Binance adds support for Nigerian Naira (NG) as a fiat trading pair on its exchange platform. Users can now trade Naira against Bitcoin (BTC), Binance Coin (BNB), and Binance’s stablecoin BUSD.
Binance adds support for Nigerian Naira as first fiat pair
Most crypto exchanges have listed the US Dollar as the sole fiat pair on their platforms. Even if the platform supports more fiats, it is mostly the euro or Japanese yen as they are the most traded currencies, with the USD being a global reserve currency. Binance has broken this trend by listing the national currency of an African country as its first fiat service.
Binance has been relatively popular in the African region, especially in Nigeria. Google search trends show that Nigerian residents have been very interested in Bitcoin as the term has one of the highest search frequencies.
This may be the result of the crisis on the North-eastern side of the country that has a negative impact on the economy. The currency’s price is declining each year. Just yesterday, the USD/NGN pair rose by 18 percent. Previously one dollar could be used to buy 306 Naira; now it can buy 361 Naira.
This was a surprising development considering the pair had remained between 300 and 330 since the summer of 2016. the drop was a result of the country’s depleting foreign reserve as it had decreased by over 12 percent across the last four months
The decline has made it clear that Naira is an unstable store of value and should not be trusted by the people. Now Binance offers Nigerian citizens an out by allowing them to exchange the Naira for BTC, BNB, or BUSD.
Binance adds support for Nigerian Naira: What’s next?
Binance is one of the most popular crypto exchanges in the world, and its CEO has hinted that more fiat pairs will be listed as time passes.