Buying Monero in Nigeria is a simple process, and you should be able to buy Monero within 15 minutes or so.
Nigeria has 5 exchanges where you can buy Monero.
The best Monero exchanges in Nigeria for beginners are Binance and Gate.io. An easy-to-use interface and an intuitive sign-up and buying process make all the difference when you are new to crypto.
For experienced traders in Nigeria, we recommend Binance and Gate.io. Having access to many trading features and paying low fees are a must when you trade often.
Ultimately, if you just want to buy Monero, you can't go wrong with any of the exchanges above.
Most Popular for Beginners
Gemini – Highly regulated, easy to use, limited offering
Most Popular for Experienced traders
Binance is arguably the most well-known cryptocurrency exchange on the market, and it’s the one we subconsciously compare to most when we review other exchanges at MadCrypto.
Gate.io is an advanced cryptocurrency exchange that offers a comprehensive list of trading features and has its own wallet service.
Kraken is an easy-to-navigate platform for both beginner and experienced crypto traders.
How to Buy Monero in Nigeria
Step 1: Register and complete KYC (know your client) verification
Most sign-up processes are relatively straightforward, but you will have to go through the Know Your Customer (KYC) process. Today, almost every exchange in Nigeria requires its user to verify their identity. The KYC process for users in Nigeria includes sending a copy of your passport or identity card, as well as a video of yourself, though the exact process varies according to the exchange you've chosen.
Step 2: Fund your account
Once you’ve completed the KYC process, you will have to fund your account. Every exchange is different - some support local fiat payment methods, while others only allow users to deposit cryptocurrency. Beginner-friendly exchanges do their best to have convenient payment methods.
Step 3: Buy Monero
Once you have a verified account with some funds, you're fully set up. Simply navigate the platform of your choice, find Monero, and buy it! As you can see, buying Monero in Nigeria is relatively easy and can be done quickly and efficiently.
What to do after you’ve bought Monero?
Once you’ve bought Monero, if you want to make the most out of it, you still have a couple of decisions to make.
How to safely store your Monero
Keeping your crypto safe is arguably the most important step of them all. Here you have a few options depending on what you intend to do with the Monero you’ve bought. If you intend to HODL your Monero for a long time, you should consider getting a hardware wallet that isn’t connected to the internet for safekeeping. If trading is what’s on your mind, then storing your Monero on the exchange you’re trading is the easiest way to go. The danger of keeping funds on an exchange is that you or the exchange might get hacked; luckily exchanges like Coinbase and Bitvavo are starting to insure customer accounts against hacks, which somewhat mitigates the risk.
How to stake your Monero
Staking is a way to earn interest on your Monero, which can really help grow your crypto holdings over time. If you have chosen an exchange that allows Monero staking, you can activate staking from the exchange. Often, staking will include locking your Monero for a certain amount of time, which is risky since the value of your Monero can drop while it is locked.