CBN Ban: How to Buy, Sell Cryptocurrencies in Nigeria

CBN Ban: How to Buy, Sell Cryptocurrencies in Nigeria

Following the recent ban by the Nigeria Government prohibiting Nigerians From buying, selling and even trading Cryptocurrency .

This is TalknLive as always on the All you Need to Know on ANG giving you the Full guideline on how to bye pass their threats and their ban.

For Now I will be giving you two options to powerfully use to Exchange your cryptocurrencies to Nigeria Naira.

Due to this ban Exchangers like Roqqu, Luno, Quidax, Valuta, Busha and even so many more will be in trouble if they perform exchange activities.

Some of these exchangers have written to users to stop buying and selling while their Payment Processors like Flutterwave, paystack are also writing to their users that it will not be accepting Crypto transactions.

Putting all of this together, the CBN made several warnings in 2017 about the use of cryptocurrencies. They released a circular saying that the likes of bitcoin, “ripples”, litecoin, and other cryptos were not legal tenders.

The CBN said that these cryptos were mostly used for terrorism and money laundering activities. A year later, in 2018, they “warned” Nigerians again that we would not be able to get legal help if the cryptocurrency space crumbles.

Since then, the CBN has been relatively quiet on the matter. In fact, the global cryptocurrency scene hit a rough patch in 2019 as prices crashed.

That all changed in 2020 when prices started to pick up. The world looked at crypto again, but this time, there was a more formal acceptance. Large corporations began to buy bitcoin and also invest in crypto-related startups.

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It’s not clear if this order includes individuals who use these exchanges or if it’s restricted to the owner of the exchanges. Nonetheless, the move is a blow to Nigeria’s burgeoning crypto market.

So in which ever way The exchangers would also have to find another way of storing their cash for transactions relating to cryptos.

Many other country like China, Bolivia, Morocco , Ecuador, Iran, Bangladesh, Nepal had banned Cryptocurrencies and now Nigeria but guess what there is still a way to get you trading.

CBN Ban: How to Buy, Sell Cryptocurrencies in Nigeria

There is nothing to panic about the news or circular, this is how to transact your Cryptocurrency trades now.

Paxful

Using Paxful to Buy and Trade will keep you with no traces and the Federal Government Bank (CBN) or even your commercial banks will never know you did any transaction regarding cryptocurrency but wait there is a way to go about it. No rush.

First You have to Have an account with Paxful and also with Paypal. Paypal is a payment processor so see how you will get to do it.

Send in Money to your Paypal using your Card and then head over to Paxful, click the Buy Cryptocurrency and Choose the Paypal Option.

If you also want to convert your money back to Nigeria Naira repeat the process vice versa, Sell to with Paypal and then From Paypal convert back to Naira.

Paxful also offers selling with Giftcards.

Wirex

You can Also use Wirex but make sure you are using the Paypal option just like the Paxful.

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Paypal

Paypal offers holding, Buying and selling of Cryptocurrency but you have to be in the US to be able to use that option.

So how do you use it in Nigeria, I recommend ExpressVPN ( a purchased version) with that you can do your Crypto transactions.

Let us know more options in the comment section below.

Talknlive

 

 

 

 

 

 

 

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