When people in Nigeria talk about buying crypto, they’re often talking about Binance Nigeria, the local version of the world’s largest cryptocurrency exchange that became the go-to platform for millions of Nigerians after the 2021 Central Bank ban on bank-crypto transactions. Also known as Binance NG, it let users trade Bitcoin, Ethereum, and dozens of altcoins using local bank transfers and P2P payments — turning it into the de facto crypto gateway for a country with limited access to traditional finance. But here’s the thing: Binance Nigeria stopped offering direct Naira deposits in 2021 after the Central Bank of Nigeria ordered banks to cut ties with crypto platforms. What’s left now isn’t the same service — it’s a shadow of its former self, relying entirely on peer-to-peer trading and third-party payment processors.
That shift changed everything. People still use Binance Nigeria, a platform that lets users buy and sell crypto without a bank account, using cash, mobile money, or bank transfers through intermediaries. Also known as Binance P2P, it became the backbone of Nigeria’s crypto economy — even as regulators cracked down on exchanges and banks tightened rules. But it’s not the only option anymore. Platforms like OrangeX, a high-leverage exchange with deep liquidity but no official license in Nigeria. Also known as unregulated crypto exchange, it’s gaining traction among traders who want more tools than Binance offers — even if it comes with higher risk. Meanwhile, local exchanges like Luno, a regulated platform that still operates in Nigeria with direct Naira support. Also known as Nigerian crypto exchange, it’s become a safer, if slower, alternative for beginners who want to avoid the chaos of P2P markets. The truth? Most Nigerian traders now juggle multiple platforms: Binance for low fees and wide coin selection, Luno for safety, and local payment agents for cash-in cash-out.
What you’ll find in this collection are real stories from Nigerian traders — the good, the bad, and the ugly. You’ll see how people lost money on fake airdrops pretending to be tied to Binance, how some used Binance P2P to survive inflation, and why platforms like Bitwired and Canary Exchange are outright scams targeting Nigerian users. You’ll also learn how to spot the difference between a legitimate crypto opportunity and a phishing trap, and what steps to take if your funds get frozen. This isn’t theory. These are the lessons people learned the hard way — and they’re the exact same lessons you need to know before you trade your next Naira for Bitcoin.
5 Dec 2025
Nigeria doesn't ban crypto exchanges outright - it requires licenses. Only Quidax and Busha are fully legal as of 2025. Binance and others are restricted, not banned. Here's what you need to know.
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