Best Way to Buy Cryptocurrency Securely in Nigeria in 2021?

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Since the Nigerian EndSARS protest in February 2021, cryptocurrency is getting worse and worse in the country. The protests started in 2017 after a Twitter flashmob demanding to disband SARS (Special Anti-Robbery Squad) which was entangled in unlawful activities for the worst kind. The government tried to defuse a situation multiple times by promising to disband the notorious unit but never actually did that, and the EndSARS movement gained more and more momentum. 

Regular citizens financially supported the movement, so the government froze their bank accounts. Fortunately for Nigerians, cryptocurrencies are getting more and more popular, and you can pay with them for anything. Nigerians realized that pretty soon and started using crypto, mostly BTC and Litecoin, to fund the protests. The next move made by the government and the CBN (Central Bank of Nigeria) was to close the accounts of people who bought or sold any cryptocurrencies. 

The government’s arguments for the ban were about cryptocurrency being too good for scammers and all forms of illegal activity. Such a form of protection wasn’t what the citizens wanted, so they’ve found a way to deal with it.

Is Cryptocurrency Banned in Nigeria?

Ban in Nigeria: How to Buy Cryptocurrency in Nigeria?
Source: Cointelegraph

Protesters and their supporters asked themselves this question quite often after the CBN ban. The answer is, of course, negative. Decentralization is the whole meaning of any actual cryptocurrency, and since it’s decentralized – you cannot just ban it. Nigerians are still free to sell or buy crypto as well as purchase goods or services with it, but the government just has excluded banks from that chain, depriving them of profits and completely losing control over the situation. 

And the funniest thing is that after the ban, even those Nigerian residents who didn’t know a thing about Bitcoin suddenly wanted to know how to buy cryptocurrency and what you can do with it. As it’s often said – congratulations, CBN, you’ve played yourself! We sincerely hope that this premature decision will make Nigeria the first country in the world where cryptocurrency covers most day-to-day operations.

What Options Allow to Buy Cryptocurrency in Nigeria Bypassing Banks?

Buying Cryptocurrency in Nigeria: How to Buy Cryptocurrency in Nigeria?
Source: ICTWorks

Luckily for Nigerians, CBN doesn’t control the world’s most popular payment systems, such as Skrill, Neteller, Paypal, and many others, which one can use to buy cryptocurrency anywhere in the world. These services and most of the less popular ones require only a simple registration process to get started. After that – you can use them instead of your bank accounts and do whatever you like. And with the economic and political situation in Nigeria, holding cryptocurrency is way safer than holding the Nigerian Naira.

And if you don’t want to switch to alternative payment systems, keep using your bank account and not have it banned for cryptocurrency-related transactions – there’s a range of P2P solutions for you. Since you’re not the only one who wants to buy or sell crypto, you can easily find a one-time partner for your deal.

Of course, if the other party is not your close friend or relative, you cannot trust that they’ll keep their end of the deal, as well as they cannot trust you. That’s whу there are services providing you the escrow mechanism during the exchange so that both your funds and the cryptocurrency you buy were sent and delivered safely. Now, when you know how to bypass CBN restrictions, don’t let unlawful government decisions stop you from being financially free and stable!

Feature Image Credits: Currency.com

Antra Koul
Antra Koul
For me, writing is something that helps me escape from reality for a while. Even though I am an Engineer, I find my comfort from chaos while I write. I love telling people about my stories, stories that play in my mind only. When I am writing, there is no limit to how far I can go swimming in this deep ocean of words. Reading and writing are the two things that help in organizing my messed up thoughts in a formative way. Come along on this journey with me as I write and you read the stories that I have to tell!

2 COMMENTS

  1. The only way to buy cryptocurrency safely is to use only trusted exchanges. It is also worth noting that there are low commissions, and you can buy everything with a card, which is very convenient. Definitely recommend it, good luck!

    • Dear Reader,
      Thank you for reading our article and also adding a valuable comment!
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