Since bank transaction involving crypto currencies were banned in Nigeria by the Central Bank of Nigeria (CBN), many people could not fund their wallets to carry out transactions. In this article, we will show you six (6) trusted other ways you buy to safely fund your wallets and make some cool cash through crypto. Also check Bitcoin investment in Nigeria.
Trusted ways to buy Bitcoin & other Cryptocurrency in Nigeria
Below are recommended ways to buy and sell cryptocurrencies in Nigeria despite CBN ban on Cryptos;
1. Peer to Peer (P2P) Exchange
This has to do with transferring crypto from one individual to another, through a unique wallet. Below is how it is done:
- Assign your crypto assets to a P2P exchange facilitator like Binance and Blockvila.
- Scroll through the list of users requesting to buy and select which you want to sell to.
- The crypto you want to sell is kept in the Escrow (a safety house), until payment is made and you confirm receipt.
- Release the coins to the buy upon receipt of your payment.
- Now, you can withdraw your cash from the bank.
2. Over the Counter Exchange (OTC)
The players here are the exchange brokers. They assist you in exchanging your bitcoin to fiat and does same in reverse. Read how it works below:
- Contact a trusted exchange broker within your network.
- Send your Bitcoin to them.
- Ensure they pay directly into your bank account for the coins you have transferred.
3. Using E-Currencies.
E-currencies, in other words, simply means digital currencies. Some examples are WebMoney and Neteller. Although crypto currencies are different because they are decentralized. To bypass the CBN ban by using e-currencies, follow these steps below:
- Buy e-currencies from exchangers
- Buy your crypto currencies e-currency and receive your payment
4. Open Ecobank Ghana Account
Open Ecobank account as a non-resident of Ghana and connect the account to exchange broker of your choice. For instance, Blockvila, Okex or Binance. Upon success, you can start carrying out transactions by moving funds to your Nigeria account.
5. Get Nigerian Token (NGNT)
You can look out for NGNT users from users and trade with it instead of NGN. Doing this means that you still trade with NGN but this time it is already converted to a token.
6. PayPal and Coin Base
This is the most helpful method of bypassing the ban by Nigerian crypto traders, especially those who have PayPal account. Read the process below:
- Create an account with coinbase and PayPal.
- Link the accounts together.
- Transfer your assets to your coinbase wallet.
- Withdraw your assets and send it to the PayPal account.
- Move your funds from your PayPal account to your naira bank account.