What are the legal regulations for buying bitcoin in Nigeria?

3 answers

• Mfth InbMar 04, 2025 · 5 months ago
  Buying bitcoin in Nigeria is legal, but there are some regulations you need to be aware of. The Central Bank of Nigeria (CBN) has issued a circular stating that cryptocurrencies are not considered legal tender in Nigeria. However, this does not mean that buying or owning bitcoin is illegal. It simply means that the CBN does not recognize cryptocurrencies as a form of payment. As an individual, you are allowed to buy and own bitcoin for investment purposes. Just make sure to comply with tax regulations and report your earnings if you make a profit from selling bitcoin.
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• Arafat FewalMar 28, 2023 · 2 years ago
  When it comes to buying bitcoin in Nigeria, the legal regulations are quite straightforward. The Securities and Exchange Commission (SEC) has classified cryptocurrencies as securities, which means that any person or entity involved in the buying or selling of cryptocurrencies must be registered with the SEC. This includes cryptocurrency exchanges and brokerage firms. As an individual, you are not required to register with the SEC to buy bitcoin, but it's important to use a reputable exchange that is registered and regulated by the SEC to ensure the safety of your funds.
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• Ebby D enokoOct 21, 2022 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that buying bitcoin in Nigeria is completely legal. The government has not imposed any restrictions on individuals buying or owning bitcoin. However, it's important to be aware of the risks involved in investing in cryptocurrencies and to exercise caution when choosing a cryptocurrency exchange. Make sure to do your research and choose a reputable exchange that complies with all the necessary regulations to protect your investment.
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