There are several platforms that make it easy and seamless to purchase cryptocurrency in Nigeria, even when there are some forms of restrictions from the central bank.
Is Cryptocurrency Legal in Nigeria?
On February 5, 2021, the Central Bank of Nigeria (CBN) rolled out its first-ever anti-crypto policy, instructing financial institutions to close bank accounts linked to crypto-related transactions.
On March 20, 2021, the apex bank, through Deputy Governor Adamu Lamtek, clarified its position at the 30th seminar for Finance Correspondents and Business Editors in Abuja, stating that the CBN had never banned cryptocurrency activities in Nigeria:
“CBN did not place restrictions on the use of cryptocurrencies, and we are not discouraging people from trading in them.”
This means you can buy, hold, and sell Bitcoin and other cryptocurrencies in Nigeria using trusted P2P crypto platforms that support transactions in the country.
However, the government is known for shifting the goalpost whenever there is a change in administration. For instance, since December 2024, the CBN has introduced a series of guidelines, including plan to impose taxes on crypto transactions. Once this policy takes effect, cryptocurrency will be officially legal in Nigeria.
But due to the government’s unstable policies, this guide on how to buy cryptocurrency in Nigeria will help you navigate any unforeseen setbacks that might arise.
Which Cryptocurrencies Can I Buy in Nigeria?
There are 8,874 cryptocurrencies listed on CoinMarketCap, but the popular ones you can buy, hold, or sell include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Binance Coin (BNB), Tether (USDT), PI, Solana (SOL), Ripple (XRP), Monero (XMR), ChainLink (LINK), and Dogecoin (DOGE).
Where to Buy Crypto in Nigeria After the Ban
There are several ways to buy Bitcoin in Nigeria:
- YellowCard App
- Crypto Voucher
- Gift Cards
- Payoneer
- Peer-to-Peer (P2P) Platforms
How to Buy Cryptocurrency on Yellow Card App
A step-by-step guide on buying cryptocurrency on the Yellow Card App is available in our review of the app, but here is a summary:
Download the App: Get the app from Google Play Store or Apple Store.
Create an Account: Register using the details on your government-backed ID card, as you will need it later for verification and account upgrades.
Log In: Sign in to the app, verify your account, and upgrade it to the next tier if you want to perform higher transactions.
Fund Your Account: Make a bank transfer to deposit money into your account. Ensure that the transfer is from a bank account that bears the same name as your Yellow Card account.
Buy Crypto: After funding your account, you can buy Bitcoin or nine other available digital assets listed on the app by specifying the amount you want to purchase.
Note: YellowCard is one of the cheapest platforms to buy cryptocurrency in Nigeria, although it has a limited selection of cryptocurrencies.
Gift Cards
In Nigeria, there are over 20 platforms where you can buy crypto with gift cards. Some of these platforms also allow you to convert gift cards into fiat currency.
Buying Crypto with Payoneer
Crypto P2P platforms like Paxful allow users to buy Bitcoin, Ethereum, and Tether with Payoneer. A Payoneer forum moderator confirmed in November 2021 that a Payoneer card can be used to purchase crypto, though there are restrictions in some countries. Generally, Payoneer transfers work smoothly.
However, “you cannot ask customers to pay from their Payoneer account to your Payoneer account for a crypto purchase.”
Buying Crypto with Crypto Vouchers
With the advent of crypto vouchers, it’s possible to buy cryptocurrencies like Ethereum, Bitcoin, and Litecoin. When you purchase a crypto voucher, you can redeem it for supported cryptocurrencies on your preferred platform. Crypto Voucher is one such platform, though its process may be technical for beginners.
Steps to Buy Crypto on Crypto Voucher
Crypto Voucher Widget allows you to buy digital coins of your choice hassle-free. It is featured on many crypto and tech websites and is easy to use. Below is a simple guide on how to use it:
- Click on the Buy Crypto Voucher button.
- Choose your preferred cryptocurrency and payment method.
- Fill in the required details.
- If you don’t have a Crypto Voucher account, you’ll need to verify your phone number as part of security measures and create a password.
- Complete the transaction.
- Check your voucher.
- Redeem the voucher for crypto instantly.
Payment OptionsOne of the benefits of cryptocurrency is its accessibility to everyone. Crypto Voucher supports multiple payment options, including:
- Amazing Gift Card
- PayPal
- Credit Card
- Neosurf
- Remitly
- SEPA
- Skrill
- Bitsika
- Neteller
- Paysafecard
- Perfect Money
- Bank Transfer
- MPesa
- Steam Wallet Gift Card
- Cashless Cash
- Walmart Gift Card
- Cash App
- MoneyGram
VISA Gift Card
Buying locally is also possible at over 200 points globally. Simply use the Buy Locally option, enter your country, and if available, the location will appear. Alternatively, you can redeem your gift cards for Bitcoin or other cryptocurrencies, depending on your preference.
This way, you can easily acquire BTC, LTC, ETH, MATIC, BNB, USDC, or even DOGE in the most convenient way for you.
Not only is the Crypto Voucher Widget a great tool for purchasing crypto, but the Crypto Voucher platform also offers its own crypto wallet and a peer-to-peer marketplace. After filling in the details in the widget, you will have your own account where you can access your vouchers, redeem them at any time at the best rate, and generate a referral link that grants bonuses when used.