Buy Crypto in Nigeria: The Central Bank of Nigeria just made buying crypto very difficult in Nigeria. The Apex bank recently issued a memo instructing other banks to close any local bank account related to trading bitcoin or other cryptocurrencies in the country.
Although the decision by the CBN to ban crypto trading in the country sparked outrage online, it didn’t stop the apex bank. Banks like FCMB, GTB have sent out emails and text messages with respect to the instruction from CBN.
To be fair, the memo from CBN regarding the crypto trade ban in Nigeria is not concise enough. On the one they are directing banks to stop Nigerians from trading crypto but there are still crypto exchange institutions operating in the country.
In today’s fintech update, we’ll be sharing with you 5 ways you can buy crypto and bitcoin without having issues with your bank.
5 Ways to Buy Crypto in Nigeria
1. Escrow Groups
If you have been trading cryptocurrencies long enough you’ll know there are lots of escrow groups online (WhatsApp and Telegram) that charge very little for selling bitcoin.
The admin of these groups links buyers to sellers. Payments are sent to admin and after confirmation it’s released to buyer. Again, money will be sent via mobile transfer and even the bank’s won’t know it’s payment for selling crypto.
So if you want to buy bitcoin or other cryptocurrencies, you can join these escrow groups they’ll hook you up.
Platform’s such as Paxful allows you to buy and sell bitcoin, crypto and even gift cards using PayPal funds. Just create a PayPal account, switch to business PayPal and link your debit card to confirm your account.
Now you need to register an account with Paxful then link your debit card to your PayPal. Fund your PayPal account using your debit card and start buying bitcoin and other cryptocurrencies from Paxful using your PayPal funds.
It’s as simple as that, remember that the CBN crypto ban is not against financial institutions such as PayPal but only against crypto exchange and trading institutions. So, using Paxful is also technically legit and no laws are broken.
Just like PayPal, Skrill is another money transfer institution you can use to buy crypto with ease. Just open a Skrill account for free, link your debit card and start using Paxful.
Paxful has lots of traders that are willing to sell their bitcoin and get paid via your Skrill dollar. Just post the advert for buying crypto and you’ll be paired with sellers who will contact you via the platform. They send you the crypto and you send them the Skrill dollar.
It’s as simple as ABC. You don’t even need to sweat it.
Note that the international transfers limits for Nigerians is pegged at $100 monthly. Which means that for both PayPal and Skrill, you might not be able to trade more than $100 per debit card. But if you have up to 5 debit cards, that automatically means you can trade up to $500 monthly.
4. Bank to Bank Transfer
It is important to note that the CBN crypto ban only works if you directly use your debit card, or bank account with a registered crypto exchange like Luno, Remitano, Paxful, Binance etc. But what the CBN Ban didn’t cover is bank to bank transfer.
Here is the take, if you wish to buy bitcoin or any other cryptocurrencies, instead of using any exchange platform just get a local buyer. Chat via WhatsApp, he transfers the crypto and you send him his money.
This way it’s a legit business done between you and the person and even CBN won’t know the payment sent and received was payment for bitcoin or crypto. Well except you used bitcoin or crypto as remark for sending the money. Which is an insane thing to do.
Remitano is also another good and easy place to buy crypto. This online exchange platform offers users the option to send money via mobile transfer. Which means that with debit card transactions blocked, you can still use the mobile money transfer option.
Maybe that option might be stopped soon but as at the time if writing this article, if you are from Nigeria you can still trade using the option for mobile transfer.
Practically speaking, there are more ways for Nigerians to actually buy bitcoin and other crypto even with the CBN Ban. But for the sake of this content, this five are the options you can explore for now.
So these are the 5 ways you can Buy Crypto in Nigeria despite the ban by CBN. In our next article, we’ll be discussing 5 ways you can also sell crypto in Nigeria despite the CBN ban.
Note that we are no financial advisers and every info here are suggestions and you can also decide to ignore them completely. This post is not also meant to go against CBN order. It’s purpose is to show alternative ways to buy Crypto for crypto traders. You are solely responsible as to how you use the information provided here.