Summary: First Bank of Nigeria offers its clients an indirect way into the cryptocurrency market. The bank doesn't provide an in-built trading feature within its services but permits clients to move funds to dependable exchanges that comply with the regulations established by Nigeria's Central Bank. Finding one that accepts deposits in Nigerian Naira (NGN) is essential for avoiding high conversion fees.

For First Bank of Nigeria clients interested in digital currencies, Bybit is an outstanding option due to its adherence to strict regulatory standards. Trusted by 20+ million users, the platform enables easy NGN deposits through bank transfers, debit and credit cards, providing access to an extensive selection of over 1,000 tokens. In addition to trading, Bybit offers staking options and lending and borrowing services.

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Can I Buy Bitcoin with First Bank of Nigeria?

Of course, First Bank of Nigeria customers can invest in cryptocurrencies such as Bitcoin, Ethereum, and other tokens through regulated crypto asset exchanges in Nigeria. It is necessary for Nigerian investors to use platforms that comply with local financial legislation, as this commitment to regulations guarantees a smooth transaction experience and protection of their investments. 

How to Buy Crypto with First Bank of Nigeria

Acquiring tokens such as Tether, Solana, and Mantle with First Bank of Nigeria is streamlined through popular digital asset exchanges like Bybit. The platform has a reputation for rigorous adherence to regulatory norms and focus on enhancing user experience. Users can deposit NGN through several payment methods, such as bank transfer, UPI, credit card, Google Pay, and more.

Follow this straightforward process to buy digital assets with First Bank of Nigeria:

  1. Create Account: Start by creating a Bybit account and verifying the necessary details.
  2. Choose Currency: Go to 'Buy Crypto', select 'Fiat Deposit', and select "NGN" as your currency of choice.
  3. Start Transfer: After choosing a payment method, initiate the transfer of funds from your First Bank of Nigeria account.
  4. Complete Transaction: Use the search function to locate the token you're interested in and hit 'Buy' to finalize your purchase.
Buy Crypto with First Bank of Nigeria via Bybit.
Buy Crypto with First Bank of Nigeria via Bybit.

First Bank of Nigeria Cryptocurrency Policy

First Bank of Nigeria is receptive to cryptocurrencies. This positive stance on crypto investments reflects the bank's dedication to offering contemporary financial solutions. It supports its clients' entry into the crypto asset market by facilitating transfers to regulated digital asset platforms. These exchanges comply with the regulatory guidelines established by the Securities and Exchange Commission (SEC), guaranteeing that transactions are secure.

Digital Asset Investing Fees

Customers intent on investing in crypto assets should be aware of various costs. Without taking the potential expenses into consideration, clients may not be able to maximize their returns. Here's an outline of typical trading expenses you might run into on exchanges:

  • Transaction costs: While most platforms charge around 1% of the total transaction amount, Bybit charges only 0.1%.
  • Deposit Fees: These vary depending on the payment method you want to use. Bank transfers usually cost less than credit and debit card deposits, which can go above 2%.
  • Withdrawal Expenses: When withdrawing your holdings, you will incur a fee. The cost varies depending on the asset. For Bitcoin, it's usually 0.0005 BTC. 

Bybit remains a reliable option for First Bank of Nigeria account holders, offering a host of cryptocurrencies at competitive trading fees and free NGN deposits. Its accreditation with the SEC in Nigeria makes it a preferred option for investors aiming to safeguard their financial investments.

What is First Bank of Nigeria?

First Bank of Nigeria, established in 1894, is a respectable institution in Nigeria and the broader West African region, embodying a rich heritage as the country's oldest bank and one of the oldest financial institutions on the African continent. Initially founded as the Bank of British West Africa, reflecting its British ownership, it was rebranded to First Bank of Nigeria in 1979, marking a pivotal shift towards indigenous representation and operational autonomy.

The bank offers a comprehensive suite of services, including traditional banking operations such as deposits and loans, alongside more specialized offerings like investment banking, asset management, private banking, and insurance solutions. This diversification in services underscores its commitment to meeting the varied financial needs of its customers. In recent advancements, the bank has embraced technological innovations to enhance customer experience and operational efficiency.

First Bank of Nigeria: Home Page.
First Bank of Nigeria: Home Page.

Final Thoughts

To recap, First Bank of Nigeria's approach to the digital asset market shows a commitment to innovation and regulatory compliance, providing its customers with a straightforward path to explore digital currencies. Even though the bank doesn't provide crypto asset investment services directly, it partners with exchanges like Bybit, where users can trade cryptocurrencies on several markets, including spot, derivatives, and options, all while enjoying competitive rates.