How To Buy Bitcoin in Nigeria: A Complete Guide (2024)

Nigeria stands tall in Africa as one of the biggest markets for cryptocurrency and in the world at large. The huge population of youths in Nigeria has immensely contributed to this widespread adoption.

In February 2021, the CBN restricted commercial banks from facilitating crypto transactions. However, hat didn't stop the adoption of crypto as crypto traders continued through other alternatives. This article covers all you need to know about how to buy bitcoin safely in Nigeria and why now is the best time to buy bitcoin.

Benefits Of Bitcoin: Why You Should Buy Bitcoin In Nigeria

Saving In Crypto

You can save money with cryptocurrencies like bitcoin and USDT and get returns when their prices increase. Tether (USDT), a stablecoin that is pegged to the value of the dollar, is a good cryptocurrency for Nigerians to save in. This is because you get the opportunity to save in the US dollar and make profits even as the value increases over the naira without having to buy real dollars or open a domiciliary account.

Source Of Income

Crypto trading is also one of the significant ways to make money online in Nigeria. With the proper crypto trading strategies, you can make buying and selling bitcoin an extra source of income.

Protection Against Inflation

Most African countries, including Nigeria, have a history of inflation, or rising prices for goods and services. The naira is currently losing value against the dollar, but buying cryptocurrencies like bitcoin and USDT can help you avoid currency depreciation.

Read More: 5 Reasons Why You Should Save In Dollars

Where To Buy Bitcoin Safely in Nigeria: Best Crypto Exchange

To buy bitcoin safely in Nigeria, the first thing to do is buy from a registered crypto exchange that has an approved license. This is why many people in Nigeria use a reputable pan-African crypto exchange like Yellow Card.

Yellow Card allows you to buy bitcoin and other cryptocurrencies quickly and securely. Yellow Card also provides the following and more:

The security of your asset.

Once you sign up on Yellow Card, you can access a secure crypto wallet to keep your funds safe. Yellow Card also adds an extra layer of security with the two-factor authentication feature, keeping you safe from scammers.

Fast and prompt transaction completion

Crypto traders suffer losses due to delays and an inability to connect with a suitable buyer or seller. Yellow Card provides instant bitcoin trades at the best rates in Nigeria.

Convenient and easy way to buy and sell bitcoin

You only need a few steps to buy and sell bitcoin with Yellow Card. Yellow Card also offers a 24/7 customer support experience, allowing you to conduct transactions easily.

How to Buy Bitcoin Safely in Nigeria with Yellow Card

To buy bitcoin on Yellow Card, follow these simple steps:

1. Sign up for a Yellow Card account and verify your details.
   Sign up to get a Yellow Card account for free.
2. Fund your wallet with Naira

• Click on the deposit button and Select the Payment method “Instant Transfer.”
• Indicate the amount you wish to deposit and confirm the deposit
  (With Yellow Card, you can deposit as little as N500)
• After this, your balance gets the new balance you deposited.

3. Buy Bitcoin

Once your account has been funded, you can buy bitcoin instantly as follows:

• Select the "Buy Bitcoin" option in your bitcoin wallet
• Select the amount of bitcoin you want to buy, a live bitcoin exchange rate is provided above.
• After you've confirmed your order, place the buy order.
• After the buy order is confirmed, your bitcoin will appear in your wallet immediately.

Yellow Card allows you to sell bitcoin in Nigeria at the best rates.

How to Withdraw your funds from your Yellow Card account

Withdrawing your funds from your Yellow Card is easy and quick to complete. To withdraw your funds from Yellow Card:

• Log into your Yellow Card account
• Click on Withdraw
• Indicate the amount you would like to withdraw and select “continue.”
• The funds will be reflected in your bank account after the transaction is confirmed.

How much is Bitcoin in Nigeria?

The price of bitcoin changes every typical day. This is simply because the crypto market is highly volatile, which is why it is better to buy bitcoin as a long-term investment.

The price of bitcoin has dropped more than 60% in the last eight months, from as high as $69,000 to around $20,000. Good crypto trading strategies help you not lose money while trading.

Bitcoin’s price is currently at $20,232 as of November 8, 2022, which is partly because of the economic downturn. However, many crypto investors continue to hope for a higher bitcoin price.

Should I buy bitcoin now?

As the world goes digital, digital currency usage and adoption will increase. The Nigerian government recently developed the e-naira, indicating the possibility of future crypto adoption.

People buy bitcoin for different reasons, such as investment, to prevent currency devaluation, for easy payment, or for saving purposes. So you should decide.

Yellow Card is dedicated to helping you buy bitcoin in Nigeria. With Yellow Card, you will have access to a simple, quick, and secure way to buy and sell bitcoin at the best rate.

Buy Bitcoin with Naira Easily