Cryptocurrency Nigeria: What You Need to Know About Crypto Use, Rules, and Exchanges

When people talk about cryptocurrency Nigeria, the widespread use of digital money by everyday Nigerians despite official restrictions. Also known as Nigerian crypto adoption, it’s not just about speculation—it’s about survival, remittances, and bypassing a broken banking system. While the Central Bank of Nigeria banned banks from handling crypto in 2021, millions still use it daily. Why? Because traditional banks freeze accounts, charge high fees, and delay transfers. Crypto offers speed, lower costs, and access to global markets—something no local bank could match.

That’s why SEC Nigeria, the country’s securities regulator. Also known as Nigerian Securities and Exchange Commission, it finally stepped in—not to ban crypto, but to control it. In 2025, only two exchanges, Quidax, a licensed Nigerian crypto platform with local fiat support and KYC compliance. Also known as Quidax exchange, and Busha, a regulated Nigerian crypto exchange offering P2P trading and wallet services. Also known as Busha crypto, are officially approved. Using unlicensed platforms like Bybit or KuCoin now carries real risk: accounts can be frozen, funds seized, and users left with no recourse. This isn’t hype—it’s the law.

Most Nigerians don’t trade Bitcoin for profit. They buy USDT on P2P markets to send money to family abroad, pay for online services, or protect savings from inflation. Crypto isn’t a luxury here—it’s a tool. And while some projects claim to offer airdrops or free coins, the real value lies in reliable, legal access. That’s why the posts below focus on what matters: which exchanges are safe, which are scams, and how to stay protected under Nigeria’s shifting rules. You won’t find fluff about moonshots or meme coins. Just straight facts on who’s licensed, who’s risky, and what to do next.