ALTERNATIVE WAYS FOR NIGERIANS TO TRADE CRYPTOCURRENCIES

[olabiyijummy02]

Today 05-Feb-2021 marks the date that Nigerian government announced that cryptocurrencies are henceforth banned as a means of transacting and cryptocurrency trabsactions can no longer be facilitated using official registered bank accounts.
This leads to the question that how are Nigerians going to be able to buy and send cyptocurrencies.
Some other countries have had this ban already, i will like to know how citizens and residents of these countries have been able to go around these official government bans.

[Fivestar4everMVP]

There will always be a way, this is for Sure, and one of the ways I thought is by using your crypto money to buy stuffs online, it could be anything ranging from gadgets like, phones, laptops, cameras, etc, there are so many sites that accept crypto currencies and a means of payment, we can easily buy this items and pay with crypto, have the item shipped to Nigeria, collect the item and sell it for money, but the problem now is how to convert naira to crypto, maybe we will all go back to our traditional way of peer to peer buying and selling.

[makishart]

It looks like that you must search for an alternative way to exchange your money to the cryptocurrency and you can go to the currency exchange section on this forum and you can offer paypal, skrill or something else to be exchange with crypto. Some trusted members have been running this service and this will help your from that problem consider you will make person to person transaction and it's not related to the crypto but you will get what you want. It's the safest way for you

[nelson4lov]

Today 05-Feb-2021 marks the date that Nigerian government announced that cryptocurrencies are henceforth banned as a means of transacting and cryptocurrency trabsactions can no longer be facilitated using official registered bank accounts.
This leads to the question that how are Nigerians going to be able to buy and send cyptocurrencies.
Some other countries have had this ban already, i will like to know how citizens and residents of these countries have been able to go around these official government bans.

You should be aware that whether other users gives suggestions or not, it would be a lot harder relating their methods to that of Nigeria financial systems. I suggest you just wait for a while for the dust to settle (it always does) while waiting for these platforms to come up with a workaround to evade CBN's ban. If you still want to make withdrawals, you can patronize P2P platforms as they would be still be operating regardless of that CBN memo except CBN decides to go after P2P platforms which is very much unlikely. - Localbitcoins, Paxful etc.

[tabas]

Peer to peer. They can still do that. AFAIK, there are day traders who are living in Nigeria that are really good and made their lives better. I think they have another way of continuing what they're doing because it's already a livelihood for them.
Aside from p2p, they can still keep on trading because it's just the bank accounts that the government cuts the connection to crypto. They may ask some people that they truly know outside to receive through their bank as the storage and just send the profit through remittance. Of course they won't do it without a cut.

[BayAngelo]

There are so many ways to kill a rat. the government can ban Naira deposits and withdrawal on international and local exchange but they will not ban cryptocurrency trading. for your information, binance and kucoin has offered a secure platform for a P2P trading where users can exchange assets and cash without deposits. Also i don;t think it even profitable to trade crypto with Naira when we have stablecoins in usdt and BUSD.

[CryptoTech_]

I think this is not a difficult thing, if your country prohibits using crypto, but as long as you can access global crypto exchanges, you can still invest in crypto, because many exchanges can be used to exchange crypto to other electronic money.

[so98nn]

Just know that it’s not that difficult to enjoy your bitcoin or crypto existence tbh. Government can interfere up to certain limit with your transactions and tracing is not always 💯%. I mean just look at the open options you have, your friends, their friends or their known circle who are in the crypto can buy and sell in between you. That’s nothing but peer to peer operation. Now you can surely find online local exchange but government would be watching them. So it’s best you find in person way out. :-)

[cilgindansci]

Nigeria is a huge country and therefore this decision is bad for us. The government has faced certain problems, I think the biggest problem could be crypto currency mining. Now investors will have a hard time, but despite this decision, they can still do business. It is very difficult for Nigeria to completely avoid cryptocurrency trading. I hope they will find new trade routes and get out of this situation with minimal losses.

[Bitstar_coin]

Today 05-Feb-2021 marks the date that Nigerian government announced that cryptocurrencies are henceforth banned as a means of transacting and cryptocurrency trabsactions can no longer be facilitated using official registered bank accounts.
This leads to the question that how are Nigerians going to be able to buy and send cyptocurrencies.
Some other countries have had this ban already, i will like to know how citizens and residents of these countries have been able to go around these official government bans.

You should be aware that whether other users gives suggestions or not, it would be a lot harder relating their methods to that of Nigeria financial systems. I suggest you just wait for a while for the dust to settle (it always does) while waiting for these platforms to come up with a workaround to evade CBN's ban. If you still want to make withdrawals, you can patronize P2P platforms as they would be still be operating regardless of that CBN memo except CBN decides to go after P2P platforms which is very much unlikely. - Localbitcoins, Paxful etc.

I think p2p platforms like remitano and similar ones should be okey for people to trade and cash out in fiat, instead of moving forward unfortunately the government of this country don't want such development, I wonder why they had to make such harsh decision towards crypto, I thought Nigeria was a crypto friendly country, am feeling sad for the youth of Nigeria, this is not a good news in 2021.