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Business How to Trade Bitcoin in Nigeria


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Nigeria is the second-largest Bitcoin market in the world, just behind the United States. Nowadays, everyone is aware of cryptocurrency, especially Bitcoin. An unknown individual or a group of people invented Bitcoin in 2008 with the name Satoshi Nakamoto. Whereas the use of the currency started in 2009 after the release of its implementation as open-source software. Moreover, the decentralized digital currency is operating under a single administrator or without a central bank. Here, you can find the details and answer about how to trade Bitcoin in Nigeria?

Recent History of Bitcoin Trading and its Ban in Nigeria​

The Central Bank of Nigeria has circulated an order on 17th January 2017 to inform officials of all Nigerian banks that bank transactions in bitcoin and other digital currencies have been banned in the country. Afterward, the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation mutually set up a committee to look into the nation's possibility of adopting the trending technology driving bitcoin and other virtual currencies.

According to Dipo Fatokun, the director of, Banking and Payments System Department at CBN, the committee has submitted its report. However, many other sub-committees are still working on the issue. In the same way, the CBN reissued a circular (the sequel to the January 2017 circular) on 5th February 2021 to inform financial institutions in Nigeria that dealing and trading in cryptocurrency such as Bitcoin or facilitating payment for same remain banned in the country and would attract a stiff penalty in case of violation. In short, bitcoin trading is illegal in Nigeria as per federal laws.

Some FAQs about Bitcoin Trading in Nigeria​

How to Trade / Buy or Sell Bitcoins in Nigeria?

NairaEx is the largest Bitcoin exchange in Nigeria, and its customers can purchase the currency with Perfect Money, with cash, bank transfer, or through bank deposit. To start trade bitcoin in Nigeria, you need to follow the below simple steps.

Register by sign up and verify your ID. After signing up, go through a straightforward and interactive identity verification process with the exchange officials (such as NairaEx). Now, your ID is ready to start trading in Bitcoin. Login to your NairaEx account and create an order by clicking on create a new order. Get funded and enjoy your trading.

Is it possible to transfer Bitcoin to a bank account in Nigeria?

You can’t withdraw Bitcoin into a bank account directly. Instead, you can sell Bitcoins to someone who can transfer money to your bank account, or you can sell those digital coins at an exchange and withdraw your money from there. You can easily find an online cryptocurrency exchange that would buy your bitcoins for some regular currency (usually USD).

How fast can you convert Bitcoin to cash or regular currency?

To cash out your Bitcoin, you need to use a broker exchange such as Coinbase. After that, it will generally take around one to five days for the cash to reach your account.

How much you need to start Bitcoin in Nigeria?

One can start investing in Bitcoin cryptocurrency as low as N50 and can fund your account either via bank transfer or through a debit card. First, you need to create an account as per the procedure mentioned above, Deposit Naira into the Wallet, and then Buy Bitcoin.

So, follow the above all simple steps to start trade Bitcoin in Nigeria.
 
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