It’s possible to bypass cryptocurrency ban completely.
According to the directive from CBN to banks and financial institutions concerning crypto transactions in Nigeria.
The apex bank officially stopped traditional and financial institutions from engaging in any digital currency.
However, cryptopreneurs are not giving up on the digital currency exchange.
Both exchanges and users have also seek for other means to help them keep transacting crypto seamlessly, despite the CBN ban.
If you’re one of these individuals, keep reading, as we will guide you on how to bypass the central bank of Nigeria ban on crypto.
Let’s dive in…
How to bypass CBN crypto ban
The simplest way to buy and sell cryptocurrency without being affected by the CBN ban is through peer-to-peer platforms.
Follow the processes below to bypass CBN ban and purchase crypto assets from Binance exchange.
- Visit and login on Binance
To start using the Binance P2P exchange, you need to have an account, otherwise, click here to create it.
- Go-to Binance P2P platform
Once you’ve logged into your Binance account, highlight the navbar and select ‘P2P Marketplace’ option.
- Search for a vendor
On the Binance P2P marketplace, you will see a list of vendors and their offers on the marketplace.
- Select a trusted vendor
Once you’ve choose a desired vendor, pease the conditions and payment methods to use for the transaction.
I’ll suggest you choose your preferred vendor based on rating and number successful they’ve done in the past.
- Purchase a cryptocurrency
Since you’ve selected a vendor, you can start the transaction following the guidelines the vendor stated.
Make payment through your bank account to the vendor, then wait for confirmation on the transaction.
Once the transaction is successful, your cryptocurrency will be deposited to your account wallet from the escrow.
That’s it… you have successfully bypassed the CBN ban to buy a crypto assets!
It’s still possible to buy Bitcoin in Nigeria using a peer-to-peer marketplace, but this method requires that you’re very careful.
No bank is currently accepting crypto (as at the time of writing), since the central bank banned every digital currency transactions.
In compliance with the applicable laws, Kuda does not deal in crypto currencies and does not facilitate payments for the currency anymore.
Cryptocurrencies are decentralized assets, which can stay beyond the reach of any government body, so don’t panic as regards buying them in Nigeria.
Despite the ban, there are ways you can still go ahead to buy cryptocurrencies in the country.
The best ways you can still buy crypto asset following the CBN crypto ban are as follows:
- Peer-to-Peer marketplaces (Binance P2P)
- Cross border payment app (PayDay/Cheaper)
- Individual cryptocurrency brokers.
Final words
The new regulation by the Central Bank of Nigeria, which restricts direct use of local bank account to fund cryptocurrency wallets affected many exchanges.
Nigerians could no longer fund their wallets through their platforms.
However, it has never stopped Nigerians from dealing cryptocurrency, and it shouldn’t stop you either.
Make sure to follow the steps we stated above, and you will successfully buy your desired amount of crypto investment.
Meanwhile, don’t forget to remove your crypto assets from the exchange wallet, where you bought them to avoid loss of fund.
I recommend using one of the best crypto hardware wallets, because they’re the best kind for long-term purposes.
