On the 5th of February this 2021, the apex bank of Nigeria (CBN) released a circular banning all financial institutions in the country from facilitating digital assets transactions. It also stated that financial institutions that refuse to abide by the new regulation will face severe regulatory action.
The ban of financial institutions in Nigeria from processing cryptocurrency trades by the CBN was an unpleasant surprise to the people, especially those in the cryptocurrency space. With top stakeholders in the digital asset industry claiming they were neither informed nor consulted about the regulatory move.
Before the ban, several crypto exchanges collaborated with banks and other financial institutions such as Paystack and Flutterwave. This collaboration allowed people to buy bitcoin in Nigeria with their bank cards or via transfers and these transactions are processed by the banks and other financial institutions.
With the latest regulation by CBN, financial institutions have been prohibited from processing such deals and people can’t buy bitcoin via their debit cards or bank transfers. This means Nigerians will have to find other ways of buying Bitcoin.
It is also vital to know that the statement released by the Central bank of Nigeria does not ban or illegalize the trading of Bitcoin. The ban only stops commercial banks from processing crypto transactions. Now, the only viable option of purchasing BTC in Nigeria is through P2P.
So in this article, we will be talking about how to purchase BTC using the leading P2P exchange in Nigeria, Remitano. Before we continue, let’s answer the question – what P2P is?
What is P2P?
P2P has existed since the start of digital assets. The P2P model allows a trading firm to match buyers of BTC to appropriate sellers. The peer-to-peer exchange serves as an intermediate between both parties, guaranteeing that all transactions go on smoothly and preventing any kind of fraud.
This model doesn’t require any physical contact between the buyer and the seller. The platform provides escrow services that protect both the buyers and sellers, whilst the transaction is ongoing. As soon as the transaction is authenticated, then the Bitcoin is released to the buyer.
Peer-to-peer exchanges capitalize on the advantages of blockchain tech coupled with the secured escrow program.
So, how can you use Remitano P2P to Buy Bitcoin?
Remitano is a notable digital asset trading firm in Nigeria that enables the P2P option of buying crypto. Remitano P2P platform offers escrow services between the selling individual and then buying individual, guaranteeing the transaction goes on smoothly, which means you can purchase BTC or sell BTC in Nigeria without being defrauded.
- Purchasing BTC on Remitano P2P is very simple and easy. First, you will need to register with Remitano and pass the KYC requirements before you can begin to buy bitcoin or sell via P2P.
- After completing your account registration, log in on Remitano, scroll down and pick a seller from the listed sellers and select “buy”.
- Select the amount of Bitcoin you wish to purchase.
- Type in your Bitcoin wallet address.
- Select and click on “buy BTC” to start the trade.
- Note down the remittance information of the seller from the transaction page.
- Log on to your internet banking and make payment to the seller via bank transfer.
After making payment, confirm you have paid and wait a while for the seller to verify your payment. Once the seller confirms receiving your transfer, the sellers’ BTC which was previously held in escrow will be released instantly to your BTC address.
Of course, there are a lot of other P2P trading firms that you can purchase BTC from, however, it is vital to buy from a trusted and reliable crypto trading firm such as Remitano.
Remitano P2P exchange is the number 1 crypto exchange platform in Nigeria and many other nations. The platform has existed for years and has consistently improved to offer the best market for both the buyers and the sellers, thus bringing about the utmost level of confidence in the crypto space.
The Remitano P2P platform also assures individuals who buy and sell BTC that all trade transactions are finished on or before fifteen minutes of starting the trade. In a situation whereby the deal isn’t finished successfully, a 50% compensation of the transaction cost will be repaid to the buyer.
Furthermore, the platform provides a very simple and appealing user interface for its clients. Remitano also has very responsive and cordial customer service that is available 24/7 to offer assistance to traders on its platform.
Pros and Cons of P2P
- Those buying and selling are at liberty to make offers and accept offers that are suitable to them.
- Using Remitano P2P protects your bank account from being banned by the CBN. It’s totally safe to buy and sell Bitcoin or altcoins on Remitano.
- Remitano P2P helps to eliminate distance barriers. The buyer and the seller do not have to reside in the same location. This means someone in Nigeria can buy bitcoin from a seller living outside of Nigeria.
- Also, P2P is essential in developing economies where P2P local trades exist. In developing countries, Remitano P2P has helped to expand the interest of the masses in Bitcoin thus increasing crypto trades and adoption.
Below are some of the issues you may find with using p2p exchanges and how Remitano helps to solve these issues;
- Delay in buying and selling: Sometimes when you don’t find any appealing offer, you will have to wait or rather create your own ads. Although, Remitano has a lot of juicy rates because of its large community of traders.
- Another disadvantage of P2P is its high risk of scams. That is why it is essential to buy from trusted and reliable P2P platforms such as Remitano.
Remitano is by far the best and most reliable P2P exchange in the Nigerian and African markets. They make trading easy for newbies and professional traders and offer the best rate.
Find out what’s in store for crypto investors in Nigeria after the CBN Crypto ban.