Binance Adds New Nigerian Naira Trading Pairs
By Luke Flowers – Crypto Broker
On Oct. 24th, crypto exchange giant Binance announced that it has opened deposits for the fiat currency Nigerian Naira (NGN). This means users will now be able to buy and sell Bitcoin and other cryptocurrencies using NGN.
According to the announcement, online payments processor Flutterwave will process NGN deposits and the exchange is adding three new trading pairs: Binance Coin/NGN, Bitcoin/NGN, and USD/NGN. Although there won’t be many trading pairs to begin with, users will still be able to buy Bitcoin and trade through the various pairs on Binance.
To promote the use of the recent currency on the trading platform, Binance has made NGN deposits free up to 36,000 NGN (about $100) temporarily starting Oct. 24.
The fee on NGN for any ineligible deposit will be set at 1.4%. The maximum deposit that is allowed will be at 430,000 NGN ($1,191), whereas the minimum will be 150 NGN ($0.42). Even users looking to buy and sell Bitcoin in small trades will be welcomed to the platform.
What’s even more interesting is the fact that Nigeria, according to Google Trends has the most interest in the subject. Changpeng Zhao, founder and CEO of Binance stated that this is the first fiat trading pair on their platform. This is a starting point and Zhao has suggested that the first leads to more. We could soon be able to buy cryptocurrency directly on the platform from many more denominations of fiat currencies.
On October 24, Binance US, its counterpart crypto trading platform for US-based users, announced that the exchange would list Dogecoin (DOGE). This allows users to buy crypto native to this chain, an interesting choice to enable US based users.
The crypto exchange also announced that it will be adding support for fiat trading, starting with the Russian ruble. These are initiatives that build a broader effort by the exchange, which disclosed in January the intention to expand into new countries by establishing several fiat exchanges. We could soon see many new exchange options to buy and sell cryptocurrency and Binance expands.
Huobi, the Singapore-based crypto exchange announced earlier this month that it will launch the Fiat gateway for the Turkish Lira in late 2019.
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