With the CBN ban lifted, here are Top 5 crypto exchanges Nigerians can transact with in 2024

Temitope Akintade
In this post, we will explore the top five crypto exchanges that Nigerians can use for buying/selling Bitcoin in 2024.
CBN lifting the 2021 crypto ban and what it means for Nigerian crypto users
Crypto coins on Naira notes

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. 

Read also:

CBN lifting the crypto ban and what it means for crypto users

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.

Bitmama CEO and founder, Ruth Iselema,
Bitmama CEO and founder, Ruth Iselema,

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.

Quidax
Quidax Founders

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.

Top 5 crypto exchanges Nigerians can transact with in 2024

Additionally, Luno’s commitment to education through its Luno Learning Portal contributes to fostering a knowledgeable crypto community in Nigeria. By providing timely educational resources and market insights, Luno encourages users to make informed decisions in the volatile world of cryptocurrencies.

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.

eNaira wallets for crypto transactions to boost adoption– BitBarter CEO
Etienne Okeke, BitBarter CEO at Technext Coinference 3.0

Related post:

Bitcoin price crashes below $40,000 despite ETF approval hype

Moreover, BitBarter’s global reach ensures access to a diverse range of cryptocurrencies and trading pairs. This combination of local relevance and global accessibility makes BitBarter an intriguing choice for Nigerians looking to participate in the global crypto market while maintaining a connection to their local community.

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.

Crypto adoption in Nigeria
Crypto adoption in Nigeria

Lastly 

We are sure that this is not a complete list of all the possible alternatives of crypto exchanges you can explore. But, these are very intuitive and will provide a good experience for a start. Then, you can take on other options as your experience level grows.

Perhaps, there are other options you think we should include in this list, please feel free to reach out to [email protected] or [email protected].  Thank you!


Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!

Register for Technext Coinference 2023, the Largest blockchain and DeFi Gathering in Africa.

Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!