How to Buy Bitcoin in Nigeria
By: Alexander Reed | Last updated: 2/21/24
Bitcoin seems to be growing popular in Nigeria in the past few years. This guide covers the legality of Bitcoin in Nigeria, how popular it is, which Bitcoin exchanges you can use to buy it, and more.
How to Buy Bitcoin in Nigeria Summary
While Bitcoin is not accepted as an official currency in Nigeria, you can own and trade it on exchanges. To quickly get Bitcoin in Nigeria, follow the steps below:
- Download a software wallet
- Go to Luno and create an account
- Choose how much Bitcoin you wish to buy
- Enter your billing information and Bitcoin address
If Luno doesn’t work out for you, here are some additional buying options for Bitcoin in Nigeria.
That’s how to buy Bitcoins in Nigeria in a nutshell. For a more detailed guide, keep on reading. Here’s what I’ll cover:
- Bitcoin’s legal status in Nigeria
- Bitcoin’s popularity in Nigeria
- Bitcoin communities in Nigeria
- Buy Bitcoin on Nigerian exchanges
- Buy Bitcoin on International exchanges
- Bitcoin ATMs in Nigeria
- Conclusion
1. Is Bitcoin legal in Nigeria?
On October 25, 2021, Nigerian President Muhammad Buhari officially launched and activated Nigeria’s digital currency, known as the eNaira. This launch came with the slogan: “Same Naira, More Possibilities.”
The eNaira is a central bank digital currency (CBDC) backed in full by the Nigerian government and issued by the Central Bank of Nigeria as legal tender.
It is the digital form of the Nigerian Naira and is used just like cash. The eNaira wallet is a digital storage that holds the eNaira, just like a crypto wallet. The eNaira wallet is required to access, hold, and use eNaira.
The eNaira is the first central bank digital currency in Africa. To learn more about the eNaira, visit the official website.
2. Bitcoin’s Popularity in Nigeria
The Google Trends graph below displays interest in Bitcoin in Nigeria. The linked graph is live data, updated directly from Google. Using the search term ‘bitcoin,’ the graph represents the search interest of users through Google. A mark of 100 indicates peak popularity, while a score of 50 means half as popular.
3. Bitcoin communities in Nigeria
With the eNaira launching and Nigeria’s large population, there’s no doubt that Bitcoin, cryptocurrency, and digital currency are popular topics of discussion in Nigeria. There are several Nigerian online communities geared toward these topics.
Meetup groups are also active in Nigeria, though not as popular as other countries. Here are some currently active groups:
Note: These support groups are meant for informational purposes only. There exist many scams, phony “support staff,” and fake tokens in most cryptocurrency-related groups. Never give anyone your seed phrase or private wallet keys.
4. Local Nigerian Bitcoin Exchanges
NairaEX is the biggest Nigerian Bitcoin exchange and is your best bet when it comes to Bitcoin exchanges headquartered in Nigeria.
NairaEX
NairaEX, launched in 2015, is the largest Bitcoin exchange in Nigeria. It claims to have over 130,000 users and makes buying and selling Bitcoin quick and easy.
Bitcoin can be purchased there with cash via bank deposit, as well as by bank transfer and Perfect Money. ID verification is required, but the process is simple.
5. International Bitcoin Exchanges in Nigeria
You’re not just limited to Bitcoin exchanges in Nigeria. You can also buy and sell Bitcoin on certain international exchanges, such as the following:
CEX.IO
CEX.IO is a London-based exchange that allows you to purchase Bitcoin with a credit card, debit card, or wire transfer. Other advantages of CEX.IO include ease of use and quick customer support. However, fees charged for credit and debit card purchases are quite high.
You can read my complete CEX.IO review here.
Luno
Luno operates in many countries, including Nigeria. Originally founded as BitX, it was renamed in 2017. It has relatively low fees. To deposit NGN, there is a 2% fee, with a maximum of ₦2,000.00.
Unfortunately, there aren’t many payment methods available, with voucher deposit being the main option in Nigeria. Luno also offers a Bitcoin wallet, which is available for the web, Android, and iOS.
You can read my complete Luno review here.
Changelly
Changelly is an instant crypto-only exchange, which, depending on how much you intend to buy and your payment method, may require you to submit identity verification. Users can buy, sell, or exchange directly through Changelly, and the company also offers an app for iOS and Android. There are over 500 coins available on Changelly.
You can read my full Changelly review here.
6. Bitcoin ATMs in Nigeria
As of 2024, there are two Bitcoin ATMs in Nigeria, according to CoinATMRadar. One is in Ikeja and the other is in Lekki.
7. Conclusion
Although Bitcoin’s legal status in Nigeria was once a little murky, it now seems that Bitcoin trading is progressing in a positive direction.
As both Nigerian and international exchanges are operating as normal and accepting bank deposits and withdrawals, it seems the de facto status of Bitcoin is that it’s acceptable to use within the country.
This is especially so with the launch and activation of the eNaire, which is backed by the Nigerian government and issued by the Central Bank of Nigeria. It is considered legal tender. You can find out more about the eNaire digital currency by visiting the Central Bank of Nigeria.
Have you had any experience with buying Bitcoin in Nigeria? If so, I’d love to hear about it in the comment section below.
