Analysis of the dynamics of the Nigerian Naira’s price movement has given economists reason to believe that the year 2024 will be the worst period for the currency since 1999. After depreciating by an average of 42% annually, the Naira is set to hit rock bottom, leading Nigerians to turn to cryptocurrencies as a means of preserving the value of their savings. As the currency loses value, Nigerians are now looking for places where to buy Bitcoin with Naira, resulting in heightened demand for the top cryptocurrency and other digital assets from the list of top ranking ones on the market.
The Naira has seen a number of significant setbacks since the Covid pandemic, which all but paralyzed the Nigerian economy and has been reverberating through it ever since with repercussions. Having never fully recovered, the economy was plunged into a speculative frenzy, which saw Nigerians scurrying to buy assets capable of retaining value. Cryptocurrencies rose to meet the challenge, providing both a familiar flair of transaction processing via applications, and the versatility of Web3. As a result, Nigerians have started looking for newer ways to buy cryptocurrencies to get rid of their Naira, especially in light of the growing acceptance of digital assets across the country as a means of payment on par with the local currency.
Where to Buy Bitcoin with Naira
The highest level of demand for buy and sell operations with Bitcoin in Nigeria and especially in Lagos is centered around centralized exchanges, which wield the loyalty of millions of users and the liquidity of entire markets. The popularity of such services is largely based on the following factors:
- High level of security;
- Large volumes of liquidity;
- Broad range of assets available for purchase;
- Convenience of use as applications;
- Large number of services.
Apart from that, for processing their transaction, users can choose a payment method that suits them and find answers to frequently asked questions in the libraries of exchanges. This, and the fact that many of the platforms have solid reputations, makes them go-to places for cryptocurrency operations. However, the local government has not taken the growth of the crypto market lightly and has taken measures to curb it by banning financial institutions from engaging in crypto operations and branding the largest crypto exchange – Binance, as illegal.
Though such developments are unfortunate, using Bitcoin in Africa is not a crime, as users only need to register on a legal exchange and select preferred assets to work with. Luckily, the availability of local exchanges and p2p venues means users can get Bitcoin in Nigeria and the legality of such an operation will not be questioned.
The Means to Buy
With many platforms operating in Nigeria for cryptocurrency operations, the payment methods include bank transfer to the service’s balance account. After that, the Naira can be used to buy a crypto of choice. The convenience with which p2p and other platforms have developed means that many of them even provide extensive knowledge sections that outline every detail of the process, including what are the taxes on BTC and related operations.
Apart from Bitcoin, other cryptocurrencies are also available for investing and transfer to friends abroad or trading. The process of how to buy Bitcoin in Nigeria is rarely different from platform to platform, meaning that the only things that will change in the course of it are the commissions charged by the venue and the service used to transfer funds to it. By this way, anyone can make money online using cryptocurrencies and applying the best strategies.
As for the approaches that cryptocurrency in Nigeria can be used for making money, the most popular and accessible is the decentralized finance market. By buying Bitcoin in Nigeria, users will be susceptible to many investment offers from local platforms that often offer exuberant returns. These offers are likely to be fraudulent, since the highest yield in DeFi these days never exceeds 6%. Phishing is another threat, as website addresses with https www prefixes must be checked for accuracy to avoid becoming the victim of a duplicate fraudulent domain.
Trading services also do not guarantee security, since many of the lesser known ones that attract users with low commissions and high earnings often apply rug pull practices. Be it an email approach or other apps that rely on phishing schemes, the ways hackers attack unsuspecting users are too many to recount. Even a seemingly reputable crypto exchange can turn out to be a fraud, as was proven by the FTX scandal a couple of years ago.
Key Takeaways
There are thousands of people who want to buy and sell Bitcoin and other cryptocurrencies in Nigeria for a profit and for the purpose of preserving the value of their savings. Since BTC in Nigeria is the most vaunted asset, it often has a higher price in the country than in global markets. Nigerian-based p2p exchanges are the best option in this regard, as they allow users to negotiate prices between each other.
The exchange type is often a determining factor, since it also means the size of the commission for the transaction, which can range from 1 to 4%. If your account is aimed at trading, not investing, then reducing the commission should be a determining factor. Any bank account will not be able to connect to an exchange, so an intermediary gateway will be necessary. Sending money online to the wallet of the host service is the only way to ensure funding and avoid the attention of banks. The account and its destination for proceeds transfers should be e-wallets, ideally detached from the best Forex services. In the end, any cryptocurrency user will need a wallet to operate with digital assets and one connected to a Naira currency converter is the ideal choice.
