The legal picture has three layers. Holding crypto was never illegal for individuals. The CBN's February 2021 letter restricted banks, not people, and was reversed in December 2023. Since then the regulatory framework (with provisional licences issued from August 2024) formalised compliant platforms. What the rules ask of you as a receiver: use a platform that KYCs you properly, NIN, which is exactly what Monica does.
Yes. Following the CBN's December 2023 reversal of the 2021 banking restriction, with provisional licences issued to Nigerian exchanges from August 2024, receiving and converting stablecoins is legal in Nigeria. Receiving USDT and converting to naira through a KYC-compliant platform is lawful.
A verified Monica.cash account, your NIN plus a selfie, about 4 minutes, and any Nigerian bank account for the naira.
About $1 in network fees on TRC-20. Monica charges 0% to receive, convert, and withdraw.
Seconds to a few minutes for the network to confirm, then under 60 seconds from conversion to bank alert, 24/7, weekends included.
0% conversion fee on the Nigeria side. Live market rate. Every Nigerian bank.
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