In this country, BTC plays a special role. It has been widely used by local citizens as an effective means to overcome the consequences of consistent inflation and survive in the economic conditions, which remain extremely unfavorable. In practice, this country holds the second position after the USA in terms of Bitcoin trade volume. In case you also want to invest in this crypto in order to protect your savings and increase them, you can find a step-by-step guide on how to cope with that below.
But, first, you probably want to check the local legal status of this asset. There is a myth that it is prohibited in Nigeria. However, in fact, it is just unregulated. So, you can buy and sell it, but you must take into account that this sphere is not controlled by the authorities.
Another point local traders are concerned about is whether Bitcoin trading is permitted by the Holy Qur’an. This market manifests increased volatility, which is why many theologians claim that such trading resembles gambling where one is supposed to make decisions by guessing. Yet, other experts highlight that this asset has much in common with fiat currencies as well. As a result, trading it on a spot basis is considered permissible and halal.
Now, we can proceed with discussing how to buy Bitcoin in Nigeria. There are two major methods: a standard exchange and a P2P marketplace where users can trade with each other directly without any intermediaries.
If you choose the first option, you must take into account that local exchanges cannot provide sufficient liquidity, so it is preferable to turn to global sources, like Binance, Kraken, or ByBit.
Yet, due to the fact that local banks are prohibited to perform any transfers involving crypto, traders cannot make such purchases with their bank cards. Consequently, most of them choose peer-to-peer cash transactions. Below, you can learn how to utilize the P2P platform developed by Binance.
1. Install and open the app.
2. Sign up.
3. Pass Level 2 verification to protect your funds. Choose at least one payment option.
4. Click “Buy with Cash” ― “P2P”.
5. Open the “Buy” tab and select the crypto needed.
6. Enter the sum of a transaction and choose the fiat currency. Confirm the action.
7. Find the best offer on the list. Specify the amount of BTC.
8. Transfer cash to the seller selected using the payment details provided.
9. Now, you can click “Transfer” ― “Confirm”.
In sum, investing in Bitcoin is a safe saving solution that helps to protect funds from extreme inflation, which is currently affecting the Nigerian economy. Luckily, now, you have detailed instructions on how to purchase it.