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The legal status of bitcoin (and related crypto instruments) varies substantially from state to state and is still undefined or changing in many of them. Luno is a bitcoin exchange that does not just have a presence in nigeria alone, but most other countries like; You can get your hands on bitcoin by mining, earning our buying. It offers solace to nigerians in a failing economy with a corrupt government. The main reason for the growth in popularity of bitcoin in nigeria is due to the unpredictability of conventional cash. Whereas the majority of countries do not make the usage of bitcoin itself illegal, its status as money (or a commodity) varies, with differing regulatory implications. Several bitcoin exchanges accept different payment methods. Since the mmm exit scam, the cryptocurrency has recorded tremendous growth in the country. In nigeria, you can use bitpesa to buy bitcoins with your debit card or paga account. Bitcoin education has become more available than ever in the country. Nigeria ranks among the top five users of bitcoins in the world. Some of them require skills and deeper knowledge than others. The central bank of nigeria (cbn) has circulated a letter directing banks and financial institutions to identify and close accounts of cryptocurrency transacting entities.
