nigeria. After being identified as an “illegal” bitcoin trader, many guys have been arrested and molested for possessing bitcoin in Nigeria after ban.

Is it still possible to buy bitcoin in Nigeria?

You must learn to secure your wallet and bitcoin and avoid the authorities if you want to trade bitcoin. If you fail to do this, you will be extorted by officials who may remand you for violating the law.

It is still possible to buy bitcoin in Nigeria, using a few tips. Purchasing bitcoin is not the actual problem, but ensuring that you are safe. If you trade bitcoin worth a lot of money, it is likely that the Economic and Financial Crimes Commission has their eyes on you.

Eventually, you will be disobeying the law and you may lose all your money in the process. How do you buy bitcoin safely in Nigeria?

This article will be very helpful as it will explain how people have been buying bitcoin in Nigeria after the ban, working methods to buy bitcoin safely in Nigeria, and how to stay safe after buying bitcoin in Nigeria.

How to Buy Bitcoin in Nigeria

Your exchange system is the most important thing that can keep you safe or in danger when buying bitcoin in Nigeria.  First, we will go through how to buy bitcoin safely in Nigeria:

  • P2P (Peer to Peer) Wallet Exchange
  • OTC (Over the Counter) Exchange
  • PayPal and Coinbase
  • Internal Transfer of NGN
  • Use of E-currencies
  • Use of NGNT
  • Use FIAT trading system

While using any of these bitcoin trading methods, do not write anything about cryptocurrency or bitcoin in the transaction description. If you make the mistake of doing this, the transaction may be interrupted by the Nigerian authorities and the assets may be frozen.

In the worst cases, your account will be frozen and you may get arrested.

P2P (Peer to Peer) Wallet Exchange

This is the easiest way to buy bitcoin no matter what country you are in. The only problem is that officials of various Nigerian enforcement agencies have their eyes over this system. To bypass the bitcoin ban, you only need to make sure that they have no knowledge of what you are doing in any way.

This system is the best because there is an escrow managing the funds and assets. You can safely train with anyone without knowing them.

Simply head to any trusted BTC trading platform like Binance or Roqqu. Platforms like Roqqu still have options for making payment for bitcoin through naira accounts. You can check through the sellers and see people with the best rates.

After seeing the preferred seller, make payment for your bitcoin and then wait for the transaction to be completed and approved.

Some of the exchange platforms that work perfectly for people who want to buy bitcoin in Nigeria after the ban include Binance, Blockvila, Roqqu and many others. If you wish to sell your bitcoin, you can also follow the same system.

Confirm the payment yourself and then allow the crypto exchange program to release the assets before you can have your money delivered. When withdrawing money, try not to use your normal bank account as it may be described as cryptocurrency.

OTC (Over the Counter) Exchange

Over the counter exchanges are people who trade bitcoins informally. This is one of the ways people have been buying bitcoin in Nigeria after the ban.

You may have heard of bitcoin traders on your Whatsapp who buy and sell digital currencies like bitcoin and eth.

In order not to get scammed, choose a trusted trader or use an escrow to trade the coin. An escrow is someone that both of you trust. You can send the money to the escrow and the other person sends the bitcoin to you.

You just need to confirm that you received the bitcoin and the escrow will transfer the funds. You may have to pay an escrow fee for this. All of this can be avoided if you are sure that the bitcoin trader can be trusted.

Contact the trader; send the money to his Nigerian bank account. Remember to not include any description that indicates a cryptocurrency transaction. After sending payment, wait for the trader to send you the bitcoin and that is all.

PayPal and Coinbase

This is the method used to buy bitcoin for Nigerians living abroad. It is a very comfortable system for Nigerians who have a PayPal or Coinbase account.

To buy bitcoin using these platforms, open an account on Coinbase and link it to your PayPal account. You can safely ask someone to send you bitcoin to the Coinbase address. After doing this, you can choose to sell your coins and withdraw safely to your PayPal wallet.

When you receive the money in your PayPal, you can easily transfer the money to your Nigerian bank account. That way, you successfully bypassed the authorities monitoring cryptocurrency activities.

Internal Transfer of NGN

This method of trading was introduced to the public on the 25th of February in 2021. Established by Quidax, this system of trading allows users to send funds from naira accounts to a wallet that can be used for trading.

Called the internal transfer of the Nigerian naira, you can send and receive NGN as a kind of digital currency. In order to use this trading system, you must submit your BVN for verification, just as is with other crypto exchange platforms.

The person you want to send NGN to must be registered on Quidax too. In order to fully use this service, you have to verify your account and move through the KYC levels.

Use of E-currencies

This is not a very reliable method, but you can use systems like WebMoney to carry out bitcoin transactions online. It may work most of the time but it is likely that you will be flagged as a crypto trader after some time of using it.

Use of NGNT

The NGNT is a digital version of the NGN. This means that you can use it to buy bitcoin as it bypasses the restrictions of the CBN.

NGNT tokens are just the same as naira and can be used to trade bitcoin safely. You are not likely to face any problems using this method.

Use FIAT Trading System

This is for only traders who use Binance. There is a fiat system on Binance that allows you to get NGN through p2p.

The currency is then available in your Binance fiat wallet. It follows the simple process of simple p2p transactions on binance. Select a buyer or seller and complete the transaction. With Binance acting as an escrow, your funds are completely safe.

Remitano Fiat wallet

Remitano established a fiat wallet to help users buy bitcoin and other digital currencies easily. With everything already set up by Remitano, trading bitcoin for another currency is very easy on this platform.

You can withdraw the money from trading into your native bank account. In order to trade bitcoin on Remitano wallet, send the (bitcoin) to your Remitano bitcoin wallet.

You can now sell the bitcoin to different people through p2p on Remitano. After trading, click on withdraw to get the money into your native bank account. You can use another withdrawal method to keep you safe from the enforcement agencies of Nigeria.

Frequently Asked Questions

Here are frequently asked questions about how to buy bitcoin in Nigeria after ban:

Where to invest bitcoin in Nigeria?

Here is a list of some of the best places to invest bitcoin in Nigeria:

  • Binance
  • Coinbase
  • Crypto.com
  • Capital.com
  • Roqqu
  • Kraken

How to safely buy bitcoin in Nigeria?

Here are safe methods that allow you to buy bitcoin in Nigeria without any problems:

  • P2P (Peer to Peer) Wallet Exchange
  • OTC (Over the Counter) Exchange
  • PayPal and Coinbase
  • Internal Transfer of NGN
  • Use of E-currencies
  • Use of NGNT
  • Use FIAT trading system

Which app can I use to buy bitcoin in Nigeria?

Binance
Coinbase
Crypto.com
Capital.com
Roqqu
Kraken

Where can I buy bitcoin without OTP in Nigeria?

Here are some trading platforms where you can buy bitcoin without OTP through credit cards:

  • Binance
  • Pionex
  • Coingate
  • Coinmama
  • eToro
  • ECOS
  • Crypto.com

Can a Bitcoin Wallet be traced?

Contrary to the popular beliefs that bitcoin cannot be traced, bitcoin wallets and transactions leave footprints on the blockchain so they can be traced.

Without overseeing from the government or external forces thanks to the blockchain system, bitcoin trading is safe but the transactions can be traced.

Conclusion

Despite the restrictions from the Nigerian government, more and more Nigerians are going into cryptocurrency every week. Nigerians are an important part of the digital world, with a large volume of bitcoin transactions being carried out every day.

This article helps with how to buy bitcoin in Nigeria after the ban.

References

Guardian.ng: How to Buy Bitcoin in Nigeria

Also Read

Top 7 Best Bitcoin Wallets in Nigeria

How to Mine Bitcoin: A beginner’s Guide to Acquire BTC Through Mining

Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies

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