Introduction – 3 Best Exchanges To Buy Cryptocurrency In Nigeria After CBN Ban

We will be discussing on the 3 best exchanges to buy Cryptocurrency in Nigeria after CBN ban (The Central Bank of Nigeria) has banned banks from dealing with cryptocurrencies. Which has led to a lot of confusion, especially among the crypto community in Nigeria.

The ban was issued by the CBN on June 26, 2019, which said that it will not allow any person, firm or entity to engage in dealing with virtual currency or perform any other similar operations that may expose them to financial risk. The move has been applauded by some Nigerians, while others have slammed it for being too harsh and unnecessary.

After the ban imposed by CBN on Cryptocurrency exchange and trading activities in the country, there is a need for alternative methods of buying Cryptocurrency. Some of the Nigerian exchanges has upgraded its services to assist Nigerians with better options for their trading needs.

3 Best Exchanges To Buy Cryptocurrency In Nigeria After CBN Ban

As you probably know, crypto exchanges are used to exchange crypto coins for fiat currencies and vice versa.

The list below contains the legit exchanges in Nigeria that support bank deposits, p2p and withdrawals of cryptocurrencies after Cbn imposed a ban on Cryptocurrency trading in Nigeria.

1. Remitano Exchange

Remitano is a peer-to-peer escrowed marketplace that facilitates the buying and selling of cryptocurrencies. The cryptocurrency trading platform is designed to support the buying and selling of cryptocurrencies with both fiat and cryptocurrencies.

Remitano also has its own coin which you can mine click here to know more

How To Buy Cryptocurrency On Remitano Exchange

With remitano exchange buying any Cryptocurrency of your choice is as simple as a,b,c, all you need to do is

• Create An Account
• Verify your account

Now to buy Cryptocurrency follow this step

• Login to your account
• Locate the NGNR wallet and click on deposit .

• Enter the desired deposit amount and click on Next
• Select the bank you want to transfer money to
• View and comfirm your deposit info
• Now click on “I’m ready to transfer” to see the account where to transfer the money to
• Transfer and upload your transaction receipt
• Congratulations your deposit is now successfully

How To Withdraw On Remitano Exchange

• Locate the NGNR wallet and click on Withdraw.
• Create a new account by clicking on create new account.
• Enter the desired amount in the amount checkbox.
• Check to confirm the withdrawal information
• Lastly click on submit and wait for your fund to drop into your local bank account

_{3 Best Exchanges To Buy Cryptocurrency In Nigeria After CBN Ban}

2. Flitaa Wallet

Flitaa wallet is an digital wallet where buying, selling, and swapping of fiat currency (local currency) are been executed.

Flitaa currently works in Ghana, Kenya and Nigeria.

How To Create Your Flitaa Account

• Click here to Create An Account
• Fill in your details on the form provided and make sure they are all accurate. Then click on Continue.
• Check your email for your Verification Code and enter it, then click Continue.
• On the next screen, you need to set your transaction pin. This pin is very important and you can’t carry out a transaction on flitaa without it. So make sure you set a pin you can easily remember and no one else has.

Click here to Download Flitaa App for Android or IOS

How To Deposit Cash On Flitaa App

After creating an account and done the necessary verifications, now you want to buy cryptocurrency.

The first thing you need to do is to deposit cash. To do this

1. login to your wallet to get started
2. Click on Deposit and select Cash deposit

1. Select anyone from the verified list of P2P merchants by clicking Pay this merchant.

1. Enter an amount you want to deposit. Not more than One million naira (₦1,000,000) at a time.

1. Proceed to make the transfer to the merchant’s bank account details as shown. Then click I have done the transfer.

How To Withdraw Cash On Flitaa Wallet

Here’s how to receive cash to your bank account from flitaa wallet.

You may have sold your tokens and need to get the cash for it. This is how to go about it.

1. First log in to your wallet and click Withdraw.

1. Make sure you have NGN (Naira) in your wallet as you cannot withdraw a token to your bank account.
2. Then select cash withdrawal (1,000 naira minimum and 1million naira maximum)

1. Select your preferred bank account to receive the funds.

1. Make sure the account belongs to you.
2. Enter the amount you want to withdraw and click Withdraw. (N50 naira will be deducted as withdrawal fee to any amount withdrawn)
3. Enter your transaction pin to verify the withdrawal and that’s all.
4. Your bank account will be credited in 5 to 30 minutes by one of Flitaa payment partners.

How To Buy Cryptocurrency On Flitaa Wallet

1. Log in to your flitaa app on the web or mobile app.
2. Make sure you have deposited cash in your fiat wallet.

There are

Two Ways To Buy Crypto On Flitaa App

Method 1:

• First, select the token you want to buy from the list on your wallet.

• Then click on Buy.

Method 2:

• On your wallet screen, click on Exchange, then Buy.

• Then select the token you want to buy from the list.
• You can then enter the amount of the token you want to buy.
• You can also switch between NGN and USD just in case you want a particular amount of token.
• Then click on Buy.
• Click on Confirm buy before the time elapses.

3. Binance Exchange

Binance is a global Cryptocurrency exchange where users can trade thier digital assets (Cryptocurrency)

Before the CBN ban on Cryptocurrency in Nigeria, users can directly purchase bitcoin and altcoin using their debuts cards but now that feature is no longer available. The only available way one can purchase any digital asset on Binance is through P2P (peer-2-peer).

But before you can purchase any Cryptocurrency on Binance their are some requirements, which are as follows

• Register for an account
• Verify your account with any of your countries means of identification ( national ID card, Driving Licence, International Passport, voters card or BVN)

Ones your account is verified now, you are now eligible to purchase any Cryptocurrency of your choice on the Binance exchange

How To Buy Cryptocurrency On Binance Exchange

Like I said before, the only way to buy crypto on Binance is through P2P

How To Buy Cryptocurrency On Binance Through P2p

• Login to your Binance account
• On your home page click on P2p Trading

• Select any of the coins you want to buy

• Then click on buy and follow the instructions

Note: if the coin you want to buy is not listed on the P2P trading platform, then buy either Usdt, busd, bnb and then swap it to the coin you want to purchase through Spot Trading.