The Central Bank of Nigeria in a recent memo has decided to stop the sale of Foreign currency to Bureau De Change operators in Nigeria.
How does that affect Nigeria’s financial sector and businesses that rely on Forex to pay for goods and services?
Well, the Naira has witnessed a sharp fall, and is currently selling at N520 for a dollar.
But there is an opportunity for savvy business people who know how to leverage new digital financial technologies.
The Rise of Digital Malams
Even before the unreasonable ban of cryptocurrencies and crypto trading activities in Nigeria, digital businesses were already gearing up for the change in the financial landscape.
The unpopular call of the CBN concerning cryptocurrency was just a formality and a wake up call to those already sleeping on the many available fintech opportunities.
Now, more than ever, it is now important for savvy entrepreneurs to take the bull by the horns and stop relying on the ever wavering policies of the CBN.
The digital landscape is ready for the taking, and would reward those ready to step out of the shadows of traditional institutions to embrace the digital revolution.
Starting Your Own Digital Currency Exchange
The biggest takeaway of the digital revolution is the decentralization of markets.
To start your own digital currency exchange, you don’t need any license. You don’t have to play to the rule of any individual. You don’t even need to have an office location.
This essentially means that almost anyone with the right resources and willingness can start their own digital currency exchange.
All you need is some capital, platform access, and KYC documentation.
Once you have all these in place, you can start buying and selling the digital formats of on-demand foreign currencies, and get customers from around the world.
P2P Digital Currency Exchange
There are several platforms that give Nigerians access to trade digital currencies in a peer-to-peer system.
But the best platform by far, in terms of transparency and fairness, is Binance.
Binance is arguably the biggest cryptocurrency trading platform in the world, and they have built their P2P exchange platform in a way that Nigerian crypto traders can thrive.
You don’t even need any payment processor to send or receive money. Every transaction is done between buyer and seller, with Binance monitoring the transaction.
To launch your own Digital Currency Exchange, all you have to do is sign up with Binance, do your KYC to a high level to get verified, and set up your Binance account.
Once that is done, you can then log on to the “Advertisement mode” on the Binance P2P and start posting your advert.
Once your “Buy” or “Sell” advert is approved by Binance, it would become visible in the P2P marketplace and you’ll start receiving buy and sell orders.
That’s it. Do your eCurrency trades and make your money at ease.