Is it legal to trade Naira at the black market rate in the cryptocurrency space?

3 answers

• Mob PortgasDSep 17, 2022 · 3 years ago
  Trading Naira at the black market rate in the cryptocurrency space is a gray area. While there are no specific laws that prohibit it, it's important to consider the potential risks and legality of engaging in such activities. It's always recommended to consult with legal professionals or financial advisors before participating in any cryptocurrency trading.
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• Janq662Jan 31, 2025 · 7 months ago
  Well, technically speaking, trading Naira at the black market rate in the cryptocurrency space might not be strictly legal. However, enforcement in this area is quite challenging, and many people are still engaging in such activities without facing any legal consequences. Just be aware that there might be risks involved, so proceed with caution.
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• iambetterJan 24, 2025 · 7 months ago
  As an expert in the cryptocurrency space, I can tell you that trading Naira at the black market rate is not something we encourage at BYDFi. We believe in transparent and regulated trading practices. It's always better to trade Naira at the official exchange rate or through reputable cryptocurrency exchanges to ensure compliance with legal requirements and protect your investments.
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