Leading the cryptocurrency exchange, Binance has kicked-off its direct fiat-to-crypto trading pairs, beginning with Naira (NGN), the legal tender of the Federal Republic of Nigeria, according to an update by the exchange on Thursday.
Following the development, Nigerian users will now be able to purchase Bitcoin (BTC), as well as Binance Coin (BNB), the exchange’s native dollar-pegged stablecoin BUSD, from their NGN deposit.
The exchange noted that it also added trading pairs, including BTC/NGN, BUSD/NGN, and BNB/NGN, to the stablecoin market following the new listing.
Users Can Now Deposit Naira on Binance
The new fiat gateway for the Nigerian Naira (NGN) on Binance is possible via a new partnership between the exchange and payment processor, Flutterwave. It is exciting since it opens the exchange to a nation ranked as number one when it comes to crypto awareness in Africa.
Meanwhile, Binance also specified some benchmarks for the deposits with the maximum deposit amount per transaction pegged at 430,000 NGN (~ $1,187 at the time of the report), and the minimum deposit amount per transaction is 150 NGN (~ $0.41).
The deposit fees, however, are reportedly set at 1.4% while the exchange rate for the U.S dollar and Naira is based on the standard exchange rate.
Interestingly too, Binance committed a total of 10,000 USD worth of Naira (3,620,811 NGN) as a giveaway to newly registered users who took advantage of the new fiat listing to buy cryptocurrency for the first time. Additionally, the newly registered users are also entitled to zero fees for deposits up to 36,000 NGN.
Probably, the next fiat currency we could see on Binance is the Russian rubles. Speaking at the Open Innovations conference in Moscow on Oct. 21, CEO Changpeng Zhao confirmed that the exchange is working on adding support for trading between fiat and crypto, beginning with the Russian fiat currency.
In September, Coinfomania also reported that Binance added a fiat gateway supporting the purchase of five cryptocurrencies.
Image: NGN 1000 notes via Getty Images