This is a common confusion. The CBN's February 2021 letter directed Nigerian banks to stop facilitating crypto transactions that's restriction on banks, not on individuals holding or trading crypto. Holding Bitcoin remained legal throughout. The December 2023 reversal opened the bank-fintech rails back up. Today (2026), Bitcoin is legal to hold, trade, and convert via SEC-aligned platforms.
No. Bitcoin has never been banned in Nigeria. The 2021 CBN restriction limited bank-mediated crypto transactions specifically; that restriction was reversed in December 2023.
In the Monica.cash app download from Google Play or App Store, complete KYC, get started.
0% on Monica for all conversions and bank withdrawals. Only onchain network fees apply, paid to validators (not Monica).
Sub-60 seconds typical for the Monica side (conversion + bank withdrawal). Onchain confirmation timing varies by coin and network.
0% fees. Under 60s payouts. 500K+ users. Built for Nigerian crypto reality.
Download Monica