How to Buy Cryptocurrency in Nigeria.

Nigeria has experienced a surge in cryptocurrency interest in recent years. People are drawn to the potential of this digital asset class, which utilizes blockchain technology to carry out secure and transparent transactions.

But because of regulations by the Central Bank of Nigeria (CBN) restricting bank transfers for cryptocurrency purchases, buying crypto requires alternative methods.

This article will show you various ways Nigerians can still buy cryptocurrency despite these restrictions in Nigeria.
Methods to Buy Cryptocurrency in Nigeria.
1. Cryptocurrency Exchanges

Cryptocurrency exchanges are online platforms that serves as marketplaces for buying and selling of cryptocurrencies.

They perform similarly to stock exchanges, connecting buyers and sellers to run smooth transactions.

These platforms offer a secure and reliable environment for Nigerians to enter the cryptocurrency market.

Here are some popular Nigerian cryptocurrency exchanges, each with unique features:

1. Quidax: Which id known for its user-friendly interface and customer support, Quidax is perfect for both beginners and experienced traders alike.

It allows buying of crypto with the Nigerian Naira (NGN) through various payment methods like bank transfers (where applicable) and debit/credit cards.

2. Roqqu: Roqqu exchange focuses on providing a flawless buying experience with competitive fees. They offer a limited but popular selection of cryptocurrencies and provide user security through robust verification processes.

3. Bybit: A global exchange with a strong presence in Nigeria, Bybit caters to more advanced traders. It offers a wider range of cryptocurrencies and features margin trading for experienced users. However, the platform may have a steeper learning curve for beginners.
Steps to Buy Cryptocurrency on a Nigerian Exchange (using Roqqu as an example)

Now that we've covered some popular Nigerian exchanges, let's see how to buy cryptocurrency in Nigeria using Roqqu's user-friendly platform. Remember, specific steps may vary slightly across platforms, but the core principles remain similar.

1. Account Creation and Verification:

The first step is download the Roqqu app from your app/play store or visit their website.


Sign up for a new account by entering your email address and creating a secure password.

Complete the verification process by providing your government-issued ID and any additional documents Roqqu requires.

Verifying your account enhances security and allows you to access all platform features.

2. Funding your Wallet:

Once verified, locate the deposit section within the Roqqu app.
As of now, due to CBN regulations, Roqqu primarily focuses on Peer-to-Peer (P2P) transactions for deposits.
In the deposit section, choose the "Peer-to-Peer" option. You'll then link your verified bank account to ensure smooth transactions.
Roqqu will match you with a verified seller. Carefully review their profile and offers exchange rate before proceeding.

3. Buying Cryptocurrency:

Once you've chosen a seller, specify the amount of Naira you want to spend or the amount of cryptocurrency you desire to purchase.

Roqqu will display the current exchange rate and any associated fees.

Upon confirming your purchase, Roqqu will help you through securely transferring the agreed-upon Naira amount to the seller's bank account.

Once the seller confirms receipt, Roqqu will credit your chosen cryptocurrency directly to your secure Roqqu wallet.

Important Considerations Before Buying Cryptocurrency

While cryptocurrency offers exciting possibilities, it's crucial to approach it with a clear understanding of the associated risks and considerations. Here are some key points to remember before venturing into the Nigerian crypto market:

Security: Choose a reputable exchange platform with robust security measures like two-factor authentication and secure storage solutions. Remember, once you transfer cryptocurrency to your wallet, the onus of security falls on you. Research best practices for safe crypto storage to avoid potential losses.

Volatility: The cryptocurrency market is known for its significant price fluctuations. Cryptocurrencies can experience rapid price swings in a short period, unlike traditional assets. Be prepared for this inherent volatility and only invest what you can afford to lose.

Regulations: The regulatory landscape surrounding cryptocurrency in Nigeria is constantly evolving. The CBN's restrictions on bank transfers for crypto purchases can impact your chosen exchange's deposit methods. Stay informed about any regulatory updates that might affect your buying process.

Conclusion.

The growing interest in cryptocurrency has opened up new opportunity for Nigerians looking to explore this digital asset class. Despite the CBN restrictions on bank transfers, several methods allow Nigerians to buy cryptocurrency securely and conveniently.

This article has shown popular Nigerian cryptocurrency exchanges like Quidax and Roqqu, highlighting their features and the general buying process.

But remember, buying cryptocurrency involves inherent risks. Always choose trust-worthy platforms and follow safe storage habits.

Furthermore, understand the volatile nature of the market and only invest what you're comfortable losing. Stay informed about evolving regulations to ensure a smooth experience.

With careful planning and responsible investment strategies, cryptocurrency can be a valuable addition to your Nigerian financial portfolio. However, in-depth research and a measured approach are crucial before taking the plunge.