NairaEx review
Know before you deposit
NairaEx is not a platform we would put money on: Nigeria's oldest bitcoin exchange is still online, but its activity has collapsed and its standing under the SEC's new licensing regime for virtual asset providers is unclear.
Launched in 2015, NairaEx was a simple broker: buy or sell bitcoin against naira by Nigerian bank transfer. That simplicity carried it through Nigeria's harshest years, including the Central Bank's February 2021 circular that cut crypto businesses off from bank accounts, and it earned genuine trust as one of the few constants in the market.
That era has ended. Traffic is a trickle (roughly 1,400 daily visitors as of July 2026), coin support and service consistency have slipped, and the regulatory ground has shifted: the Investments and Securities Act 2025 put virtual asset service providers under SEC licensing, and a July 2026 presidential executive order forced the CBN, SEC and tax authorities onto one coordinated playbook. NairaEx's position in that process is unclear, while competitors have moved: Luno became the first global exchange admitted to the SEC's Accelerated Regulatory Incubation Programme in July 2026.
Nigerians have better options. Luno is inside the SEC's regulatory process and focused on Nigeria as a core market, and Yellow Card is an established pan-African alternative.
- Founded
- 2015
- KYC
- Required
- Status
- caution
How you can pay on NairaEx
We have not verified NairaEx's deposit rails against our payment registry, so only the platform's own claims are listed below. Treat them as unconfirmed.
As published by NairaEx: Nigerian bank transfer (NGN).
Pros and cons
What works
- A track record dating to 2015, longer than any other Nigerian bitcoin exchange
- Simple naira bank transfer flow that a generation of Nigerian users learned on
What to watch
- Trading activity, coin support and service consistency have all collapsed from their peak
- No clear license status under the SEC regime created by the Investments and Securities Act 2025
- Thin liquidity compared with the licensed platforms now serving Nigeria
Fees in detail
- spread note
- Pricing is broker-style: the cost sits in the quoted naira rate rather than an itemized fee schedule.
Frequently asked questions
Is NairaEx still working?
The website is still online and gets a trickle of traffic, but service consistency has collapsed. We do not recommend depositing money there.
Is NairaEx licensed in Nigeria?
Unclear. The Investments and Securities Act 2025 requires virtual asset service providers to hold an SEC license, and NairaEx's status under that regime has not been made clear. Luno, by contrast, was admitted to the SEC's incubation program in July 2026.
Is bitcoin legal in Nigeria?
Yes. Digital assets are classified as securities under the Investments and Securities Act 2025 and regulated by the SEC, and a presidential executive order signed in July 2026 coordinates the CBN, SEC and tax authorities on virtual assets.
What should Nigerians use instead of NairaEx?
Luno is inside the SEC's Accelerated Regulatory Incubation Programme and serves Nigeria directly. Yellow Card is another established option across Africa.
