07-31-2022 icon

How to Buy Bitcoin with Naira in 2022

By Lucy Adegbe

Buying bitcoin with naira should be as easy as online shopping. However, it has become a tad more difficult to buy bitcoin with naira due to Nigeria’s central bank policies. Fortunately, NairaEx has put in the effort to make buying bitcoin simple and easy.

NairaEx has thousands of customers, making it one of the top bitcoin exchanges in Nigeria that offers bitcoin and many other cryptocurrencies. 

In this beginner’s guide, you will learn how to buy bitcoin with naira on the NairaEx exchange platform. 

How to Buy Bitcoin with Naira on NairaEx

Step 1: Set up an account on NairaEx

1. Register an account with your first name, last name, email and password on NairaEx.com. The platform has a robust security structure to securely protect your personal data.

2. Check your email to verify your account. Once this is done, you are now on the basic level of verification, which allows you to deposit and withdraw cryptocurrencies.

3. To buy bitcoin, you need to perform the necessary account verification.

Step 2: Upgrade your Verification

  1. Click on your Profile at the top right-hand side.
  1. In the dropdown, you will see ‘Verification’. Click on it.
  1. You will see three verification options – Basic, Intermediate and Full.
  1. Only ‘Full Verification’ allows you to deposit naira for buying bitcoin.

NairaEx requires these documents for verification:

– Bank Verification Number (BVN)

– Phone Number

– Proof of identity: International passport, Driver’s license, or any Nigerian government-issued means of identification.

– Selfie: Take a clear photo of your face while holding up the proof of identity to validate your identity and to prevent fraud.

NairaEx has a top-notch verification system, and it takes only a few minutes to get verified. 

To get started, fill in the required details like name, date of birth, address, phone number, and country. 

Step 3A: Deposit Naira Direct From Your Bank

  1. Click on Wallets at the top of your screen. You will see an option to deposit naira. 
  1. Click on deposit. Fill in the amount you want to deposit.
  1. A pop-up will appear click continue and select a bank
  1. Login with your internet banking details 
  1. Confirm payment and the money will reflect in your account within a few minutes 

Step 3B: Deposit Naira via P2P

  1. Click on P2P at the top. You will see an option to ‘Deposit Naira’.
  1. Click on ‘Deposit Naira’ to start the process.
  1. Type in the amount you want to deposit and send the same money to the bank account that shows on your screen.
  1. The money will settle in your naira wallet in a few minutes.

Step 4: Buy Bitcoin with Naira

  1. As shown in the image above, NairaEx supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), and Perfect Money. As a payment method, it also allows Nigerian Naira (NGN).
  1. Add the naira value of the bitcoin you want to buy.
  1. Click ‘Next’.
  1. On the next page, you will see a details page for your transaction. 
  1. On the right-hand side of the same page, check the box that says “Deposit into my 

NairaEx wallet”. 

  1. Click “Complete” to get your bitcoin. The funds will arrive in your NairaEx Bitcoin wallet. 

As you can see, buying bitcoin doesn’t have to be complicated. You can start buying bitcoin right now on NairaEx.