Sell Crypto in Nigeria: The Central Bank of Nigeria has not been too friendly when it come to bitcoin and other cryptocurrencies. And the apex bank recently placed an outright ban on any account trading cryptocurrencies.
With the recent memo from CBN, all Nigeria banks are to close any bank account related to crypto trading in the country. This decision spark outrage online but it’s been enforced by all banks in the country.
If you are looking to understand the extent of the crypto ban by CBN then you can read This Report by our team. Despite the CBN ban, Nigerians can still sell crypto with ease in the country. In fact, there are lots of ways for Nigerians to sell crypto despite the CBN Ban.
In today’s fintech update, we’ll be sharing with you guys various ways you can sell crypto without having issues with your bank.
5 Ways to Sell Crypto in Nigeria
1. 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, when you receive bitcoin or any other crypto and wish to sell, instead of using any exchange platform just get a local buyer. Chat via WhatsApp, he transfers the money for you and you send the crypto.
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 crypto. Except there is snitch who reports your account which will be unfounded is there will be no proof.
2. 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.
Platform’s such as Paxful allows you to buy and sell bitcoin 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 and sell your crypto to receive PayPal funds. You can now sell this PayPal funds and receive the Naira equivalent in your local bank account.
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 legit and no laws is broken.
Just like PayPal, Skrill is another money transfer institution you can use to sell crypto with ease. Just open a Skrill account for free, link your debit card and start using Paxful.
Paxful has lots of traders who will buy your crypto using Skrill dollar. Just post the advert for selling crypto and buyers will contact you via the platform and send Skrill dollar directly to your Skrill account.
Good thing is, for a standard fee of about $6 you can actually transfer your Skrill dollar directly into your local Nigeria bank account.
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.
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 trade 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 Sell Crypto in Nigeria despite the ban by CBN. In our next article, we’ll be discussing 5 ways you can also buy 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.