There are several concerns surrounding the legality of trading bitcoin or any other cryptocurrency tokens in Nigeria. The average Nigerian has a knowledge deficiency of his or her human rights, and this weakness is often exploited by policemen who seize tokens illegally and threaten or assault citizens.

The importance of cryptocurrency in the daily life of anyone in the 21st century cannot be undermined, and for Africa that is not so connected to the rest of the world in terms of payment systems, nothing beats cryptocurrency.

In the past few years, people dealing with cryptocurrency in Nigeria have been victims of harassment, with some losing tons of tokens in the process. Restrictions on the use of crypto in Nigeria has been on for years, but it is still unclear to many whether it truly is legal.

This article explains if bitcoin is legal in Nigeria and other circumstances surrounding it. Before proceeding, every bit of information on this page is written for educational purposes only.

There is a very short answer for this question. Yes. The use of bitcoin is completely legal in Nigeria. However, there are a lot of complexities surrounding the situation. Trading of cryptocurrency is also legal in Nigeria, and there are speculations that the crypto restrictions in the country are in place for promotion of e-naira.

The Central Bank of Nigeria has shown a strong repulse for the use of cryptocurrency tokens since 2017, but at the time of this publication, there is no provision in the constitution that makes crypto trading illegal.

One of the reasons stated by the CBN is that cryptocurrency is used to facilitate criminal activities like money laundering and terrorism. Instead of making it illegal, the CBN proceeded to place restrictions, urging all Nigerian banks to not recognize it as a legal tender.

In 2021, the CBN instructed most financial institutions in Nigeria to close the accounts of anyone who deals with cryptocurrency, using simple identification methods. Despite the uproar caused by this, the CBN still prohibits the use of cryptocurrency as a means of exchange.

There are speculations that the concept behind these restrictions is to divert attention to e-naira, Nigeria’s native crypto token. The prohibition means that the Central Bank does not want to be associated with crypto trading, and has placed restrictions through all financial institutions.

Trading cryptocurrency using any of the banks under the control of the CBN may lead to seizure of funds and a closure of your account. However, it is not considered a crime, hence, there is no punishment risk.

The sole reason why crypto trading is not illegal is because there is no written law that states and penalizes it.

Dart Africa is a platform created for Nigerians and Ghanaians and is a place to sell bitcoin at high rates without any security risks. The website has an easy-going interface, making the sale of bitcoin easy for first-timers.

The encryption system ensures that all details of the transaction are anonymous, and payment is made within a few minutes.

Visit dartafrica.io to enjoy the best bitcoin selling service in Nigeria or Ghana.

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