Nigeria is one African country where cryptocurrency trading is booming, what is exciting about the rise of cryptocurrency in Nigeria is the fact that the Nigerian Central Bank has barred local banks from working with cryptocurrencies, yet that has not been a distraction for Nigerians as they are using cryptocurrencies. One of the main reasons why most Nigerians are turning to crypto trading is because they intend to protect their business and savings as the local currency Naira continues to lose value. Because of this, a number of merchants and investors in Nigeria have looked towards cryptocurrency as the new means of exchange, medium of saving value and unit of account. According to a research done by Binance, Nigeria is the leading country in terms of cryptocurrency adoption across the world.
To be honest, the Nigerian economy is in a very bad state and in September 2022, the inflation rate surged to 20.77% up from 20.52% recorded in August. All the problems associated with the Naira has led the young, tech-savvy populace to find alternative ways of trading and crypto presents a better alternative due to the fact that it is decentralized, which means that it is free from government interference and therefore it doesn’t respond to inflationary pressures like Fiat currencies do. Nigeria is an underdeveloped country but it has trully acquired cryptocurrencies, especially the people who fall in the age group between 18 to 40.
Why are people using Ethereum in Nigeria?
Ethereum is a popular cryptocurrency in Nigeria because it is ranked as the second-largest cryptocurrency around the world, after Bitcoin. In Nigeria, Ethereum is one of the hugest traded cryptocurrencies. This crypto coin is considered to be accelerating up the decentralization in the market economy soon. For its increasing worth and improvement, crypto fanatics in Nigeria keep themselves notified with all the latest news about Ethereum. Ethereum was not as popular as it is now in Nigeria and the main reason why there is a marked rise in Ethereum usage in Nigeria is because the Nigerian local currency is constantly dropping in value and they are looking to cryptocurrency in order to secure their investments.
How to buy Ethereum in Nigeria?
There is quite a huge number of cryptocurrency exchanges operating in Nigeria including CEX.IO, LocalBitcoins, Binance, Prestmit, Busha, Naijacrypto amongst others and so you are spoilt of choice when it comes to a number of platforms you can buy Ethereum from. When you are looking for the best place to buy Ethereum in Nigeria, you need to practice diligence because inasmuch as there are reputable crypto exchanges, there are several unregulated and unregistered scammers posing as legit crypto exchanges to buy Ethereum in Nigeria. Below is a list of some of the reputable crypto exchanges operating in Nigeria;
CEX.IO Coinbase
LocalBitcoins Quidax
Binance Remitano
Prestmit VALR
Busha Luno
Naijacrypto Bitpesa
In order for you to buy Ethereum, you must identify a crypto exchange of your choice taking into account various things such as trading fees, payment options amongst other things.
After identifying the exchange you wish to trade with, you need to Sign Up with that crypto exchange. The good thing about the Sign Up processes for crypto exchanges is that it is a free and fast process. When Signing Up, all you need to do is to provide your information.
After Signing Up, you need to fund your account and this is an important step because without funding your account, you will not be able to buy Ethereum. Various crypto exchanges have different methods for making deposits
Once your account has been funded, you can purchase Ethereum instantly, there is no universal way of buying Ethereum because crypto exchange sites are designed differently, you need to follow the instructions on the exact process of buying Ethereum from your crypto exchange.