In 2021, the Central Bank of Nigeria ordered banks to stop facilitating cryptocurrency transactions and to close all cryptocurrency-related accounts.

Buying cryptocurrency in Nigeria just got a whole lot easier after Moonpay and ConsenSys teamed up to make it easier to buy cryptocurrency directly via bank transfer on MetaMask.

According to a March 21 announcement, MetaMask developer ConsenSys revealed that Moonpay’s new integration will allow users to purchase their cryptocurrencies within the MetaMask mobile and Portfolio Dapps.

Promoting accessibility

This significantly improves the common practice of using credit or debit cards to make cryptocurrency purchases. “An estimated 90% of credit/debit card attempts to purchase cryptocurrency in Nigeria are rejected,” ConsenSys noted.

According to the announcement, Nigeria is one of MetaMask’s key markets globally, ranking third in terms of active mobile users.

“Integrating MoonPay into MetaMask will make it easier and more efficient for Nigerian users to acquire tokens.”

Nigeria adopts Metamask

Meanwhile, MetaMask’s popularity in Nigeria demonstrates the adoption of cryptocurrencies in the country despite unclear regulations. In 2021, the country’s banking regulator, the Central Bank of Nigeria, ordered banks to stop facilitating cryptocurrency transactions and close all cryptocurrency-related accounts.

Despite the suspension of services, cryptocurrency adoption in the country remains unhindered as peer-to-peer transactions become more popular. Chainalysis ranked Nigeria in the top 20 in its 2022 Global Crypto Adoption Index.

Although the government appears to have relaxed its stance, regulation of cryptocurrencies in Nigeria remains unclear.

In 2022, it was reported that Binance and the Nigerian government were involved in talks to create a virtual free zone - similar to Dubai's cryptocurrency trading zone. The CBN also stated that it did not ban cryptocurrencies.