It’s quite surprising to know that not many people have a clear understanding of the situation regarding the crypto ban in Nigeria, and how the said ban has an almost insignificant restriction on carrying out crypto-related transactions. The crypto ban in Nigeria only has penalties meted out to local Nigerian bank accounts that have breadcrumbs of crypto-related activities.
How then does this become a problem when transacting Bitcoin or any cryptocurrency doesn’t necessarily require the use of a Nigerian bank account? Even in a few situations where it does require a local account, such transactions still cannot be linked directly to crypto if done appropriately. Yes, you’re getting a clearer picture now. This article is structured to serve as a guide on how to sell Bitcoin in Nigeria after the ban — you can apply it to trading Altcoins roo.
Selling Bitcoin In Nigeria; Way To Go
In Nigeria, not only can you sell or buy Bitcoin with much ease, but trading crypto, in general, isn’t a punishable offense by the law — of course, no part of the constitution spells it out as one. Do you want to sell your Bitcoin in Nigeria? Here are some easy ways to achieve this.
- Conversion platforms
- Decentralized exchanges (DEX)
- Local crypto vendors (over-the-counter)
1. Conversion platforms
With a conversion platform, you can easily sell your Bitcoin in Nigeria. These platforms stand as the middle ground between fiat and cryptocurrencies; most of which are region-specific. Their interfaces are simple and they are relatively faster than other alternatives when it comes to conversion. They are specifically built for this cause as opposed to crypto exchanges that have many functions, hence their top-notch conversion services.
A good example is Dart Africa, a legit conversion facility, available only in Nigeria and Ghana to bridge the divide between crypto and local Nigerian Naira and Ghanaian Cedis. An easy way to convert Bitcoin to Naira here is to sign-up and begin. Bitcoin and other cryptocurrencies are sold here at the current market price.
All that is needed to get started is to head to its official page where you’re required to input important details such as username, email address, country of origin, and phone number. Then create a password. After which you’re expected to confirm the mail ownership from the mail that’d be sent thereafter. Once the account is created, on your dashboard, access the “sell now” option and get started immediately.
2. Decentralized exchanges
Decentralized exchanges are a good way to sell your Bitcoin in Nigeria, as most of them feature the P2P (peer-to-peer) feature where a pool of users meet to facilitate different crypto trading activities. One such exchange is Binance. The good thing here is the escrow feature that serves as a security wall, which eradicates scam possibility. Another advantage is the flexibility it offers to crypto traders, this way, you can meet your peculiar trading demand like price and preferred mode of payment.
Other good decentralized exchanges in Nigeria include:
There is a pool of functional exchanges in the Nigerian crypto space, and a little effort in doing your due diligence to spot the one that meets your need would help you in no small way.
3. Local crypto vendors (over the counter)
Selling Bitcoin over the counter is a possible means to sell Bitcoin in Nigeria. It’s a common practice in the Nigerian crypto community. However, this hasn’t been a smooth ride for many people, as, on some occasions, it has left loopholes for scams to thrive. As a Bitcoin seller, if this option must be opted for, then a good trading history from an intending buyer is a compulsory box that must be ticked. If that’s not guaranteed, then the seller should have a verifiable offline presence with which they can be located.
To be on the safer side if you must sell Bitcoin to a Nigerian crypto buyer, adopting escrow services like Koji, a Fintech company that offers security services between online traders, would better suffice. The escrow releases your Bitcoin to a seller only upon your confirmation of their payment.
Conclusively, the crypto ban in Nigeria is of little or no effect on the average Nigerian crypto trader. This is the reason Nigeria sits in third place worldwide on the list of countries with the most Bitcoin trading activities. It’s pretty cool to see that Nigeria is matching the evolutionary pace of the crypto ecosystem. This is seen in their contributions and general engagement in the world crypto community.