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Cryptocurrency is continues to gain traction as its trading is one of the ways to make money online in Nigeria. The idea of cryptocurrency was initiated with the primary purpose of bringing power and control over the use of digital currencies, unlike fiat money which the central government controls.
The decentralised and volatile nature of cryptocurrency makes them good investment and trading assets for crypto investors and traders. In other words, just like trading foreign exchange(forex), one can also trade cryptocurrencies to make profits using some crypto trading strategies.
Aside from the popular crypto trading known to almost everyone, there are many other ways to make money from cryptocurrency, especially if you’re a Nigerian. You only need to find which of them you can easily set up and manage efficiently. We will discuss some unpopular strategies you can use to make money online with cryptocurrency.
Ways To Make Money Online From Crypto In Nigeria
1. Crypto Investment
Investing in cryptocurrency is one of the best ways to make great money from crypto without stress. The fluctuating nature of crypto has made it possible to be used as an investment asset. For example, the price of Bitcoin was less than $1 when it was launched in 2009. People who invested in Bitcoin then would have all become very rich when Bitcoin smashed the $100K psychological level in December 2024.
Crypto investment is often more of a long-term investment than a short-term, and only enduring investors may be able to plunge the total profits of their assets.
2. Crypto Arbitrage Trading
Crypto trading is simply the act of buying and selling cryptocurrency at different prices to make a profit from the price difference.
Given the fluctuating nature of cryptocurrencies, traders can buy a cryptocurrency at a specific price and sell it when it has gone up.
However, crypto arbitrage trading is quite different from average crypto trading. While crypto trading takes place in one exchange platform, crypto arbitrage trading is simply buying and selling cryptocurrencies on two platforms to profit from their price difference.
For example, if Ethereum trades for $2,000 on Coinbase and $2,015 on Binance, an arbitrage trader will buy ETH from Coinbase and trade it on Binance to make his $15 profit.
3. Crypto Staking
Another exciting way to make money online with cryptocurrency in Nigeria is crypto staking. Like in traditional institutions where people lock up their funds in savings accounts for a certain period and earn interest, you can also stake your crypto in various crypto platforms and make profits.
Crypto staking is the act of locking cryptocurrency in a crypto platform over some time to earn profit. Crypto staking can either be flexible or fixed.
A flexible crypto staking allows the investor to withdraw the funds anytime, but a fixed crypto staking only enables the withdrawal of funds after an agreed period has elapsed.
Some centralised platforms where you can practise crypto staking include Binance, Crypto.com and some decentralised ones like Uniswap.
4. Crypto Mining
Crypto mining is simply solving cryptographic equations to the next block in a blockchain using some mining machine to earn rewards. A miner’s compensation depends on how many problems he can solve. Crypto mining can be solo mining which requires one person or pool mining which involves a group of miners.
However, joining pool mining with other miners is advisable because it is faster, and the reward is always huge due to the considerable effort. The prize is usually shared among the miners who contributed to the pool according to each person’s hashing power.
5. Earning Bonuses and Airdrops
You can make free money from crypto via bonuses and airdrops on some crypto platforms. Airdrops are a form of crypto giveaways used mainly by developers of new projects to build hype around their tasks and increase the project’s fan base.
Selling free crypto as an airdrop or a bonus is an excellent way to generate money online. Also, understand that several airdrops and bonus offers are scams that cyber attackers use to lure their targets. Always run a background check on any offer and endeavour to use only legit platforms.
6. Be a Crypto Influencer
Many new crypto projects and platforms are spinning daily, and they need influencers to market these products to their target audience.
As a crypto enthusiast with many followers on social media platforms, you can become a crypto influencer to these startups, convince people towards their project and promote their brand.
7. Be a Crypto Blogger
Cryptocurrency is one of the most discussed topics in the world today. This means more people are searching for more crypto-related information on Google to stay updated.
As a crypto blogger who writes on crypto-related topics, you’ll generate a lot of traffic on your blog, which will transcend to lots of money. You can also make money from sponsored posts and brand advertisements from other crypto-related platforms.
Need to mention that P2P trading is another method to make money in Nigeria.
Frequently Asked Questions (FAQs) About Making Money from Crypto
Is crypto legal in Nigeria?
Cryptocurrency itself is not illegal. However, the Central Bank of Nigeria (CBN) restricts banks from processing crypto transactions. Nigerians can still trade via P2P platforms and decentralized apps.
Can I lose money in crypto?
Yes. Crypto is volatile and risky. Prices can fall, platforms can be hacked, and scams exist. Always do your own research and never invest money you can’t afford to lose.
How do I convert crypto to naira?
Use a top digital trading trading platform like Prestmit to sell your crypto assets like Bitcoin, Ethereum, and USDT directly for cash.
Conclusion
You can see that making money online from crypto in Nigeria is not a hard nut to crack after all. You have to study the above methods carefully and discover your strength. There could be other ways to earn money online from crypto, which were not discussed here.
You can research further to discover your most vital advantage and utilise it to start making a good income online with cryptocurrency.
Last updated on August 13, 2025
