Bitcoin rates do constantly fluctuate but at NairaEX the exchange rate is set at the time of transaction. Nov 26, · Nigerians are turning to Bitcoin in the face of a struggling economy. Bitcoin is propping up businesses unable to obtain the US dollars needed for international trade. The cryptocurrency is gaining legitimacy as a second source of income, a hedging tool, and Author: Adriana Hamacher. NairaEX touts itself as "Nigeria's Premier Bitcoin Exchange" and it is indeed the only Nigeria-based exchange currently open for trading. The only fiat currency that NairaEX currently accepts is the Nigerian Naira (NGN). You can only buy and sell with/to NGN, meaning conversions between BTC and ETH or other supported assets are not possible.
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This process is also a common way to get bitcoin in Nigeria. Once you purchase a gift card, either Amazon or iTunes with cash and you activate the card, the next thing to do is to scratch the back and have the receipt available with you. You can find the gift card option on platforms like Coincola. Simply choose the option of buying Bitcoin with gift cards, your browser will be directed to another page.
The traders will give you the option of paying back with bitcoin. This process involves buying bitcoin from closed or open social media groups. This process is risky because people easily get scammed on these platforms. There are hundreds of WhatsApp peerpeer groups where you can buy bitcoin with naira. Some of them are paid groups, but the majority of them are free. You can also convert your bitcoin to naira on these local p2p groups. Many exchanges now allow you to buy bitcoin in Nigeria with your debit card.
This instant option also makes it easy for Nigerians to buy bitcoin with naira. The Naira equivalent of BTC will be deducted from your bank account, and your bitcoin wallet will be credited immediately. Make sure you have sufficient money in your bank account to avoid delays.
It also means Nigerian businesses no longer need to buy dollars using Naira or shell out fees to money-transfer firms. Nwachukwu points out that interest in cryptocurrency has grown fastest among millennials.
But the majority of young people are either unemployed or underemployed, and often unbanked. Even those fortunate enough to qualify for a bank account are hobbled by spending limits that can be unreasonably low, or find that their Nigerian IP addresses have been blacklisted, said Sawyerr.
Bitcoin and stablecoins , which are pegged to the dollar and easy to cash out, have proved their salvation, he added. Last summer, Nigerians downloaded more bitcoin. Many Nigerians have shunned doing business online in recent years due to the preponderance of social-financial, get-rich-quick and Ponzi schemes, such as MMM, Twinkas and others, according to Luka Anthony, overseas manager for Chinese financial services startup GetBit.
The scams have tainted the image of cryptocurrencies in the country, he argued—but recent events have given Bitcoin a shot of credibility.
The police unit stands accused of extortion, torture and murder. Many of those targeted are young males who work in the tech industry. In October, while the hashtag ENDSARS went viral, Bundle, as well as other Nigerian startups and organizations, raised money for the decentralized protests which were spreading throughout the country. But some groups of local activists, like the Feminist Coalition , had their bank accounts frozen.
In desperation, they turned to Bitcoin. Donations poured in, and Jack Dorsey even promoted the cause on Twitter. Since our original in-depth review of Luno , they've added support for Litecoin , which along with Bitcoin, Ethereum, and XRP are available for trading.
Notably, Luno allows you to purchase crypto using a credit card. You can deposit and withdraw directly to a bank account. Luno also offers Paystack and PayU deposits for Nigerian customers. These fees are very competitive compared to other exchanges. This puts it in rd place out of in Nomics' review of exchanges by liquidity and transparency.
Luno boasts a clean trading interface in the same style as most, meaning you shouldn't have much trouble switching over from a different exchange. You can trade on the Luno app, which is available for iOS and Android. More advanced features include API integration for automated trading, liquidity depth indicators, and the ability to export your trade history in a. Local Bitcoins is a great option for buying and selling Bitcoin in Nigeria using a variety of payment methods.
Once a deal is opened, the seller will fund the escrow wallet with the Bitcoin to be bought. The buyer will transfer the money and once the seller confirms receipt they will release the BTC. Should there be any disagreement, the BTC will stay locked in escrow until a solution is found, which may require LocalBitcoins stepping in to act as mediators. Recently, Binance has been greatly expanding its support for Nigerian users.
These events are run by local experts and aim to educate and raise awareness about Bitcoin and blockchain. Complementing its education program, Binance has also made it easier than ever for Nigerians to buy, sell, and trade crypto on its platform.
You can now deposit NGN directly into your Binance account using a credit or debit card, following a partnership with Flutterwave. In Sub-Saharan Africa, about 95 million people remain unbanked while many regions in the area, including Nigeria, have embraced new technologies with an increasing amount of innovation. Working with Flutterwave will help bridge the fiat-to-cryptocurrency gap and we hope to stimulate more financial inclusion as Africa demonstrates strong potential in leading crypto adoption.
In addition to allowing users to buy Bitcoin with a debit or credit card, Binance also has a peer-to-peer P2P marketplace, similar to Paxful or LocalBitcoins. The price you see is the price you get.
Binance has a useful support guide for P2P trading here. Binance's strong advocacy programs and the fact that it makes an effort to cater to under-served users who can most benefit from Bitcoin means that the exchange stands out from the pack. The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. Atomic wallet is a multicurrency mobile wallet with a beautiful interface and easy to use features.
Electrum is a Bitcoin-only wallet that has been around since It's easy to use, but has advanced features. We also have a chart displaying the price of Bitcoin in grams and ounces of gold. Alternatively, if you use a portfolio tracker such as Delta or Blockfolio, you can set the reference currency as the Nigerian Naira NGN and get an accurate price of Bitcoin and all 10, supported assets in your currency of choosing.
Nigeria is currently not supported by Coinbase, meaning Nigerian users are unable to access the exchange.