We may receive affiliate commission when you click certain products. Read our important disclosure to learn more.
Nigeria has become a hotspot for Bitcoin and cryptocurrency for several years now.
This is likely due to the loss of faith in their fiat currency:
The Nigerian Naira.
Just in the year 2017, the Nigerian Naira experienced inflation of 16%.
It’s only natural that citizens of this country have taken an interest in this new technological and economical breakthrough.
Today, we’re here to help you learn how to buy Bitcoin in Nigeria.
The Bitpremier team has done our research, and we’ve come to the conclusion that these are the best ways to buy Bitcoin in Nigeria:
Below, we’ll discuss each exchange more in-depth, allowing you to pick the best method for you.
Once you’ve decided the best exchange to use, we’ll include an annotated buying tutorial making it easy for you to buy your first Bitcoin!
Let’s jump right in.
Luno is one of the most popular Bitcoin and cryptocurrency exchanges, and for good reason. It allows for the buying and selling of Bitcoin and Ethereum against several fiat currencies including MYR (Malaysian Ringgit).
Luno's fees are extremely low compared to the competition, with a 0%-1% trading fee that scales based on trading volume.
The more you trade on Luno, the lower the fees. Out of all the exchanges that allow users to buy Bitcoin in Malaysia, Luno's are the cheapest.
Luno also has the highest limits available, when full account verification is achieved. After full verification, users are able to purchase 300,000 MYR worth of Bitcoin.
Overall, Luno is a reliable option for anyone trying to purchase cryptocurrency. Their user interface isn't as intuitive as some of the other options, but once you learn how to use it, it might just be the best option on this list.Visit Luno Read Review
NairaEx is another platform that allows Nigerians to purchase Bitcoin using Perfect Money, bank transfers or cash using a bank deposit.
The exchange claims to have 0% fees, but these are just covered in a premium on the price of Bitcoin and other cryptos. NairaEx has been around for a very long time, allowing to become a trusted company for the buying and selling of Bitcoin and other virtual currencies.
Due to the fact that the exchange wants to be compliant with Anti Money Laundering (AML) and Know Your Customer (KYC) policies, the platform will request more information about the user and the clients.
This can be positive for the cryptocurrency world in general, but it means that it will be necessary to provide private information to a centralized party.Visit NairaEx
This exchange works in a very similar way to NairaEx in the sense that it requests a lot of information to the user in order to be compliant with KYC and AML policies in the region.
This could be a little bit uncomfortable for some individuals that are trying to preserve their identities and information.Visit Bitpesa
LocalBitcoins offers a highly trustworthy escrow service and peer-to-peer (P2P) exchange. Due to the nature of the exchange, it's available in pretty much every country.
On the exchange, users to trade among themselves. Due to the nature of the transactions on the exchange, there is a resolution and feedback system.
It also allows users to post a quick buy or quick sell ad on the exchange platform. It is one of the best cryptocurrency exchanges for peer to peer trading.
LocalBitcoins is one of the better exchanges for users concerned with their privacy. Bitcoin can be purchased in person without linking an identity to an exchange.Visit LocalBitcoins Read Review
Another way to buy Bitcoin in Nigeria is to do it via Bitcoin ATMs. This is a very easy method to purchase Bitcoins because ATMs do not ask for sensitive information or private data. Instead, you need to pay higher fees than doing it via a crypto exchange.
But, to find a Bitcoin ATM that works at all times and has low fees is quite a problem. Additionally, the ATM may be located in central areas, leaving those in smaller cities without the chance of buying and purchasing virtual currencies.
At the moment, according to Coin ATM Radar, there are no ATMs available in Nigeria. In the continent, there are Bitcoin ATMs in South Africa, Zimbabwe, Kenya, and Djibouti.
According to Google Trends, Bitcoin-related searched are some of the highest in the world in Nigeria.
Bitcoin has gained lots of interest in Nigeria due to loss of faith in their fiat currency. Below you can view Bitcoin trading volumes in Nigeria, on one of the exchanges we mention in this guide: LocalBitcoins.
We are struggling to find out information on whether to not Bitcoin is taxed in Nigeria. We recommend speaking to a qualified tax professional in your country to learn the best course of action.
In the event there are taxes required on Bitcoin gains in Nigeria, we’d recommend checking our guide to cryptocurrency tax software.
Bitcoin is legal in Nigeria, although it’s not recognized as a legal tender. This is common in many countries as the governments are still looking for ways to regulate the currency.
By now, you should have a great idea of how to purchase Bitcoin in Nigeria. The exchanges we recommend are: