P2P Scams in Nigeria: 9 Tricks and How to Avoid Each One

P2P trading lets you swap naira and crypto directly with another person while the platform holds the coins in escrow. It is the main route in and out of crypto for many Nigerians, and it is also where a lot of them lose money.

How common is it? A survey by the crypto platform Breet, "The State of P2P in Nigeria 2025", reported that over 70% of the traders it surveyed had lost money to a scam at least once, with fake proof of payment the most common problem. That is one company's survey, not an official statistic, but it matches what traders describe: hacked buyer accounts, payments that get reversed, and merchants refusing third-party payments because they keep leading to frozen accounts (TechCabal, March 2025).

Almost every trick below targets sellers, because escrow already protects buyers. If you only ever buy, you are much safer, but read on anyway: one day you will want your naira back.

How a typical scam unfolds

Here is a made-up example that combines the most common moves.

Tunde lists 300 USDT for sale. A buyer opens an order within seconds and, a minute later, sends a screenshot of a successful bank transfer for the full amount. Tunde's phone also buzzes with an SMS credit alert. The buyer writes: "Sent. Please release quickly, I have a deadline." When Tunde says he will check his app, the buyer adds: "Bank is slow today. If you don't release in 5 minutes I will appeal and report you."

Tunde opens his bank app. The balance has not changed. The screenshot was edited and the SMS came from a spoofed sender. Because he checked, he lost nothing. Had he trusted the alert, the 300 USDT would have been gone for good.

Every element of that story is one of the tricks below.

The nine tricks

1. The fake payment alert

A screenshot, a "receipt" or an SMS that looks exactly like your bank says the money has arrived. All three are easy to fake. The only proof that counts is the money sitting in your available balance when you open your own bank app. How to Spot a Fake Bank Alert goes into the details.

2. Money from someone else's account

The payment is real, but it comes from a name that is not the buyer's. Often the account belongs to a scam victim, or was rented or stolen. If you release, you may later find that money reversed or your own account frozen when the victim reports it. If the name does not match the verified buyer, do not release. Ask for a refund to the account it came from.

3. "Let's continue on WhatsApp"

The buyer suggests moving the chat to WhatsApp or Telegram, sometimes offering a better rate. Once you leave the platform, nothing you agree can be seen by the people who would decide a dispute. Keep every message in the order chat, even friendly ones.

4. The reversal after release

The money arrives, you release the coins, and days later the payment is pulled back, often because it was stolen. This is closely linked to trick 2 and is the reason experienced traders avoid brand-new accounts and very large first trades. Matching names and complete records are your best protection.

5. The fake support agent

Someone claiming to be from the exchange contacts you first, saying your order is "under review" and that you must release the coins, or share a code, to unlock it. Real support will never ask you to release coins or share your password or 2FA code. Contact support only from inside the official app. Fake Bybit Support shows how this one is usually played.

6. The pressure play

"Release now or I'll report you." Urgency and threats are meant to make you skip the one check that matters. A genuine buyer waits while you open your bank app. Anyone who will not wait is giving you the answer.

7. The split payment

The buyer sends the amount in several small transfers. Some fail, some arrive late, and in the confusion you release before the total is complete. Add up what has actually arrived and wait until it matches the order exactly.

8. Stolen money that arrives clean

Sometimes everything looks normal: right amount, a name that matches. But the money was taken from a fraud victim further back in the chain. This is the hardest one to see, which is why records matter. Save the order, the chat and the receipt for every trade, so you can show your bank what happened if questions come later. Why Your Bank Account Got Frozen After a Crypto Trade explains what to do if it happens.

9. The price that is too good

An ad offers USDT well below every other seller. It is bait, designed to make you rush and ignore the other signs. Compare with today's naira rates. If a price is far better than everyone else's, ask yourself why.

Before you press release

Run through this every time, even with a buyer you have traded with before.

• I opened my own bank app, and the money is in my available balance
• The full amount has arrived, not part of it
• The sender's name matches the buyer's verified name
• The whole conversation stayed inside the platform
• Nobody is rushing or threatening me

If any box is unticked, do not release. Use the platform's appeal option instead. On Bybit you can appeal during the order or up to 5 calendar days after it closes.

If it has already happened to you, go straight to What to Do If You Have Been Scammed in a P2P Trade. Speed matters. A printable version of the checks above is in the P2P Safety Checklist.