This is article focuses mainly on how to buy bitcoin in Nigeria using Naira. I suppose by now you already understand what Bitcoin is, how Bitcoin works and have a bitcoin wallet. However if you have not opened a wallet you can do so here.
With the Nigerian government geared to authorize the use of Bitcoin as a legal tender in the country(Thisday Newslive), several Merchants and exchange companies are currently springing up online for buying and selling of bitcoins in Naira. I have tried to articulate a couple of the trusted ones and also written a step-by-step guide on one of them.
Below is a list of verified Bitcoin merchants and exchange sites that support Naira to Bitcoin (NGN – BTC) transactions. Variation in pricing and method of operation may differ slightly just like in conventional financial institutions but overall they are all credible.
List of Bitcoin Merchants/Exchange
HOW TO BUY BITCOIN THROUGH Luno.com
Go to https://www.luno.com/signup or click the “Signup” button on the home page (If you don’t already have an account)
A verification link would be sent to your email. Click on it.This is to confirm that you have access to that email account
After signup, you have to verify your account to buy or sell Bitcoin. The process is similar to opening a bank account.
Click on settings in the left hand corner of the page and enter your personal details and required documentation and follow the instructions. Fill out the security section as well.
Follow this link on steps and documents to verify your account
After verification you click on promotion in the left hand corner and of the tab and enter this code QPH6B then click apply code.
Once verified and promotion code activated, you can now fund the account. Click on the BUY/SELL tab on the left corner of the page or scroll down on the home page and Click the Fund Account Tab
Click on fund account as shown above and follow the prompts to complete a funds transfer from your bank account directly. (Note Minimum deposit for luno.com is N30,000)
Once your account is funded, you can then buy bitcoin directly on the site and transfer to your wallet
Click on Buy/Sell on the left hand corner of the page or the buy/sell tab on the home page
On the buy/Sell page, enter the amount you want to buy and confirm it by clicking the buy button
Once you confirm your buy order, your wallet on the bitx platform is credited instantly.
You may then transfer your Bitcoin to your permanent wallet address instantly.
Click on Send on the left hand corner of the page and filling your bitcoin wallet address. Enter the amount you want to transfer then click send.
If you wish to receive bitcoin into the luno.com wallet for some transaction or sale just click on Receive on the left hand corner of the page to display your luno.com wallet address.
I have tried to describe the procedure as detailed as I can. However just like conventional currency exchange, you can do a person to person over the counter transaction as well. If you need direct transactions without the hassles of online exchange and merchants, feel free to contact me directly through any of your preferred social channels.
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I have been in the Cryptocurrency ecosystem for about three years. My passion for this niche of financial tech space inspires me to share with you all I can in the world of Cryptocurrency, Blockchain and financial technology.