How To Bypass CBN Restrictions On Your Cryptocurrency

While there has been a lot of unrest over the past few days as Nigerians were no longer able to use their local bank accounts to fund their cryptocurrency wallets, the truth is that buying cryptocurrency despite the new CBN restriction is actually a lot easier than a lot of people think. 

The new regulation by the Central Bank of Nigeria which restricts direct use of local bank account to fund cryptocurrency wallets affected exchangers like Luno, Binance, etc., as Nigerians could no longer fund their wallets through their platforms. But it has not stopped Nigerians from trading cryptocurrency and it shouldn't stop you either.

Thanks to its decentralized method of operation, cryptocurrencies can conveniently stay beyond the reach of any government body, so you don't need to be afraid.

Here are a few suggestions on how you can conveniently bypass this policy without being flagged, or having your account restricted:

READ MORE: Cryptocurrency Investors Need To Buy Gold - Top Miner Says
Peer-To-Peer (P2P) Transactions
One of the options we have is a peer to peer (P2P) purchases. Basically, this means buying and selling between two individuals without a third-party’s involvement. But to do peer to peer trades, you need to know someone who is willing to sell or buy depending on what you wish to do with your coin or naira. There are a few trusted platforms that act as escrow: Remitano.com and Binance.com. However, it is important to avoid the use of any crypto-related payment reference to avoid being flagged.

Cross-border Payment Apps
With cross-border payment/transfer apps, crypto users can deposit money (in those apps) and fund their crypto wallets via mobile money, to facilitate their trade and send their monies home. Although most apps can claim deposits, it is also important to be sure you can make withdrawals. The best apps for this method are Bitsika, FxKudi, and Cofredpay depending on your preference.

Forex Brokerage Accounts

Forex accounts are not only for trading, they can also be used to keep your money in dollars. Many forex brokers also allow you to fund your account and withdraw in Bitcoin. So all you need to do is open an account with a forex broker, and fund it with the amount you desire to deposit, then request for your withdrawal in cryptocurrency. You can also fund your account with cryptocurrency, and withdraw from the brokerage to your local bank account. It's really that simple!

Yesterday, Binance also launched a trading method that allows Nigerians to trade on their platform using the NGN Fiat/NGN pair with zero fees. So you can simply make your deposit by buying the Naira on the platform and using it to buy your crypto.