Nigeria: Binance Now Allows Withdrawals, Deposits In Naira

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The World’s largest cryptocurrency exchange, Binance now accepts naira withdrawals and deposits.

Binance, which announced this on Monday, in a blog post said that the move was to increase the adoption of cryptocurrency among Nigerians.

“Binance is pleased to announce that it has added a fiat gateway for Nigerian Naira (NGN) as part of Binance’s mission to increase the adoption and mainstream accessibility of crypto. Users are now able to deposit and withdraw NGN to and from their Binance wallets.”

Binance however said that customers who want to make use of the new feature must complete its Know Your Customer (KYC) requirements before they can use the new features.

Binance paused Nigerian Naira deposits and withdrawals in 2021.

This is after the Central Bank of Nigeria (CBN) banned banks from facilitating payments for cryptocurrency platforms operating in the country.

As an alternative, Binance introduced the peer-to-peer trading concept to ensure Nigerian customers can still deposit and withdraw.

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