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 SEC's VASP 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 — BVN or NIN — which is exactly what Monica does.
Yes. Following the CBN's December 2023 reversal of the 2021 banking restriction and the SEC's Virtual Asset Service Provider (VASP) framework — 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 — BVN or 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 on-chain confirmation, then under 60 seconds from conversion to bank alert — 24/7, weekends included.
0% fees on the Nigeria side. Live market rate. Every Nigerian bank.
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