After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency sector, trading volumes of bitcoin and altcoin on central exchanges immediately plummeted. Still, the new rules seem to increase the volume of cryptocurrency trading on informal markets or peer-to-peer trading platforms.
Nigerian crypto traders are getting creative
However, the increase in transactions on informal platforms has also led to an increase in reports of users losing money to fraudsters. With the CBN seemingly targeting a sharp drop in crypto trading volumes, Nigerian users had to find ingenious but legal ways to get around the central bank’s restrictions.
As a local report shows, one of these legitimate ways is through an app created by a local crypto startup, Patricia. According to the report, the app now allows Nigerian users to buy or sell all their crypto assets safely without breaking the rules of the CBN. Therefore, in this report, we list five legitimate ways Nigerians can use this app to safely exchange their bitcoins.
As the report explains, users of the Patricia platform can still use their BTC balance to pay for everyday expenses such as airtime, utilities, and internet data plans. The conversion from crypto to fiat is transparent within the application.
The Patricia platform is also used to enable secure and reliable peer-to-peer transactions. According to the report, the peer-to-peer platform is operated by Patricia von Vaunt, an international P2P marketplace for digital currencies that enables faster and easier monetary transactions.
For Nigerian companies who want to speed up the process of receiving payments from their foreign customers, Patricia Business offers this facility. As the report explains, Patricia Business is a bitcoin payment gateway that allows merchants, vendors, and business owners across the country to receive bitcoin payments from their customers. Once the cryptocurrency is received, it is seamlessly converted into naira and transferred to their local bank accounts.
Patricia Debit card
Nigerians can also legally use their bitcoins for local purchases with the Patricia Naira debit card. Patricia also offers a bitcoin debit card option that is available in both physical and virtual form. This card can be used to make purchases online or at a bitcoin ATM anywhere in the world.
Gift card trade
Patricia users can also use their bitcoin balance to purchase gift cards in the Patricia app. By converting bitcoins into gift cards, users can make purchases on major online marketplaces without violating CBN rules.
Do you know of any other options Nigerians can use to trade crypto currency? Tell us what you think in the comments below.
Photo credit: Shutterstock, Pixabay, Wiki Commons
Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of a product, service or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.
nigeria bitcoin premiumnigeria bitcoin pricebitcoin nigeriabitcoin news in nigeriacryptocurrency ban in nigeriais bitcoin illegal in nigeria,People also search for,Privacy settings,How Search works,nigeria bitcoin premium,nigeria bitcoin price,bitcoin nigeria,bitcoin news in nigeria,cryptocurrency ban in nigeria,is bitcoin illegal in nigeria,remitano,crypto arbitrage in nigeria