The world’s biggest cryptocurrency exchange platform Binance announced on Monday that it now allows both withdrawals and deposits in naira. This means that traders within the shores of Nigeria can now deposit and withdraw naira directly from their Binance wallets without the need for peer-to-peer transfers or third parties.
As seen in a company statement, Binance said that its decision to add a fiat gateway for the naira is part of its mission to increase Nigeria’s adoption of cryptocurrencies. This, according to the company, will reduce the difficulties that merchants and investors face when trading cryptocurrencies.
“Binance is pleased to announce that it had added a fiat gateway for Nigerian Naira (NGN) as part of Binance’s mission to increase the adoption and mainstream accessibility of crypto. Users are now able to deposit and withdraw NGN to and from their Binance wallets,” Binance said.
Binance is also encouraging both current and prospective customers to comply with its new Know Your Customer (KYC) requirement to be able to start using the fiat gateway and to avoid fraud on the platform.
It is important to note that cryptocurrencies remain banned in Nigeria, after the country’s apex bank prohibited commercial banks from facilitating crypto-related payments. Binance was among a handful of cryptocurrency exchanges that stopped accepting deposits and withdrawals in naira; Binance placed a hold on withdrawals of deposits using naira in February 2021, as a result of its payment partners complying with the CBN’s directive on cryptocurrencies. Binance, however, promised to work out modalities that would allow Nigerians to continue to trade on its platform. It is finally announced the fiat gateway.
Binance recognizes the importance of the Nigerian market. Despite the CBN ban, Nigeria remains Africa’s biggest crypto market and also has one of the highest rates of crypto adoption across the globe. The new development which comes while the ban on cryptocurrencies still exists, therefore, places huge importance on Nigerian traders.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
