The war between the Central Bank of Nigeria and Cryptocurrency traders/organisations in Nigeria is already a lost battle. CBN shouldn’t waste their time.
The ban isn’t just about remittance and loss of revenues by banks. Traditional institutions are already investing heavily in Crypto and Crypro being decentralised, it’s the best option when funding lots of transactions even the ones the government can’t control (the so called illicit transactions).
ENDSARS used crypto transactions when their donation account with Flutterwave was blocked by CBN.
The government is obviously scared of the unknown.
4 Ways to Bypass CBN Ban:
Using P2P Enabled Wallet or Crypto Exchange
- Transfer your assets to a P2P enabled wallet or exchange example https://binance.com, https://okex.com https://blockchain.com
- Transfer your crypto to your beneficiary address.
- Receive payment with Skrill or Payoneer or Directly to your bank(if dealing with a Nigerian beneficiary)
- Cash out in Naira
Using Coinbase – Paypal
- Open a Coinbase and PayPal account and connect both
- Withdraw your assets from other wallets to Coinbase
- Withdraw from Coinbase to PayPal and then transfer to your Naira account
Using Ecobank Ghana Account
- Open an Ecobank Ghana account online as a non-resident.
- Connect it to your exchange (Binance, Okex, Luno etc…)
- Withdraw to your Eco Bank Ghana account
- Shoot it to your Nigerian account.
Using OTC Traders
- Look for a trusted OTC trader within your network
- Send the crypto to them
- They will send the value equivalent to your bank account without using crypto currency as the transaction description.
- You are good to go.
Eventually the ban will be lifted, obviously not anytime soon but the silver lining to this is that this ban would create many necessities and new startups would spring up to provide solutions to circumvent the process. It is obviously a win win for the wise.