Bitcoin - How to buy and sell bitcoin in Nigeria

Parrot

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Bitcoin in Nigeria​

  • According to Google Trends, Nigeria had the highest searches for “Bitcoin” in the past 12 months.
  • As of today, 1 Bitcoin equals 23,984,413.58 Nigerian Naira
  • NairaEx is one of the leading Bitcoin exchange in Nigeria. It is based in Nigeria.
Currently, Bitcoin’s weekly trading volumes in the nation is about $2 million. To get a piece of this pie, it is important to get ample information on how to buy and sell Bitcoins in Nigeria.

What are the Benefits of Bitcoins?​

  • Safety. Transactions done on the Blockchain are usually secure thus reducing fraud.
  • Ease of transfer. One can transfer the cryptocurrency within minutes.
  • No limit. There is no regulation on the amount of Bitcoins that one can purchase or sell.
  • Borderless currency. It is easy to transfer the currency to a party in any part of the globe at any time.
  • Low transfer charges. Bitcoins have lower transfer fees than banks.

Is Bitcoin Legal in Nigeria?​

Just like the Internet, it is difficult to regulate cryptocurrencies. Interestingly, lack of regulations has led people to assume that trading in Bitcoins is illegal in Nigeria. The assumption is further fueled by the fact that the national government warned financial institutions against engaging in this trade. However, it is not illegal to trade in Bitcoins. It is just not recognized as a legal tender in the country.
 
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