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How to Buy Bitcoins in Nigeria

How to Buy Bitcoins in Nigeria
How to convert bitcoin to Naira

Have you searched for articles on How to Buy Bitcoins in Nigeria or How to Buy Btc in Naira, Here is the proper way to do it

NairaRoom – New BTC Exchange

Founded in 2017, NairaRoom platform is a fresh addition to websites that allow you to purchase BTC. In fact, this is the only thing that you can do via their website. They do not allow selling bitcoins, and they do not support any other crypto coins.

 

However, NairaRoom offers the simplest buying process of all the services we tested, and it does not demand to verify your identity. The homepage allows you to enter the desired amount of Naira you want to spend, and automatically calculates how much BTC you will get. In the next step, you will need to provide a valid address of the wallet where you want coins delivered.

The payment can be made with the debit card, credit card, or by using a bank account registered in one of the eight Nigerian banks supported. The payment process is secured by PayStack, which is a reputable company in Nigeria.

The downside of NairaRoom is that they fail to include other details about security and they do not reveal trading fees to the public. If you compare their rates with other exchanges, you will find that using the platform does not come cheap.

Is Bitcoin legal in Nigeria?

The Bitcoin’s in Nigeria is legal. However, Bitcoin is not recognized as legal tender by the Central Bank of Nigeria (CBN)

Legality of BTC in Nigeria

There are no restrictions or official bans when it comes to using and trading bitcoins in Nigeria. However, the crypto market is not regulated, which opens a lot of room for scams. The Central Bank of Nigeria issued a statement last year emphasizing that “they do not have an option to regulate or control BTC.”

How popular is Bitcoin in Nigeria?

Bitcoin’s popularity in Nigeria is growing,during a google trend search we have analyzed the bitcoin research for the last 5 years.

The Chinese buys a lot of Bitcoin. Especially during this bearish market. They’re so confident in Bitcoin. I’ve never traded with any other set of people with that optimism. It is literally astounding. If you are even having any doubt concerning the long term prospect of Bitcoin, by interacting with them, that doubt will disappear.

The issue of trust is of importance while dealing in business. The Chinese are not left behind in this. If you can get them to trust you, then you are one step closer to your goal.

The quantity of Bitcoin. With my dealing with people in China, I have discovered you have to have one Bitcoin and above to be a to transact with them. They don’t buy small.

Now to the profit side of business, even though the volatility of Bitcoin has been extremely limited in the past months, you can still sell highs, buy low. The exchange rate is another thing. Your exchange maybe in the region of ₦350 – ₦355 per dollar

 

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