How to buy Crypto and Bitcoin in Nigeria

CEX.IO is a globally trusted cryptocurrency exchange platform catering to millions of users worldwide, including those in Nigeria. With its growing digital asset community, Nigeria has emerged as one of the top markets for cryptocurrency adoption in Africa.

The Central Bank of Nigeria (CBN) has placed restrictions on banks and financial institutions regarding cryptocurrency transactions. However, these measures do not explicitly prohibit individuals from owning or trading crypto through international platforms. As a result, Nigerians can legally access crypto trading and storage through secure platforms like CEX.IO.

Finding the best Bitcoin exchange platform in Nigeria is no easy task. For this reason, our guide provides a step-by-step overview of how to buy Bitcoin and other cryptocurrencies while highlighting CEX.IO's seamless and secure services.

Step-by-Step Guide: How to Buy Crypto in Nigeria

CEX.IO offers Nigerian users multiple ways to buy and trade Bitcoin and other digital assets from our wide selection of over 200 vetted cryptocurrencies. Our user-friendly interface can ensure a smooth experience, whether you’re a beginner or an advanced trader.

Registered users can access services like Spot Trading, Instant Buy, or our Earn Crypto program. The Instant Buy function, in particular, is designed for hassle-free purchases using popular payment methods. Here’s how to buy crypto using this feature:

1. Register and verify your account:
   Follow the step-by-step registration process, which grants you access to a free crypto wallet and the full suite of CEX.IO services.
2. Log in to your account:
   Use your credentials to log in securely.
3. Navigate to Instant Buy:
   Select this feature from the dashboard or the Products menu.
4. Choose your preferred cryptocurrency:
   Pick Bitcoin, Ethereum, or any other digital asset from the list. Alternatively, you can use our live crypto prices page to explore the current market values of various cryptocurrencies. 
5. Select the fiat currency:
   CEX.IO currently supports USD, EUR, and GBP.
6. Enter the amount you wish to spend:
   Specify the fiat amount to purchase the cryptocurrency.
7. Choose your payment method:
   Select from available gateways, such as credit cards or e-wallets.
8. Review transaction details:
   Double-check the details to ensure accuracy.
9. Complete the transaction:
   Follow the on-screen prompts to finalize your purchase.
10. Confirm your crypto balance:
    Go to the Wallet section to view your updated holdings.

Legal Framework and Regulations in Nigeria

Nigeria’s crypto landscape is shaped by the CBN’s directives prohibiting banks from facilitating crypto-related transactions. However, these restrictions do not ban individuals from owning or trading cryptocurrencies through international platforms like CEX.IO.

To support a thriving digital economy, Nigeria’s Securities and Exchange Commission (SEC) has been working on regulations to govern cryptocurrency activities. Users are advised to stay informed about policy updates and adhere to local regulations when engaging in crypto 

(H2) FAQs

(H3) Is crypto legal in Nigeria?

While the Central Bank of Nigeria restricts banks from processing crypto transactions, owning and trading crypto via international platforms like CEX.IO is not prohibited.

(H3) Is there a Bitcoin ATM in Nigeria?

Yes, there are a few Bitcoin ATMs located in Lagos. However, for greater convenience, platforms like CEX.IO allow users to withdraw Bitcoin to external wallets and cash out fiat through user-friendly interfaces.

(H3) Which banks allow cryptocurrency purchases in Nigeria?

While the Central Bank of Nigeria lifted the ban on cryptocurrency transactions in 2023, it's best to confirm with your specific bank if they allow crypto purchases.