Last Updated on January 14, 2022 by Ope Quadri
On February 5, 2021, the Central Bank of Nigeria (CBN) rolled out its first-ever anti-crypto policy that accounts of individuals linked to crypto-related transactions should be closed by financial institutions If you’re worried about how to join the crypto gang, the CBN ban can not stop you. In this guide, we’ll tell how to buy cryptocurrency in Nigeria without verification while avoiding the wrath of the Godwin Emefiele-led apex bank.
Caution: Cryptocurrency is volatile. You can lose your investment by 50 per cent or more within minutes. Trade wisely.
Unstoppable Young Population
Although, the major problem confronting the acclaimed giant of Africa is the lack of data. The present population of Nigeria is unknown. The 2006 population and housing census put the country’s population at 140 million, tradingeconomics.com data says just 2.7381 per cent of Nigeria’s population is 65 years old and above as of 2020.
In 2017, the World Population Prospects which put the total population f Nigeria at 185,989,640 (using some indices) said 44.0 per cent of Nigeria’s population was under the age of 15 while 53.2 per cent were between 15 and 65 years of age.
Four years after that data, most of the 44 per cent under 15 (must) have joined the league of vibrant young population that is embracing crypto. A country with an active younger population like Nigeria is unstoppable in cryptocurrency adoption.
A tech-savvy population will always find their way around government’s policies that aim to deprive them of what they described as financial freedom.
While most of the data is focusing on the younger population, it’s interesting to note that retired civil servants are joining the crypto gang, they are now asking crypto-related questions on how they can tap the benefits of bitcoin and other cryptocurrencies. We’ll answer some of the pressing questions in this guide.
Which crypto can I buy in Nigeria?
As of Saturday, January 8, 2022, there are 8,874 cryptocurrencies listed on coinmarketcap, but the popular ones which you can buy, hold or sell are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Binance Coin (BNB)
- Tether (USDT)
- Ripple (XRP)
- Monero (XMR)
- ChainLink (LINK)
- Dogecoin (DOGE)
CoinMarketCap is a global crypto price-tracking website that also provides actionable data on real-time price, change, volume, circulating supply, and market capitalisation of crypto assets for crypto traders to make an informed decision
Note: This means that Nigerians have access to all the available cryptocurrencies in the world. However, the ones listed above are easier to buy and sell as they are held by the majority of crypto enthusiasts. Aside from that, they are supported by most of the crypto exchanges that support the Nigerian crypto community.
Is It Illegal To Buy Cryptocurrency In Nigeria
At the time of publication (January 9, 2022), there is no law in Nigeria that prohibit trading in bitcoin and other cryptocurrencies, however, the apex bank and the Securities and Exchange Commission (SEC) had issued several warnings to crypto traders in Nigeria that virtual currencies are volatile and are not regulated.
For instance, a communique that was signed on February 28, 2018, by CBN’s Isaac Okorafor of the Corporate Communications Department reiterated the earlier warning issued on January 12, 2017, against trading in bitcoin and other cryptos in Nigeria. CBN’s position on crypotcurrency trading in Nigeria reads:
“Further to the circular issued by the Central Bank of Nigeria (CBN) on January 12, 2017, to Banks and other financial institutions on virtual currency operations in Nigeria, the Bank wishes to reiterate that cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, etc and Exchanges such as NairaEx are not licensed or regulated by the CBN.”
The warning from CBN didn’t deter crypto enthusiasts in Nigeria as most of them continue to use debit cards to fund their crypto accounts, Luno Exchange, NairaEx, and other crypto exchanges in Nigeria, became so popular that they could easily make transfers from their banks’ accounts to their Luno account or withdraw from their wallet into their bank accounts.
The CBN issued its harshest anti-cryptocurrency policy against Nigerians through its February 5, 2021 letter to all Deposit Money Banks in Nigeria and other financial institutions to desist from “facilitating payments for cryptocurrency exchanges”.
The letter was co-signed by the Director of Banking Supervision, Bello Hassan, and the Director of Payments System Management Department Musa Jimoh. From that day, Nigerians were unable to fund the crypto wallet by using debit cards, which led to the popularity of Peer-to-Peer crypto platforms to buy bitcoin and other cryptocurrencies in Nigeria.
But in March 2021, the apex bank clarified its position at the 30th seminar for Finance Correspondents and Business Editors in Abuja that the CBN had never banned cryptocurrency activity in Nigeria, “CBN did not place restrictions from use of cryptocurrencies and we are not discouraging people from trading in them” coindesk quoted Deputy Governor Adamu Lamtek as saying.
By the clarification by CBN Deputy Governor on March 20, 2021, it isn’t illegal to trade in cryptocurrency in Nigeria. There is no law criminalising cryptocurrency trading in Nigeria, but banks are prohibited from facilitating crypto-related transactions. This means you can buy, hold, and sell bitcoin and other cryptos in Nigeria using trusted P2P crypto platforms that support Nigeria
Ways to buy crypto in Nigeria
There are several ways to buy bitcoin in Nigeria, they include:
- Crypto Voucher
- Gift Cards
- Through Payoneer
- Peer-to-peer platform
In Nigeria, there are more than 20 platforms where you buy crypto with gift cards. Some of them also allow you to convert your gift cards to fiat currency of your choice.
Crypto P2P platform like Paxful allows 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, however with restrictions in some countries. Generally, Payoneer transfer works smoothly.
But “you cannot ask customers to pay from their Payoneer account to your Payoneer account for a crypto purchase.”
With the advent of vouchers, it’s possible to buy cryptocurrencies like ethereum, bitcoin, litecoin and others. When you purchase a crypto voucher, you can redeem it to the supported crypto on any of favourite platforms. Cryptovoucher is one of the platforms you can redeem vouchers to crypto, but its process is technical for a beginner.
Easy Steps To Buy Cryptocurrencies on Crypto Voucher
Buying cryptocurrencies should be as easy as possible. The Crypto Voucher Widget allows you to buy digit coin of your choice, no hassle, we’ll guide you on how to get this done.
The fintech company Crypto Voucher launched a smart tool that provides the opportunity to purchase crypto immediately with minimum effort and a variety of payment method options to choose from.
This handy widget can now be found on chosen websites. The widget is a convenient tool for buying crypto via gift cards that can be redeemed for any crypto including Bitcoin, Dogecoin, Ethereum, and others.
How To Use Crypto Voucher Widget To Buy BTC, ETH, Others
Featured on your favourite crypto or tech websites, it’s easy to use and navigate, below is a simple guide on how to use it to buy cryptocurrencies of your choice:
- Click on the buy crypto voucher” button,
- Choose your crypto and payment method
- Fill out some details
- If you don’t have a Crypto Voucher account, you’ll need to verify your phone number, it’s part of the security for your account. And create password
- Complete the transaction,
- Check your voucher
- Redeem the voucher with crypto instantly
One of the beauties of cryptocurrency is the ability of everyone to get involved. And this is one of the things I love about cryptovoucher, it has multiple payment options for you to choose from. Some of them include:
- Amazing Gift card
- Credit card,
- Perfect money
- Bung transfer
- Steam wallet git card
- Cashless cash
- Walmart gift card
- Cash app
- VISA gift card
- Cash deposit to bank and many other methods
Buying locally is also available in over 200 points globally. You can simply use the buy locally option, type in your country, if it’s available in your area, the location would come up or redeem your gift cards with bitcoin whichever is convenient for you.
This way, you can easily get BTC, LTC, ETH, MATIC, BNB, USDC, or even DOGE however you like.
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 out details in the widget, you will have your own account created, where you can access your vouchers, redeem them at any time at the best rate and generate a referral link, which will grant them bonuses when used.
How Do I Redeem My Crypto Voucher?
1. When you receive your Crypto Voucher card
2. Head straight to the “redeem now” page
3. Enter the card code and your email
4. The monetary value would be shown to you
5. You’d be prompted to select the particular cryptocurrency you want
6. Fill in your wallet address
7. Click enter
Ope is the Head of Content at InfomediaNG. He’s a researcher whose interests cut across real estate investment, stocks, financial technology, and youth empowerment. He’s awesome in Content Marketing and SEO. Favourite Tools: Google Analytics, Canva, UberSuggest