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Exploring The Potential Of Cryptocurrency In Nigeria

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In the last few years, cryptocurrency has emerged as a powerful investment tool in Nigeria. Although it is still mostly unregulated, cryptocurrency presents an exciting array of economic and financial opportunities for Nigerians. Learn more about how to buy, sell, and trade cryptocurrencies in Nigeria with our comprehensive guide.

Understand The Basics Of Cryptocurrency

Before investing in cryptocurrency, it’s important to understand the basics. Cryptocurrency is a digital form of money that runs on a decentralized network, meaning no single entity controls or regulates it.

Transactions with cryptocurrency are made directly between people, without a middleman – this makes it extremely secure and efficient. Understanding how cryptocurrency works is key to making the most out of your investments.

Analyze Regulation and Development in the Local Context

Understanding the legal environment and regulations related to cryptocurrency in Nigeria is important for making informed investments. It’s beneficial to stay up-to-date on what is happening in terms of regulation and development, such as the formation of a memorandum of understanding between the Central Bank of Nigeria and the Nigerian Deposit Insurance Corporation (NDIC).

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Keeping an eye on the news will ensure you are making informed decisions before investing.

Explore Various Applications of Cryptocurrency in Nigeria

Cryptocurrency can be used in a variety of ways, such as in business transactions, international banking, and commodity trading. As cryptocurrency is decentralized, it offers an additional layer of security and is less prone to fraud than other methods.

It also provides a platform for the transfer of value, including payments and even transfers of ownership. Understanding the various applications of cryptocurrency in Nigeria will help potential users make informed decisions about their investments.

Research Potentail Investment Opportunities in Cryptocurrency

Before investing in any cryptocurrency, it is important to conduct research into potential investment opportunities. Consider researching projects and organizations that offer innovative applications of cryptocurrency in Nigeria.

Make sure to evaluate the project’s goals, team members, timeline, and current level of funding before investing so that you can make an informed decision. Additionally, look at the possible risks associated with a given investment opportunity such as changing regulations or changing market conditions before you commit your funds.

Learn How to Keep Your Crypto Assets Secure

Protecting your digital assets is paramount when investing in cryptocurrency. Before buying any coins or tokens, make sure you understand how to store and manage them. There are several different methods for keeping crypto assets secure and protected, including cold storage wallets and hardware wallets.

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Each type of wallet has its own risks and benefits, so you’ll need to research which one is best for your situation. Moreover, many people are now using multi-step authentication methods as an additional layer of security with their wallets.

Is Cryptocurrency Now Legal In Nigeria?

The CBN shall not recognize cryptocurrencies as legal tender or medium of exchange; however, it is not illegal as no law or legislation contains provisions penalizing its use. This would mean that trading in cryptocurrencies, although prohibited by the CBN, is not unlawful under the provisions of Section 36(12) of the 1999 Constitution of the Federal Republic of Nigeria, which states:

“Except as otherwise provided in this Constitution, no person shall be tried for an offense unless that offense is defined and therefore the penalty is prescribed by written law; and in this subparagraph, written laws means an act of the National Assembly or a law of any state and subsidiary legislations or instruments as provided by the law”

The provision of Section 36(12) of the 1999 Constitution of the Federal Republic of Nigeria must have informed the decision of the court in the case of Central Bank of Nigeria v. Rise Vest Technologies Ltd & Ors4, where the Abuja-based Federal Court of Justice ruled in a judgment by Judge Taiwo O. Taiwo that CBN circular reference number BSD/DIR/PUB/LAB/014/001 dated February 5, 2021,  is not a law and that the CBN lacks the necessary authority to make cryptocurrency trading illegal through a mere circular. This would mean that if no law is enacted tomorrow, specifically banning, prohibiting, or penalizing cryptocurrencies, they would only suffer from unregulation as their use would never constitute a known criminal offense under Nigerian law.

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How Can I Invest In Cryptocurrency In Nigeria?

You can start investing in cryptocurrency in Nigeria in less than five minutes from start to finish using a crypto exchange that supports e-wallets or debit cards. Just find out what fees the exchange charges and, of course, whether or not a reputable financial institution regulates it.

This guide explains how to invest in cryptocurrencies safely and cheaply in Nigeria.

You need to invest in cryptocurrency in Nigeria from a cryptocurrency exchange. We have found that the best crypto exchanges in Nigeria offer low trading fees and support for small accounts. We also select crypto exchanges that accept instant payment methods such as debit/credit cards and Paypal.

1. Binance – Offers Low Commission Cryptocurrency Exchange and P2P Marketplace for Trading

Binance is a popular crypto exchange that you can use to buy cryptocurrencies in Nigeria. You can access hundreds of tokens across over 1000 trading markets, including Bitcoin pairs.

You will only be charged a 0.10% commission on each buy-and-sell order you place, which is very competitive. You can also buy and stake BNB tokens here and get reduced commissions.

We also prefer Binance because of its advanced trading feature allowing you to perform technical analysis efficiently. This is in addition to advanced trading orders and chart drawing tools. You also have access to leveraged markets. This includes futures and options, in case you want to speculate on cryptocurrency with more money than you have in your account.

In terms of making a deposit, Binance has a significant drawback as it does not support Visa or MasterCard direct deposits for merchants in Nigeria. Instead, you must use your P2P marketplace to add funds to your account. This means you are transferring funds between peers/users registered on Binance.

However, once you’ve deposited and bought a cryptocurrency, Binance also offers savings accounts that you can use to earn interest on your tokens.

Open An Account On Binance Using This Link:- https://greensmokedeal.com/Binance

2. Bitget Exchange

Bitget is absolutely one of the best cryptocurrency exchanges in the world. Bitget platform focuses on social trading. Bitget currently serves more than two million users in more than 50 countries worldwide and accelerated its mission to advance decentralized finance with a staff of 600 people.

Since Bitget’s official launch in the crypto derivatives market in June 2019, the platform has grown into one of the world’s largest cryptocurrency and derivatives exchanges. It is ranked among the top 5 globally by volume regarding derivatives trading by CoinMarketCap and CoinGecko.

The leading exchange is focused on transforming how people connect and trade with social commerce. Its flagship offering, One-Click Copy Trade, is a pioneer in social trading. It has amassed over 55,000 professional traders, including around 1.1 million followers, renewing the experience for crypto derivatives traders worldwide.

Open An Account On Bitget Using This Link:- https://greensmokedeal.com/bitget

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