Nigerian Naira Becomes First Fiat Currency On Binance
Leading cryptocurrency exchange Binance has launched fiat-to-crypto trading on its platform by listing the legal currency of the Federal Republic of Nigeria, the Naira (NGN).
Good news for Crypto users as Binance has just added the first fiat trading pair, and it’s not the US dollar. Starting from today, Nigerian users will be able to buy Bitcoin, Binance Coin (BNB), and Binance’s stablecoin BUSD with Naira.
Most top exchanges that provide fiat-to-crypto trading services focus on the US dollar, or at least on the euro or yen. This is because they are the most traded currencies, with the USD enjoying the status of a global reserve currency. Nonetheless, Binance went the other way by adding the national currency of an African country as its first fiat service, reports stated.
Last month, Bitcoin was the most popular particularly in Africa and especially in Nigeria. The country leads the current ranking of top regions where the Google search trends of “Bitcoin” term note the highest frequency.
According to the announcement from Binance, you can now deposit the Nigerian Naira on the exchange through Flutterwave, a U.S.-based payments tech firm. The maximum amount that can be deposited per transaction is of 430,000 NGN per transact (around $1,185), and the minimum if of 150 NGN (around $0.41).
— Binance (@binance) October 24, 2019
Binance has a 1.4% deposit fee on NGN deposits, and created trading pairs between its BUSD stablecoin and NGN, as well as BNB/NGN and BTC/NGN trading pairs. Presumably to attract deposits, it’s offering zero-fee deposits up to 36,000 NGN for newly registered users.