Summary
Nigeria represents Africa’s largest cryptocurrency market, with significant trading volumes despite regulatory challenges. While crypto trading is legal, the Central Bank of Nigeria (CBN) maintains restrictions on bank-facilitated transactions. The Securities and Exchange Commission (SEC) actively regulates virtual assets, requiring exchanges to obtain specific licenses. The best crypto exchanges in Nigeria adapt to these conditions by offering P2P trading, card payments, and NGN support. Leading platforms maintain compliance while providing access to global markets. Here are the best crypto exchanges in Nigeria:
- Binance – Extensive P2P marketplace with NGN support and high liquidity
- Busha – Local exchange with direct NGN deposits and focused Nigerian market support
- Luno – Popular African exchange with dedicated Nigerian presence and educational resources
- Valr – Growing platform with competitive rates and African market focus
- Kraken – International exchange with extensive features and institutional-grade security
Best Crypto Exchanges in Nigeria
Nigerian cryptocurrency traders operate in a unique market environment that requires specialized trading solutions. The current banking restrictions have led to the evolution of alternative trading methods, with P2P trading emerging as the primary transaction channel. Successful platforms in Nigeria must offer reliable NGN trading pairs, multiple payment options, and strong security measures.
Local traders prioritize exchanges with high liquidity in NGN pairs, responsive customer support in Nigerian time zones, and platforms that understand local regulatory requirements. Mobile trading access is particularly important, as most Nigerian traders use smartphones for transactions.
1. Binance
Users:
200m
Free Demo:
Mobile App:
Bonus:
$100
Cryptos:
400+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.05%
Pros
- Most comprehensive crypto exchange
- Most advanced features and products
- 24/7 customer support
- 400+ cryptocurrencies
- Reputable with over 200 million users
- Best liquidity
Cons
- Not beginner friendly
- Restricted in many regions due to regulations
- EU traders must use BNFCR for futures trading
Overview
Reaching over 200 million registered users in 2024, Binance is by far the largest crypto exchange in the world. The platform is incredibly comprehensive, offering crypto traders all the tools they need to make a profit in the crypto market.
With over 400 cryptocurrencies to trade, leverage of up to 125x, directly integrated charts from TradingView with tons of technical analysis tools, and many more features, Binance has secured its spot as one of the best crypto exchanges.
Binance offers a wide variety of products, including spot, margin, futures, and options trading, staking, lending, P2P, automated bot trading, copy trading, and even an NFT marketplace. It is safe to say that crypto geeks will find everything they are looking for on Binance.
The trading fees on Binance are very affordable. Binance charges 0.1% trading fees on the spot market (makers and takers alike), which is the industry standard. Where Binance excels is the futures market with fees of only 0.02% for makers and 0.05% for takers.
2. Busha
Users:
800K
Free Demo:
Mobile App:
Bonus:
Upto to ₦2,000 in Free Bitcoin
Cryptos:
54+
Leverage:
Not Supported
Spot Fees:
0.50%/0.50%
Futures Fees:
Not Supported
Pros
- Simple, beginner-friendly design
- Regulated, secure African exchange
- Auto-buy options and price setting
- Buy airtime, data, and earn cashback
- Accept stablecoins with no hidden fees
Cons
- Fewer coins than global exchanges
- Tied to Nigerian currency fluctuations
- No advanced options like margin trading
Busha Overview
Busha is a regulated cryptocurrency exchange serving over 800,000 users, primarily focused on the Nigerian market. The platform supports 54 cryptocurrencies and operates under SEC licensing for enhanced security and regulatory compliance.
The exchange implements a fee structure of 0.5% for both maker and taker orders in spot trading. Futures trading is not supported on the platform. Busha offers yield-generating opportunities with up to 7.5% APY on stablecoin holdings without mandatory lock-in periods.
Security measures include mandatory KYC verification and 24/7 human customer support. The platform provides recurring buy options and limit orders for automated trading strategies. Additional features include digital asset spending capabilities for airtime and data purchases with integrated cashback rewards. The mobile application enables trading and commerce integration for stablecoin acceptance.
The exchange’s limitations include dependency on Nigerian Naira currency fluctuations and the absence of advanced trading features like margin trading. While the platform offers essential cryptocurrencies, the selection is restricted compared to global exchanges. Users have reported occasional stability issues with the mobile application, including lag and freezing during peak trading periods.
3. Luno
Users:
2M
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
25+
Leverage:
Not Supported
Spot Fees:
0.6%/0.4%
Futures Fees:
Not Supported
Pros
- Strong compliance and security focus
- User-friendly interface with mobile apps for Android and iOS
- Support for fiat currencies and credit card payments
- Low fees
Cons
- Limited cryptocurrency selection
- Lack of advanced trading features
- Limited Availability in Some Countries
Luno Overview
Luno, operating since 2013, is a cryptocurrency exchange focused on simplifying access to digital assets. The platform supports over 25 cryptocurrencies and prioritizes security and compliance, ranking among the most compliant exchanges globally as of November 2023 (CCData).
Luno offers spot trading with fees of 0.6% for takers and 0.4% for makers. Features include real-time market data, price alerts, and recurring purchases. The exchange provides mobile apps for Android and iOS, enhancing accessibility for users.
For developers and institutions, Luno offers an API for third-party integrations. Multi-signature wallets are used for secure asset storage. Luno lacks advanced features like leverage trading and futures contracts. While it offers a user-friendly experience for beginners and intermediate traders, it may not satisfy advanced traders seeking complex instruments.
Customer support is available via email and a knowledge base, but live chat and phone support are absent. Luno does not offer a free demo or sign-up bonus.
4. Valr
Users:
500K
Free Demo:
Mobile App:
Bonus:
Earn a Share of 10,000 USDT
Cryptos:
107+
Leverage:
10X
Spot Fees:
0.40%/0.40%
Futures Fees:
-0.01%/0.1%
Pros
- Supports spot, margin, futures, and OTC trading
- Easy account setup and trading process
- Robust security measures and regulatory compliance
- 18-hour customer service and dedicated channels for businesses
Cons
- Primarily focused on the African market
- Advanced features may be challenging for beginners
Valr Overview
VALR is a cryptocurrency exchange serving 500,000 users, with a primary focus on the African market. The platform supports over 107 digital assets and offers multiple trading options including spot, margin, and futures trading with up to 10x leverage.
The exchange implements a competitive fee structure with -0.01% maker and 0.1% taker fees for spot trading. Futures trading fees are set at 0% for makers and 0.05% for takers. VALR provides additional revenue opportunities through referral commissions and liquidity provision rewards.
Security measures include mandatory KYC verification and regulatory compliance protocols. The platform offers staking and yield-generating products for passive income generation. Customer support operates for 18 hours daily, with dedicated channels for business clients. The mobile application enables trading on the go.
While VALR provides comprehensive trading features, the advanced functionalities present a learning curve for new users. The platform does not offer a demo account for practice trading. Geographic limitations restrict access primarily to African markets, and regulatory requirements vary across jurisdictions.
5. Kraken
Users:
10m
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
220+
Leverage:
100x
Spot Fees:
0.25%/0.4%
Futures Fees:
0.02%/0.05%
Pros
- Very beginner-friendly
- Low futures trading fees
- Free demo trading
- Fiat supported
- 24/7 customer support
- Fully regulated
Cons
- High spot trading fees
- Lacks advanced features
- Poor liquidity for futures trading
- Complicated Demo trading
Kraken Overview
Kraken stands out as one of the most beginner-friendly crypto exchanges. With an easy to understand UI, simple features, and a straightforward approach, Kraken has onboarded over 10 million users to its platform from all around the world.
Spot traders can access over 220 cryptocurrencies for buying and selling. For traders seeking more buying power, Kraken offers a leverage trading platform with up to 50x leverage on selected assets such as BTC.
In terms of fees, Kraken has a different approach for spot and futures trading. While spot trading fees are relatively high (0.25% maker and 0.4% taker), the futures fees are very low (0.02% maker and 0.05% taker). Based on your 30-day trading volume, you can obtain additional fee discounts.
What we love about Kraken is its comprehensive fiat support. You can deposit funds using your credit card or bank transfer. Once you are done trading, you can withdraw fiat currencies such as EUR or USD back to your personal bank account to lock in your profits.
Is Crypto Legal and Regulated in Nigeria?
Cryptocurrency trading maintains legal status in Nigeria, operating within a complex regulatory framework. The Central Bank of Nigeria (CBN) issued a circular in February 2021 prohibiting banks from facilitating cryptocurrency transactions, significantly impacting traditional trading methods.
The Securities and Exchange Commission (SEC) established comprehensive guidelines in May 2022, classifying digital assets as securities unless proven otherwise. These regulations require cryptocurrency exchanges to obtain Virtual Assets Service Provider (VASP) licenses and maintain minimum capital requirements of ₦500 million. The SEC’s framework includes specific requirements for custody, trading, and security measures.
Nigeria demonstrates progressive adoption of blockchain technology through the eNaira initiative, Africa’s first central bank digital currency (CBDC). This development signals the government’s recognition of digital asset potential while maintaining regulatory control. The SEC continues to update guidelines for emerging crypto products, including NFTs and DeFi protocols.
Is Crypto Taxable in Nigeria?
The Federal Inland Revenue Service (FIRS) oversees cryptocurrency taxation in Nigeria. While specific cryptocurrency tax guidelines continue to evolve, digital assets fall under existing tax frameworks with several key considerations:
Capital gains from cryptocurrency trading face a 10% tax rate upon conversion to fiat currency. Businesses engaging in cryptocurrency activities must pay the standard company income tax rate of 30%. Individual traders are subject to progressive tax rates from 7% to 24% based on their total income. The FIRS requires detailed transaction records for tax assessment, including trading history, acquisition costs, and disposal values.
Mining income and staking rewards receive classification as self-employed income, subject to relevant tax rates. Cryptocurrency payments for goods and services fall under value-added tax (VAT) regulations where applicable.
Disclaimer:
Tax laws are subject to change, and individual circumstances may vary. It is strongly advised to consult with a qualified tax professional or financial advisor for personalized guidance on cryptocurrency taxation in Nigeria.
How to Buy Crypto in Nigeria
Nigerian residents maintain multiple options for cryptocurrency purchases despite banking restrictions. Binance leads the market with comprehensive P2P trading options, supporting various payment methods and offering competitive rates.
- Select a cryptocurrency exchange that offers robust support for the Nigerian Naira (NGN), dependable peer-to-peer (P2P) services, and a solid track record in security.
- Register on the platform by completing the full KYC verification process using valid Nigerian identification.
- Decide between P2P trading, which enables bank transfers, and direct purchases via card payments. P2P transactions often offer better rates.
- Choose your preferred cryptocurrency—Bitcoin, Ethereum, or USDT are particularly popular in Nigeria.
- Before proceeding, double-check transaction details like fees, exchange rates, and payment conditions.
- Move assets to a personal wallet for long-term storage, using robust security practices.
Nigerian traders frequently start with USDT on P2P platforms before expanding into other cryptocurrencies. This approach enhances trading efficiency while staying compliant with local banking guidelines. The competitive nature of P2P markets also provides attractive rates, thanks to the high number of active traders.
Best Crypto Wallets in Nigeria
Nigerian cryptocurrency users need wallet solutions that effectively balance security with accessibility. For substantial holdings, hardware wallets provide top-tier security, while software wallets offer the convenience required for frequent trading.
Ledger and Trezor hardware wallets ensure offline storage and support a wide array of cryptocurrencies. Mobile options such as Trust Wallet and Exodus feature intuitive interfaces and integrated exchange functionalities. MetaMask is popular for accessing DeFi applications and NFT marketplaces.
For Nigerian users, wallets with multi-network compatibility are essential, especially for those managing NGN pairs and locally relevant token standards. Important security features like multi-signature verification, biometric logins, and backup options help guard against unauthorized access. Mobile wallet solutions, in particular, benefit from extra security measures due to the high rate of smartphone-based trading in Nigeria.
Bottom Line
For Nigerian cryptocurrency traders evaluating the best crypto exchanges in Nigeria, Binance maintains market leadership through extensive P2P options, competitive fees, and robust security measures. Busha provides a strong local alternative with dedicated NGN support and market-specific features. Both platforms demonstrate regulatory compliance while delivering reliable access to global cryptocurrency markets, meeting the specific needs of Nigerian traders.
