Cryptocurrency exchange platform, Binance, has onboarded the Naira on its platform. This will enable Nigerian users to directly buy and sell cryptocurrency with the Nigerian currency. This makes the Naira the first African fiat currency enabled for trading on its platform.
Speaking on the development, Binance CEO, Chanpeng Zhang said Nigeria’s advanced innovation space as well as the passion Nigerians have demonstrated for cryptocurrencies gave the platform no choice than to onboard the Naira.
We strive to provide the easiest cryptocurrency access and best trading service for the African community, and P2P trading is a more flexible approach, giving users the freedom to choose their payment methods and counterparty in a trade.
Changpeng Zhao, CEO, Binance.
This provides an open platform for users to trade cryptocurrencies (BTC, ETH, USDT, BNB and BUSD) peer-to-peer with other users and verified merchants at no transaction cost using its website or app.
Users can access and make secure trades from those listed on P2P platform by the amount and payment methods.
Users with a reliable source of fiat and cryptocurrency can also join and become P2P Merchants, post-trade ads and earn money on the Binance platform.
Although it is not fully recognised by regulatory bodies in the country, cryptocurrency exchange has become a booming business in the country. With merchants springing up across the nation, many people are already trading heavily in cryptocurrencies.
As such, initiatives like this will only make trading in the space easier and far more appealing for more people.
Interestingly, this is not the first Binance initiative in which the Naira pioneered in Africa. Recently, the crypto exchange partnered with Nigerian payment gateway, Flutterwave to open its first African fiat deposit in Nigeria. This allows Nigerians to use Naira (NGN) deposits processed through Flutterwave to purchase bitcoin (BTC) along with Binance’s dollar-backed stable coin (BUSD) and Binance coin (BNB).