Hey! I was always curious as to the possibilities that people in Nigeria have for using cryptos: how easy is it to transfer them into fiat money, and is this something that people are doing?
You are viewing a single comment's thread from:
Hey! I was always curious as to the possibilities that people in Nigeria have for using cryptos: how easy is it to transfer them into fiat money, and is this something that people are doing?
Nigeria is currently among the top countries leading crypto adoption in Africa. And yes, people are actively converting crypto to fiat and vice versa. It's a huge market on its own, and there are a few services that allow people do that.
It can be pretty easy for some people to buy crypto with fiat here, especially if they're okay with KYC regulations.
Binance. For example, launched the NGN/BUSD pair and only charges a flat rate for any amount of deposit and withdrawals, which is pretty cool. The only bottleneck (which is common to a lot of countries), is the some platforms offering direct fiat/crypto exchange services (like Binance), usually require KYC verification, and people do not like that a lot.
However, It's opened an opportunity for OTC traders on social media. They simply help people buy and sell cryptocurrency directly for cash, without needing registration. And they make trades worth several hundreds of BTC a day.
But it can be a very risky business, especially if someone stole money and used it to buy crypto from these traders. The government thinks they're an accomplice, and their funds get frozen in their bank account. But the buyer's already gone with the cryptocurrency, and they have no means whatsoever of identifying them except with an empty account number.
But yeah, it's a really active market.
NGN is the Nigerian Naira
thanks so much for that detailed reply!
You're welcome.