Many businesses in Nigeria are moving their finances to Bitcoin. In March 2019, the government banned foreign exchange for companies that import textiles. Awa, who imports woven shoes from China, was among the companies hit by this ban. His business had already been struggling along with the rest of the Nigerian economy, and the ban threatened to tip the business over the edge. But thanks to a new initiative, Bitcoin has become one of the most popular forms of payment in Nigeria.
Nigerians have found cryptocurrency to be a great way to conduct business and invest without involving an intermediary. Some of these companies have even opened offices in the country. In fact, cryptocurrency is now a source of livelihood for many Nigerians. Over the past year, the number of jobs in the crypto industry in Nigeria has jumped 118%, surpassing all other industries in employment growth. Nigerians are getting jobs in crypto writing, blockchain development, community management, and game development.
Luno, for instance, is a great app for beginners. It features a clean trading interface, an API integration for automated trading, and a range of other features. Luno offers several payment options, including bank transfer, Nigerian debit cards, and Perfect Money. The exchange accepts a wide range of currencies, including Bitcoin and Ethereum. You can also deposit in Nigerian nairas or U.S. dollars. The minimum deposit for users is $10.
In October 2016, Nigeria became the first African country to introduce a digital currency, called the eNaira. The new digital currency is a result of the CBN’s cashless policy. Its purpose is to help facilitate cross-border trade, increase access to financial services, and increase remittances from the diaspora, which is the largest source of foreign currency in the country. However, analysts are concerned about the future of the traditional banking system.
Binance is a top crypto exchange. It features more than 600 digital currencies and over 1,000 markets worldwide. Its platform also doubles as a P2P marketplace, allowing users to trade without a third party. Nigerian users can also trade cryptocurrencies directly with other members of the community, and Binance offers instant currency conversions. For those with less experience, Binance offers a professional platform for users. You can use Binance to buy and sell cryptocurrencies and ethereum, and you can exchange your local currency for the digital one.
The Luno platform is another good option. It offers a credit card payment option to consumers and also offers fiat trading pairs. For Nigerian users, this exchange is accessible via Paystack and PayU, and has a global presence, serving clients in over 30 countries. Its cryptocurrency exchange and Bitcoin wallet system make it one of the most popular cryptocurrencies in Nigeria. This article will explore some of the top cryptocurrency exchanges in Nigeria.
Ethereum is the second most popular digital currency after Bitcoin. It has smart contract features, allowing users to create unique apps. In Nigeria, it’s possible to buy Ethereum on exchanges. If you buy ETH, you should withdraw the money directly to your own crypto wallet. Dogecoin is another popular digital currency, but it started as a meme about a shiba inu dog. Since then, it has grown to be one of the most popular in Nigeria.