Following the CBN’s Ban on cryptocurrencies as the bank through one of its officers had declared that “The use of cryptocurrencies in Nigeria are a direct contravention of existing law,” the statement said. “It is also important to highlight that there is a critical difference between a Central Bank issued Digital Currency and cryptocurrencies. As the names imply, while Central Banks can issue Digital Currencies, cryptocurrencies are issued by unknown and unregulated entities,” Mr Nwanisobi said.
Over the past few days, we have witnessed a huge outcry mostly amongst the youths that the ban will lead to massive unemployment and will also deny many Nigerians the many opportunities that are available to their conterparts in other regions as a result of the ban on cryptocurrency.
However, the ban by the CBN is not a ban on digital currency but a ban on using traditional bank accounts to trade (Buy & Sell) cryptocurrency. Crypto currency itself is decentralized and not domiciled with any central building or agency therefore controlling it is almost impossible. Many holders over the last few days have had to do panic-selling to ensure that they do not lose out. As it is now, withdrawal from any crypto currency wallet to Nigerian banks is impossible, the likes of Binance, Quidax, Luno and Trove have disabled the option of withdrawal from Nigeria wallet owners.
Freight not, there is always a way…
The good news is that you do not need to sell your bitcoin or any other crypto because of the CBN policy. We have research ways you can continue to use/trade your crypto even while in Nigeria.
You can trade your bitcoin with P2P platforms like remitano, coindesk, paxful, localbitcoins e.t.c, these platforms allows you to trade bitcoin directly with other users in the same country. You can sell or buy bitcoin directly from others but you need to be careful, due diligence is advised. Personally we did advise you use Binance.
Bitcoins can also be converted into skrill using sites like Paybis, once converted you can withdraw directly from your skrill account to your local bank account at competitive rate.
Sell your bitcoin Locally & to your friends abroad.
Lastly, bitcoin is still very much in demand in Nigeria as many importer use it to pay for goods from china and other Asian countries, its way easier to source for Bitcoin than source for dollars. Therefore you can sell directly to these importers, or even sell to your friends & family in other countries.