We all know the CBN banned the trading of cryptocurrency in Nigeria due to several reasons which include its involvement in financing terrorism in the country. Even though crypto is not recognized by the CBN, trading it doesn’t make it illegal. You may get gifted in crypto and need to cash it out in Naira. In this article, you’ll discover how you can sell crypto in Nigeria without a ban or account closure.
Before we proceed to give you guidelines on how you can trade Crypto in Nigeria without stepping on the tail of the CBN, it is best we first make you understand the law around crypto trading in Nigeria, actions taken by banks, and how to play safe.
Who banned cryptocurrency trading in Nigeria?
In February 2021, the Central Bank Of Nigeria put a restriction on the trade of cryptocurrency across the country. Even though they have their claims on why they needed to do this, we can say it is not fully banned and illegal.
The Cryptocurrency Ban and the e-Naira
On Monday 25th of October, the Nigerian government announced the first Central Bank Digital Currency in Africa called the eNaira. To some extent, the e-Naira which is a digital currency is similar to Bitcoin which is also a digital currency but exists in a decentralized environment.
Also during the just concluded election, the sitting governor of Lagos State Governor Sanwo Olu stated that his government will support the youth by enhancing the trading of cryptocurrency.
Considering the two listed events we can say trading cryptocurrency is not unlawful. Although the CBN may not recognize cryptocurrencies as legal cash or a means of exchange, their use is not prohibited by any laws or other legislation, therefore they are not unlawful.
Account closure and cryptocurrency trading
In as much trading cryptocurrency is not unlawful, CBN however frowns at using Naira cards to buy cryptocurrency. The CBN believes anyone who trades cryptocurrency is using it for money laundering or other criminal activities.
So if you use your Naira debit or credit card to trade, your associated bank account will be frozen.
How to Sell Crypto in Nigeria Safely
Nigeria is one of the top 5 countries with the highest number of crypto holdings and trading in the world. One way or the other Nigerians still need a way to sell their crypto holding or acquire new ones without crossing the line.
One of the easiest ways to sell your crypto holding is to use what we call P2P.
What is P2P crypto trading?
Peer-to-peer (P2P) exchanges link buyers and sellers and add an extra degree of security through escrow services, feedback/rating systems, and dispute resolution. Peer-to-peer (P2P) trading is the direct buying and selling of cryptocurrencies among users without intermediaries.
With P2P, you’re not buying or selling directly from the blockchain. Rather you’re exchanging with someone who needs what you have.
We can literally say P2P trading is the modern-day trade by barter in cryptocurrency. For example, if you have 100 USDT that you need naira for, instead of selling directly to the blockchain, you can exchange it for cash with another person in need of 100 USDT.
However, this method can be risky as there have been a lot of scam records. Because of this, local brands that operate in Naira now have platforms where an individual can exchange their cryptocurrency for cash without dealing having to deal with the blockchain directly, CBN Ban, Account Closure, or the risk of P2P trading on exchange platforms.
Best Apps to Sell Crypto in Nigeria Safely
- Dtunes: Dtunes is A cryptocurrency and gift card trading app that enables users in Nigeria to convert their Bitcoin into cash. Users can quickly traverse the site and finish transactions thanks to the platform’s user-friendly interface.Additionally, this app provides the quickest payout ever! The process takes only a few minutes, and you can withdraw money to any bank of your choice.
Additionally, Dtunes has a customer service team that is ready around the clock to help users with any queries or problems.
One big advantage of Dtunes is that you can use the cash in your wallet gotten from your crypto exchange to pay bills directly on the app, purchase airtime and data as well as withdraw it into your local Naira bank account without any issue or delay.
- Paxful: People can purchase and trade cryptocurrencies directly with each other on the international P2P marketplace Paxful. With more than 300 payment options supported, it is one of the most well-known P2P cryptocurrency trading sites in Nigeria.In addition, Paxful provides a safe escrow system, dispute resolution, and a referral program that pays users for bringing new clients.
- Binance P2P: The world’s top cryptocurrency exchange, Binance, also provides a P2P trading platform. Users of Binance P2P can transact directly in cryptocurrency using their home money.The platform accepts a number of payment options, including mobile money and bank transfers. In addition, Binance P2P provides a safe escrow mechanism and dispute settlement
Why Dtunes is a better option
Dtunes is a crypto and gift card exchange platform, owned and founded by a Nigerian for Nigerians for the main purpose of making gift card and crypto transactions seamless and easy.
Dtunes takes all the stress and burden you may need to go through to make your trade easy, secure, and safe. You won’t need to worry about account closure or getting scammed.
On the same platform, you can also use your funds to buy electricity, pay for cable subscriptions, buy data, and airtime on the go.
With Dtunes, you can sell crypto in Nigeria safely without any worry. Head over to Google Play Store or Apple App Store to download the one for your smartphone OS and start trading.