It is becoming common knowledge that Africa’s largest economy, Nigeria, is leading the way in cryptocurrency transactions and adoption. This signifies the populace’s growing interest in alternatives amidst economic challenges.

With the Naira facing rapid devaluation, Nigerians are turning to Bitcoin and altcoins to cushion the effect of this decline.

A recent report showcased the country’s growing prominence, leading the charts with a 66.8% share in Africa while ranking 6th worldwide, according to Chainalaysis. Despite the growing adoption, many Nigerians still need to gain full knowledge of how to buy bitcoins in Nigeria.

Can You Legally Acquire Bitcoin in Nigeria?

While Nigeria confronts socio-economic challenges, it’s crucial to highlight the ongoing regulatory dynamics within the crypto ecosystem. Recent developments include the lifting of a two-year ban, albeit with stringent regulations governing the activities of Virtual Assets Service Providers (VASPs).

Under the current regulations, Nigerian users have the right to buy, sell, and hold Bitcoin and other cryptocurrencies. To operate within the legal framework, investors are required to adhere to specific guidelines. This involves submitting identification documents on regulated crypto trading platforms, fulfilling tax obligations on profits derived from Bitcoin trading, and complying with anti-money laundering policies.

How to Buy Bitcoins in Nigeria:

Following the recent ban lift, Nigerian users can now rejoice as they can, without guilt, acquire Bitcoin using the local fiat currency, the Nigerian Naira. Cryptocurrency exchanges like Yellow Card operate freely, providing user-friendly interfaces for a smooth trading experience for those entering the digital coin market.

In this guide, we explore the dynamics of buying Bitcoin in Nigeria in 2024, considering economic shifts and the inventive spirit of the Nigerian youth.

Bundle Africa: Social Payment Integration

Overview: A social payment app facilitating crypto transactions, savings, and gift card purchases.

Unique Feature: Integration with Bitrefill for seamless gift card transactions.

Fees: Details not explicitly outlined.

KYC Verification: Information not explicitly stated.

Yellow Card: Simplicity at Its Core

Overview: Simplifying Bitcoin transactions through online bank transfers or cash transactions.

Unique Feature: Purchase recharge pins for wallet deposits.

Fees: 0%; Free BTC withdrawal via Cash Voucher.

KYC Verification: Details not explicitly outlined.

Paxful: Diverse Payment Options

Overview: A leading exchange offering 300+ payment options, from bank transfers to mobile money and gift cards.

Unique Feature: Wide-ranging payment flexibility.

Fees: 0% for buyers; sellers incur 0.5–5% charges.

KYC Verification: NIL.

Support: Noteworthy customer support and AML compliance.

Patricia: Bridging Gaps

Overview: A popular wallet facilitating straightforward Bitcoin transactions for both beginners and experienced users.

Unique Feature: Efforts to make crypto accessible to the average Nigerian.

Fees: Dynamic fees; N100 withdrawal fee.

KYC Verification: Details not explicitly outlined.

Changelly: Indigenous Innovation

Overview: A foremost platform for buying and selling both well-established and emerging cryptocurrencies.

Unique Feature: Effortless local transactions with seamless support for the Nigerian Naira.

Fees: Maker or taker fees; refer to Changelly for details.

KYC Verification: Not stated.

Impact: Navigating market shifts with reported staff adjustments.

Peer-to-Peer (P2P) Platform

If you’re considering a strictly P2P method, Binance P2P provides the optimal solution. Here, you engage directly with sellers, with Binance acting as a secure intermediary for fund protection.

Binance P2P

Overview: Binance acts as an intermediary, enabling direct transactions between buyers and sellers.

Payment Options: Bank transfer, PayPal, Chipper Cash, NGN FIAT/NGN pair.

Unique Feature: Diverse payment methods and escrow services.

Despite regulatory uncertainties, local platforms strive to meet the rising demand for crypto among young Nigerians.

Coinwaft encourages users to choose platforms that align with their preferences for a reliable alternative to the naira.