The latest statistics on cryptocurrency transactions in Nigeria show that the country is second only to the US in the amount of crypto received by users. In May, the total amount of crypto received by Nigerian users was $2.4bn, while in December, the figure was $684m. Despite the size of this figure, the true amount of crypto flowing through the largest economy in Africa is likely much higher. Many trades in cryptocurrencies remain untraceable, making it hard to determine how much of the total value is originating from Nigeria.
NairaEx is a P2P cryptocurrency exchange that supports the Nigerian Naira (NGN). The platform accepts payment through a Nigerian debit card, a Bank Verification Number, or a selfie of a photo ID card. Users can buy and sell cryptocurrencies through the NairaEx app. It charges a commission of 0.1% per transaction. If you are interested in learning about the benefits of this form of cryptocurrency trading in Nigeria, try out NairaEx Pro. Its trading platform is built specifically with newbies in mind.
Cryptocurrency adoption is rising in Nigeria. In fact, the country ranked sixth in the Global Crypto Adoption Index in 2021, a report by Statista showed that 32% of Nigerians use cryptocurrency. According to the report, the currency depreciation and inflation are the primary reasons why Nigerians are turning to cryptocurrency trading. More than a third of Nigerians aged 18 and older invest in cryptocurrencies, which have high liquidity and high potential for investors.
New laws on digital assets have helped regulate the industry in Nigeria. The Securities and Exchange Commission of Nigeria has issued licenses for virtual asset service providers. These new rules stipulate that virtual asset service providers adhere to anti-money laundering and counterterrorism regulations. The new laws also include provisions on the regulation of exchanges and token issuance platforms. These laws also require that these entities hold trust accounts with receiving banks. The new rules are a step in the right direction for the country’s financial sector.
To trade in Bitcoin, residents in Nigeria can sign up for a cryptocurrency exchange. This way, they can invest in a variety of digital currencies without any hassle. Several cryptocurrency exchanges offer Bitcoin trading in Nigeria. However, the rates of transaction and withdrawal may vary among exchanges. Moreover, the various exchanges require different verification procedures. So, before getting started, make sure to check the rates and fees of each exchange. There are many benefits to trading in cryptocurrency in Nigeria.
In order to make money from cryptocurrency trading in Nigeria, you must learn about the market. Once you learn the basics, you can then develop a strategy for profiting from the market. You must remember that risk management is the most important skill to master. Beginners should avoid over-leveraging and stick to low-activity trends. This way, they can minimize their losses and preserve their capital. If you’re serious about becoming a successful crypto trader, keep in mind these tips to ensure that you become a profitable trader.
