Bitcoin Forum

There is a saying that two heads are better than one, guys I need good advice from all of you, now that nigeria government have put ban on crypto, can't trade my bitcoin to naira and send to my bank account is there any other ways to go around this? Are there decentralized exchanges that can or could allow fiat deposits to bank? There should be a solution to this problem, pls share

from what I read they prohibit: "hold, trade and make transactions that involve cryptocurrencies"

that means that any alternative means you use will commit a crime and you could be arrested.

about your question:

- you can change country

because other means will only take you to jail, I am African and its like our governments are stupid and cruel, they do not think about the people they just think about themselves!


your government has banned all banks from dealing with cryptocurrencies and you know that in africa the bank owners are members of the government, even international banks have a society composed of government member shareholders. corruption in Africa allows the government to control everything. they can discover you and arrest you

Really hard to give you advise as your government seems to put a blanket ban on all crypto related.

In any case though here are two p2p exchanges,

[1] https://hodlhodl.com/
[2] https://bisq.network/

And that is the only way around, or perhaps a face to face exchange with your local but I don't know how risky it is in Nigeria.

I'm still looking for a way around paypal or payoneer also I believe that escrow platforms can work e.g p2p trade and I heard binance have this p2p trade but don't know how safe it is, I'd advice you to cool off for now, store your money in stable coin, I doubt the ban will last for long

This is news is really awful. I'm not sure why your government do this. I'm sure there are still some retail firm that can convert your btc to your fiat money.

Or instead of directing your bitcoin to your fist go to foreign currency and exchange that currency into your fiat money like USD. Im sure there are some platform that let you convert and supported USD in your area.

I am not really sure about it, but what if you trade via an VPN? Or might be possible to travel to one of your neighbouring countries and sell your coins?

I understand why there is a crypto ban in place, but this is not fair for people who hold a large part of coins. There needs to be some form of exit possibility for the traders to convert their coins atleast.

Good history and well trusted? Binance p2p is strong and safer compares to others out there, they handle the escrow very well, I think binance p2p is the only way forward for all affected nigerians, don't lose hope, it's certain that the ban will be lifted later

This is unpleasant news to look at, the Nigerian community, has just requested additional: Request for Nigeria local board (https://bitcointalk.org/index.php?topic=5315340.0), to add there, it is different from the behavior of the government in Nigeria, I think it is unfair for the government to implement that rule.

Where many Nigerians already know Bitcoin, the government is doing inhuman things, what's wrong with the Nigerian people being a little prosperous and enjoying the results of Bitcoin.

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I am very angry at the behavior of the Nigerian government.
Hi, Nigerian government look what the Bitcoin community has done in your country, how many Nigerians have been helped.
Look here:

Topic: Project Covid-19: Supply to 50 (Now 70) families in Nigeria, Images. (https://bitcointalk.org/index.php?topic=5252309.msg54534451#msg54534451)

Now what you do to your own people.
And what assistance have you given to people who suffer from Covid, you can only oppress the little people.

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OP, if that's what the Nigerian government is doing, there is no way to do what's best for the crypto community there, only what you can do is as suggested by friends here, other than that not much.

The only possible way to do is to ask someone outside your country to change the bitcoin to fiat, then send the fiat back to you by wire transfer or western union or anything else which support sending fiat abroad country.

You can choose to trade with peer to peer marketplaces or true decentralized exchanges.

Help: A list of LocalBitcoin alternatives (P2P marketplaces) (https://bitcointalk.org/index.php?topic=5224711.msg53810894#msg53810894)

True DEX.
- https://hodlhodl.com/
- https://bisq.network/

With peer to peer marketplaces, you and your trade partner don't leave any details that your exchange is crypto to your national fiat. Same for true DEX.

The risk is if you have trades with bad trade partners, that have money laundering activities, and later if police find them, then find you, you will get double loss: in BTC you sell and in fiat you receive. You can not make any report to police that the fiat you receive is from crypto trading.

Hence, you have to choose trusted trade partners and never open and accept trades with new accounts.

switch all your crypto assets to an exchange like binance, trade there well. for the problem of withdrawing funds you can find people or bitcoin exchange services who are willing to pay directly to your account even though it must require a fee but that is not a problem than you are banned by the government

There are a thousand ways to go about this so you do not need to panic; before binance started the naira deposit; there has always been Peer 2 peer trades; Binance introduction  means luno lets nigeria trade bitcoin; and also Roqqu app.

Before this federal government of nigeria brouhahaha; binance p2p has been very functional; But now, Okex p2p has also launched and works great too; and also kucoin p2p. The exchange ensure to use p2p, kyc must be completed; so you are safe without dexes acting as escrow.

Important thing to note is that, do not let anyone write a bitcoin or crypto currency word as decription when sending money to you

Cashing out your Bitcoin might be more difficult even if there's an exchange that allows you to do so because for sure, you bank will freeze that fund and subject of AMLA investigation so I'd rather not to do that, this is not the best option I think.

P2P transactions might be the option only if you found someone that is willing to buy your Bitcoin despite of the banned from your government, and of course you have to be more careful on dealing with the strangers. If you really want to sell your Bitcoin at all cost, then travel abroad and do cash out it abroad, I tried this abroad buying some food so this might be work for you as well.

P2p transactions are quit safe when it comes to this type of issue that nigerians are facing, someone deposited naira in escrow to get bitcoin makes lot of sense, the money will reflect in my account as if someone (not crypto platform) send the money to me, every traces about crypto is erased this way

It is also in our saying that " a single broomstick can be snapped with two fingers, but one can never break a whole broom"

This is a wake up call for us on the platform to stand together, creating a community that will solve our common problems for our mutual benefits....
P2P is still possible, but only if we put things in place, and the first step will be coming together

I would say you can't really work with any place that has any connection with crypto at all, I am not Nigerian so I do not know the situation there, but I know that there are other ways you can still get money from other nations right? Do you guys have Paypal? If you have paypal you could probably sell your coins and get paypal money to your bank account, if that is a viable choice that is something you can do. Or you could do things like skrill and whatever those online payment things, that will allow you to get money back into your bank account as well.

These are all things that are not connected to crypto, which means you need to find things that are not connected to bitcoin or crypto, no exchanges, no nothing, it should have zero things about crypto, move your crypto into them by finding a trader, and get that money instead of crypto and move that to your bank. There is no other way.

There is no other means of crediting your cryptocurrency accounts from your Nigeria bank cards, all centralised platform had put an end to that towards NGN pairs. Now every Nigerian crypto lovers had choosing p2p platforms which we all know for their transactions.

This is as a result of andsars case in the Nigerian court, the government discovered that funds were supported by the Nigerian youths through cryptocurrency, so banning cryptocurrency was the only way they could stop this funding process, also before the crypto ban announcement, the government banned all accounts that sent out transactions to the receiving account.

They are just acting been smart to win the case in the court not knowing they are damaging the image of the country all around the world and had caused a big wound among crypto users.

You gotta find a way that will favour you, if you have PayPal account then you can withdraw straight to your bank account still, here are other options

1. Binance p2p and other p2p exchanges
2. Paypal
3. Payoneer
4. Ebay ( buy stuffs on ebay and sell in your country )

I do not know how you can send it to your bank account, but for now, I can only suggest you hold your bitcoin or you can buy more bitcoin and hold it. I am sure that ban will not stay forever. Sooner or later, your government will open their minds about cryptocurrency and lift the ban and allow their people to use crypto. You need to patient in these situations and do not panic or make a rush action.

Maybe you need to find a local seller around your city to help you buy or sell your bitcoin and they can help you send the money to your bank. I think that will better than you do by yourself.

Anything related to bank now is all crossed out, because it is all gonna lead to jail.
Your chances are p2p exchanges, not sure how would you do it but as what others suggested here that's your only way.
Not sure if receiving your local currency from your friend from other country to be converted to your local currency would be applicable though.

This has been my major concern too, but i meet my crypto mentor he told about one binance escrow stuff, have not tried it before, but i thinks that can help, but as a matter of fact i cant see the reason to ban cryptocurrency

problems that are difficult to provide solutions. because of the situation and condition of your country that has banned cryptocurency. but in my opinion, you are trying to use paypal because paypal provides local currency so you can transfer the money you have. and this also has a risk to you .. but you can try, hopefully you can and you get the money.