Recently, in what has been received in many quarters as a groundbreaking move, the Central Bank of Nigeria (CBN) lifted the ban on transactions between banks and crypto exchanges, opening up new possibilities for the country’s crypto enthusiasts.
What this means is that after nearly three years of regulatory uncertainties, Nigerians can now seamlessly buy and sell crypto using their bank accounts.
This development has sparked a surge of interest in the crypto space, with several exchanges vying for attention in the country. In this post, we will explore the top five crypto exchanges that Nigerians can use for buying/selling Bitcoin in 2024.
Bitmama
A Nigeria native exchange founded by Ruth Isalema, Bitmama has positioned itself as a user-friendly platform tailored to the needs of Nigerian digital finance enthusiasts.
One of Bitmama’s standout features as a crypto exchange is its simplicity, making it an ideal choice for beginners looking to venture into the world of cryptocurrencies.
Bitmama supports a variety of payment methods, ensuring accessibility for users across the country. Also, the exchange offers many other cryptocurrencies apart from Bitcoin.
With a commitment to financial inclusion, Bitmama has a peer-to-peer marketplace as well as other features that cater specifically to the African market.
Quidax
With Buchi Okoro as co-founder and CEO, Quidax is one of the leading crypto exchanges in Nigeria, and indeed Africa. The company occupies that position because it has emerged as a bridge between traditional finance and the crypto ecosystem, offering users a seamless on-ramp to digital assets.
One of Quidax’ distinctive features is its ability to integrate with traditional banking systems, simplifying the process of funding accounts and withdrawing funds. Additionally, Quidax has a Save & Earn in Dollars feature, which makes it valuable for people seeking to hedge against the country’s inflation rate.
Lastly, Quidax’s commitment to compliance and security aligns with the evolving regulatory landscape in the country. It is one of the few Nigerian crypto companies that haven’t experienced a major scandal related to user funds since its inception, making it one of the most secure and trustworthy Nigerian crypto exchanges.
Luno
One of the oldest exchanges on this list, Luno has its focus on simplifying crypto transactions for everyone. The platform’s intuitive design and user-friendly mobile app make it an accessible option for both beginners and experienced traders.
BitBarter
Within a relatively short period of existence, BitBarter has carved a niche for itself by combining a local touch with a global outlook. Founded by Etienne Okeke, who also serves as the company’s CEO, in 2021, BitBarter recognizes the importance of community,
Also, the company facilitates a peer-to-peer trading ecosystem that encourages local interactions. This local focus extends to customer support and community engagement, creating a sense of belonging for users.
Binance
Regarded as the leader in the global crypto ecosystem, Binance was one of the first exchanges to establish a strong presence in Nigeria. With a user-friendly interface and a vast array of supported cryptocurrencies, Binance stands out for its global liquidity, allowing users to access a broad market range.
Most importantly, Binance’s peer-to-peer (P2P) trading feature proved valuable for Nigerians throughout the almost 3 years of CBN restrictions.
Additionally, Binance offers an extensive range of educational resources, aiding both beginners and seasoned traders in navigating the complexities of the crypto world. The Binance Academy provides valuable insights, tutorials, and market analyses, contributing to the crypto literacy of Nigerian users.
