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Binance lists fiat-to-crypto trading pair with Nigerian Naira

Biraajmaan Tamuly

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Source: Pixabay

Binance is in the news after Changpeng Zhao, CEO of Binance, revealed that the exchange had listed fiat-to-crypto trading pairs on its platform, trading pairs which involved the Nigerian Naira [NGN]. The pairs in question are the first direct fiat-to-crypto trading pairs listed on the platform.

In its official announcement, the exchange mentioned that it has enabled deposits for Nigerian Naira through Flutterwave, a U.S-based payments firm. The exchange also listed other NGN-based trading pairs which included BUSD/NGN, BNB/NGN, and BTC/NGN.

Additionally, the exchange reported that new users will be eligible to deposit fees on NGN up to a limit of 36,000 NGN. The fiat-to-crypto trading pair went live on 24 October, 12:30 UTC. The exchange also announced a fee giveaway of $10,000 worth of NGN to newly registered users across the globe.

The maximum deposit allowed per transaction was estimated to be around 430,000 NGN, which is equivalent to $1,185. The minimum deposit is placed at around 150 NGN, which is valued at around $0.41. The normal deposit fees is 1.4 percent.

The aforementioned announcement should see the exchange establish a crypto-stronghold in Nigeria, something that is backed by statistics. The African nation had the highest search volume for Bitcoin over the last 12 months. Since Africa is still an uncharted region in terms of crypto-adoption, Binance is looking forward to capitalize on the market with a head start.

Other markets are set to be explored by Binance too as only recently, CZ had announced that Binance will be adding similar fiat-to-crypto trading pairs, starting with Russian Rubles.

Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.