Bit ALTERNATIVES FOR CBN RESTRICTION OF CRYPTO IN NIGERIA

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ALTERNATIVES FOR CBN RESTRICTION OF CRYPTO IN NIGERIA  by E. Okorie, 24th of April , 2021

On the 8th of February, 2021 CBN passed a directive to close all bank accounts linked to crypto trading in Nigeria - the second largest crypto trading country in Africa. This altered the way users make transactions in the country. Although the CBN has clearly stated that it never banned crypto in Nigeria, this restriction brought mixed reaction and objections in the state. .

However, the main alternatives to bypass the CBN restriction of crypto in Nigeria is the use of Peer to Peer (P2P) platform. This is a platform where users can buy or sell (trade) with other users of the same platform in line with the rules and regulations and based on their agreement. Even though CBN restriction is still enforced, the P2P trading has witness a 25% increase as bitcoin has appreciated in value throughout the month of February.

The major P2P platform that could be used in Nigeria are: Binance P2P and Quidax P2P

The P2P platform is quite simple to use. A user simply log into his/her account A list of prospective buyers or sellers will be available with various rates. A User simply chooses the best suitable for him/her. By following the necessary procedure, a transaction/ exchange can be done seamlessly.