How to buy bitcoin in Nigeria
Buying and holding bitcoin is legal in Nigeria. Digital assets are regulated as securities under the Investments and Securities Act 2025, and exchange services must be licensed or registered with the Securities and Exchange Commission (SEC). You can buy through platforms that are genuinely available to Nigerian residents, such as Busha and Quidax, which hold approval in principle from the SEC, using naira funding routes that work with licensed providers.
The rules in detail
There is no law in Nigeria that prohibits an individual from buying or holding bitcoin. What is regulated is the business of offering exchange and related services. The Investments and Securities Act 2025, signed into law in March 2025, classifies digital assets as securities and brings virtual asset service providers under the Securities and Exchange Commission (SEC). As of 2026, a platform offering exchange services to Nigerian users is expected to be licensed or registered with the SEC, and the regulator runs the Accelerated Regulatory Incubation Programme (ARIP) as an interim route while full licensing develops.
The banking history matters for funding. In February 2021 the Central Bank of Nigeria (CBN) restricted banks from servicing crypto businesses, which pushed much activity into peer to peer channels. The CBN lifted that restriction in December 2023 and issued guidelines for the accounts of virtual asset service providers, so as of 2026 naira deposits and withdrawals are generally smoother on platforms that work within the SEC framework. Access to some large international platforms changed after the 2024 enforcement action against Binance, which disabled its naira services, so route choice matters.
How to buy bitcoin legally, step by step
- Choose a platform that is genuinely available to Nigerian residents and that holds or is pursuing SEC registration, such as Busha, Quidax, or Luno.
- Create an account and complete the Know Your Customer checks with valid identification, since registered platforms apply identity verification.
- Fund the account using a naira route the platform supports, such as a bank transfer where available.
- Place an order for bitcoin and review the fees and the naira amount before confirming.
- Consider moving holdings to a wallet you control for longer term storage, and keep records of every transaction and its naira value for tax.
Tax
This is general information and not tax advice. Buying and simply holding bitcoin is not itself a taxable disposal, but selling, swapping, or spending it can create a taxable gain. Under the 2025 tax reforms, gains on digital assets are brought into the tax system and reporting applies from 2026, collected by the Federal Inland Revenue Service (FIRS), which is being restructured as the Nigeria Revenue Service. The exact rate and thresholds are being clarified, so keep full records of the naira value at each transaction and verify your position with the FIRS or a qualified Nigerian tax adviser. See the Nigeria tax page for detail.
Availability and how to act
Bitcoin is available to buy in Nigeria through the platforms listed above, with availability and naira funding varying by provider as of 2026. Compare the exchanges that are genuinely available to Nigerian residents before choosing one.
Compare available exchanges in Nigeria
See the platforms that are genuinely available to residents, with their registrations and how to sign up compliantly.
Compare available exchangesRegulator and sources
- Securities and Exchange Commission Nigeria (SEC), sec.gov.ng, the Rules on Digital Assets and the Accelerated Regulatory Incubation Programme (ARIP)
- Investments and Securities Act 2025, signed in March 2025, classifying digital assets as securities
- Central Bank of Nigeria (CBN), cbn.gov.ng, the December 2023 guidelines for accounts of virtual asset service providers
- Nigeria Tax Act 2025 and the Federal Inland Revenue Service (FIRS), firs.gov.ng
Frequently asked questions
Is it legal to buy bitcoin in Nigeria?
Yes. Buying and holding bitcoin is legal in Nigeria. Digital assets are regulated as securities under the Investments and Securities Act 2025, and exchange services must be licensed or registered with the Securities and Exchange Commission. This is general information, not advice.
Where can I buy bitcoin in Nigeria?
Through platforms genuinely available to Nigerian residents, including Busha and Quidax, which hold approval in principle from the SEC, and platforms such as Luno. Confirm the current availability and naira funding routes before signing up.
Can I use my Nigerian bank account to buy bitcoin?
The Central Bank of Nigeria lifted its 2021 banking restriction in December 2023 and issued account guidelines for virtual asset service providers. Naira funding generally works best with licensed platforms, so confirm what each one supports.
Do I pay tax when I buy bitcoin in Nigeria?
Buying and holding is not itself a taxable disposal, but selling, swapping, or spending bitcoin can create a taxable gain under the 2025 reforms, with reporting from 2026. Keep records of the naira value at each transaction and verify with the FIRS.
Is bitcoin banned in Nigeria?
No. Bitcoin is not banned. A 2021 banking restriction limited bank dealings with crypto firms, but it was lifted in December 2023 and replaced with a licensing framework under the SEC. Confirm the current position before acting.
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