Bitcoin Deposit in Nigeria.

[Veetos12]

With the new directives given to Nigerian banks by central bank of Nigeria, how are bitcoin traders going to be affected?
Is bitcoin deposit possible without using a bank?

 

[Dowenship]

Yeah! Sure! And meanwhile bitcoin and other altcoin was not banned. You can carry on your trade and selling but! The directives was to the banks and other governmental financial whatever. But you can still deposit your altcoin in your wallet. Nothing To be afraid of.

 

[Niftyyem]

I would also like to know how deposits can be made without passing through the bank. I always prefer direct transactions instead of having to go through third parties and for now most exchange sites have suspended deposits.

 

[Alexandoy]

Do you have an idea why the central bank had banned the deposit of Bitcoin in the country? First thing is that I wonder why Bitcoin deposit was accepted by banks. So maybe the aim is to stop the money laundering. Pardon me for saying this but the criminals are now using crypto currency to launder their stolen money to make it appear that they are clean. Let us wait and see what other measures the government of Nigeria would implement against money laundering.

 

[Aniwhyte]

I would also like to know how deposits can be made without passing through the bank. I always prefer direct transactions instead of having to go through third parties and for now most exchange sites have suspended deposits.

You're absolutely right about this, it seems we are both on same shoes, I really don't like involving third parties whenever I'm dealing on any form of transaction but with this new development we are all forced to use 3rd parties, it is just so pathetic.

 

[Sotherefore]

it's going to be very difficult to transit and to convert your cryptocurrency to your local currency in Nigeria since the government stop the transaction of cryptocurrency directly to the bank account of an individual and I'm still looking for a way to overcome this.

 

[Eodine]

Most crypto currency wallets have already been adapting the peer to peer system for payment and withdrawal so there is no cause for panic all you have to do is request withdrawal or request token for deposit and you will be paired.

 

[Sincerem]

I believe you ought to have acknowledged the new method Nigerians adopt to cashing out or depositing funds into the crypto wallet. I currently use P2P method to withdraw and deposit funds into my wallet.

 

[Ralphjoe]

If you are referring to buying Bitcoin without the banking system in Nigeria, yes it is very possible to be able to buy bitcoin without bank. Cryptocurrency wallet like that of Binance has a peer to peer feature in which you can buy and sell cryptocurrencies from individuals.

 

[Bankole]

Though the federal government of Nigeria as given it directive through the central bank to stop all cryptocurrency transactions involving banks and individual. However, people still manage to perform cryptocurrency buying and selling transactions via biance. Although, I've not tried it myself but I have heard testimonies.

 

[ahmedo24]

Good number of exchange platforms and their schools that has been created has been helping people to to make buying and selling of cryptocurrencies much more easier likewise the binance P2P program has made Nigerians to feel little to nothing about the CBN ban.

 

[Dowenship]

I would also like to know how deposits can be made without passing through the bank. I always prefer direct transactions instead of having to go through third parties and for now most exchange sites have suspended deposits.

Did you have a binance account on this exchange there are tools and other ways you can sell or buy your cryoto currency... P2p is the best you can transact with for now you just transfer your one to your buyer or seller.

 

[Danny4cash]

Binance and some other trading sites have what we called p2p. As for fear of scamming, binance will act as the escrow btw two of you. So there is nothing to worry about.

 

[Niftyyem]

Did you have a binance account on this exchange there are tools and other ways you can sell or buy your cryoto currency... P2p is the best you can transact with for now you just transfer your one to your buyer or seller.

I had to open an account with Binance and had my funds on Luno sent there. It was really quite easy to get my funds out. The government has just lost their hold with all these exchanges and their p2p innovation.

 

[Shigobad2020]

With the new directives given to Nigerian banks by central bank of Nigeria, how are bitcoin traders going to be affected?
Is bitcoin deposit possible without using a bank?

Bitcoin deposit is going to be difficult without using a bank in nigeria, because when you trade online using crypto currency, You will want to turn some of your reward into local currency and CBN don't want that anymore, so all you can do with your Bitcoin is exchange it online, or use it to buy goods.

 

[Good-Person]

Whenever a government bans cryptocurrencies, it does have a negative effect on the traders who deal in cryptocurrencies and many people find it difficult to invest in cryptocurrencies. However, there is no way a givernment can stop cryptocurrencies because cryptocurrencies are decentralized. There are many ways to deposit cryptocurrencies using third party dealers.

 

[Dowenship]

Bitcoin deposit is going to be difficult without using a bank in nigeria, because when you trade online using crypto currency, You will want to turn some of your reward into local currency and CBN don't want that anymore, so all you can do with your Bitcoin is exchange it online, or use it to buy goods.

Thank God that some exchangers have make it easier to withdraw your money in fiat in other options so its still OK. If they (CBN) like they should open it that doesn't stop ya from trading. We should not bend because of there rules.

 

[Ehizzy1]

I think you could make use of p2p platform for exchange i think ,because of the rate at which people are making use of it is really increasing so make use of it to earn some cash i think , i have so many friends who still make use of p2p for now

 

[Keibah]

It is no news the stance of the government on this. Many exchange and trading platforms even notify you of this when you log in. However, for Nigerians, there will always be a way.

There are exchangers out there who have made it their life career to exchange most of the valued coins you have. P2P and they give you naira. You just have to find the credible ones.

 

[Sincerem]

P2P exchange have become on demand here in my country, since the ban between CBN and crypto persist. I'm even comfortable than before buying and selling crypto through P2P.