Binance, a worldwide recognised cryptocurrency exchange, has announced the addition of a fiat gateway for the Nigerian Naira, often known as NGN. As part of Binance’s purpose, the addition seeks to increase the adoption and accessibility of cryptocurrencies. Users can now connect their Binance wallets to the platform to deposit and withdraw funds.
Binance requires all Nigerian users to complete the Know Your Customer (KYC) process before making any NGN deposits or withdrawals.
The milestone was difficult to reach, especially after the Central Bank of Nigeria issued an order prohibiting banks from facilitating payments for platforms dealing in cryptocurrencies. The move was made to stop the flow of money from Nigeria’s real economy into cryptocurrency markets. The Central Bank of Nigeria concluded that the bullish trend in cryptocurrencies was encouraging traders to invest in areas other than the country’s real economy.
Later in 2022, Binance was accused by the Central Bank of Nigeria of being responsible for the high parallel exchange rate of the NGN against the US dollar. It is said that Binance made the exchange rate between NGN and USDT based on how much demand and supply there was on the platform.
Binance’s announcement comes at a time when the Nigerian currency is experiencing its worst phase. The number is at an all-time low on a global scale. On the market, there are rumours that the Central Bank of Nigeria may have secretly relaxed the ban on banks facilitating payments to crypto platforms, hence encouraging trading of Naira to Naira in opposition to the current trend of Naira to USDT.
Since the exchange rate is not doing well in the market, the Central Bank of Nigeria may have taken the step to ease the pressure on its currency. Binance now operates as a crypto exchange in Nigeria, allowing users to deposit and withdraw their fiat currency after completing the KYC process. Other crypto platforms in Nigeria are Luno, Paxful, and Remitano, to mention a few.
Binance has registered a remarkable milestone of 2.0 billion in average daily volume, with over 1,400,000 transactions happening every second. Millions of users trust Binance for its unmatched portfolio of offerings, including Binance Exchange, BNB Chain, Trust Wallet, Binance Launchpad, and Binance Academy, among many others.
Binance, founded and led by Changpeng Zhao, remains committed to achieving the strict regulatory requirements imposed by regional authorities.
By incorporating a fiat gateway for the Nigerian Naira, Binance has enabled users to safely deposit and withdraw their fiat currency. In the future, they will be able to trade more than a hundred cryptocurrencies on the platform. This will facilitate the parallel operation of the digital and conventional economies.