The rise of cryptocurrency in Nigeria is not new. In fact, despite the Central Bank of Nigeria crypto ban, Nigeria has been a convenient location for the crypto market. Regardless, Nigerians have continued to adopt cryptocurrency on a large scale.
How popular is cryptocurrency in Nigeria?
According to the 2021 Chainalysis report, the crypto market in Nigeria was revealed to have grown by 1200 percent in one year. In the same year (2021), it was also revealed that Nigerians traded an estimated 316.9 billion naira (US$763 million) worth of bitcoin, with over six (6) million crypto transactions and 16,000 transactions per day on Paxful alone . The peer-to-peer crypto trading platform said Nigeria was the number one country on its platform this year.
By the end of 2021, it was reported that approximately 34% of the Nigerian population had traded cryptocurrency in the last 6 months. These reports rank Nigeria among the top countries globally in terms of crypto transactions. The numbers are big and don’t seem to be stopping or decreasing despite Nigeria’s crypto ban.
Cryptocurrency has not yet been accepted as legal tender in the country, and as is well known, the Nigerian government is very unfriendly towards crypto and its transactions. However, crypto experts believe that the country needs to be careful when it comes to cryptocurrency and lift the ban for the good of the country.
“Nigeria may one day accept cryptocurrency as legal tender, and if it does, it should be now!” Experts say.
What does the acceptance of cryptocurrency as a payment method mean for Nigeria and its businesses?
While banks and other financial institutions are banned from conducting cryptocurrency transactions in Nigeria, crypto has not yet been deemed illegal but is unregulated. Due to a serious threat to the country’s financial system, last year the Central Bank of Nigeria ordered all commercial banks and lenders to halt all cryptocurrency-related transactions and operations. With over 50 million people using cryptocurrencies in Nigeria, the country’s ban has had a significant negative impact on the country’s youth. Many cryptocurrency trading platforms in Nigeria were shut down during this time and businesses accepting cryptocurrency as a payment method were affected. Numerous bank accounts suspected of having traded cryptocurrencies and their funds were also closed.
All banking transactions that refer to “crypto”, “bitcoin”, “P2P” or other crypto-related terms will be blocked next to the account.
Certain countries have accepted cryptocurrencies as payment such as El Salvador, Central African Republic, United States of America, United Kingdom, Canada and many others. This acceptance gives brands and businesses reliable, fast and safer means to trade effectively and secure funds. By accepting cryptocurrency as a payment method in Nigeria, brands and businesses in Nigeria can reduce transaction processing costs, protect their businesses from excessive chargebacks, expand the market and cater to consumer preferences.
How can businesses in Nigeria accept cryptocurrency as a payment method?
I mean, cryptocurrency is a revolutionary way to expand the market and cryptocurrency is booming in the country. It is indeed a smart investment for business owners to use cryptocurrency as a payment option for their customers.
But how can your business accept cryptocurrency without risking your business or facing certain challenges you face? Transaction speeds, costs, limitations or the need to choose from a large pool of platforms to convert the crypto to fiat are among the many issues Nigerian cryptocurrency businesses face.
How to convert cryptocurrency to cash in Nigeria
The crypto community is constantly innovating and unique measures have been taken to curb these issues. The best way for businesses in Nigeria to accept cryptocurrency as a payment method is by using Breet App. Breet is an OTC cryptocurrency exchange platform that allows individuals and businesses to convert their cryptocurrency to cash instantly if they just want to accept cryptocurrency and receive flat equivalent of their coin. With Breet’s over-the-counter approach, you can take the headache out of repetitive cryptocurrency market charts and monotonous explanations of what and how cryptocurrencies work. Without using peer-to-peer trading or a third party, Breet allows users to securely and easily convert their crypto coins into real money and withdraw them.
Breet allows you to exchange and withdraw your cryptocurrency without using a third party or peer-to-peer trading. With just one click, you can have cash in your hand in less than five (5) minutes.
You can sell bitcoin in Nigeria with Breet in no time. The fact that businesses can now accept cryptocurrencies as a form of payment without their customers having to wait hours for payment confirmation is a fantastic benefit in itself.
Breet is also unrestricted. There are no additional fees, including processing, receiving or withdrawal fees. Breet was never charged. For many Nigerian cryptocurrency traders, using Breet for free eliminates their problem with expensive and irregular fees.
At Breet there is no cap on the amount you can deposit or withdraw. Before you can withdraw, you don’t need to have enough cryptocurrency to equal approximately 10,000 naira. With Breet Exchange you can even withdraw as little as 1,000 naira.
Breet is easy, free and accredited. Before accepting that Breet might be the best crypto trading platform in Nigeria right now, there isn’t much whitewashing to be said. The Breet app’s stellar reviews provide compelling evidence.
So what are you waiting for?! Start accepting cryptocurrencies as a payment method for your business today and expand beyond the traditional market.
Start by downloading the Breet App from the Google Play Store or the Apple App Store.
When you enter the crypto market as a company, you have a lot to learn. Make sure to follow reliable cryptocurrency blogs and news to stay relevant on the site. And… Here we go, Breet makes cryptocurrency easy and business owners happy!