BINANCE ADDS NIGERIAN NAIRA FIAT TRADING PAIR, OPENS DEPOSITS

The cryptocurrency landscape in Nigeria experienced a significant shift when Binance, a leading global crypto exchange, announced the addition of the Nigerian Naira (NGN) as a supported fiat currency.This move, initially launched in October 2025, marked a pivotal moment for crypto accessibility in Africa's most populous nation.It enabled Nigerian users to seamlessly deposit, withdraw, and trade cryptocurrencies like Bitcoin (BTC), Binance USD (BUSD), and Binance Coin (BNB) directly with their local currency. Binance recently announced major changes to its operations in Nigeria, particularly concerning its support for the Nigerian Naira (NGN). As of Ma, Binance stopped accepting NGN deposits, and by Ma, users could no longer withdraw Naira from their accounts.This development was initially facilitated through a partnership with Flutterwave, a prominent payment processing system, streamlining the process of converting Naira to crypto and vice-versa.This initiative was a crucial step in Binance's mission to increase the adoption and mainstream accessibility of cryptocurrencies, especially within the African market. After launching Nigerian Naira deposits in October 2025, Binance adds support of NGN as its first African currency for P2P trading. As part of ongoing fiat-to-crypto expansion, majorThe introduction of NGN trading pairs aimed to reduce reliance on USD and offer a more direct route for Nigerians to engage with the digital asset space.

However, the journey of NGN support on Binance has been a dynamic one, marked by both opportunities and challenges. , 2 likes, 0 loves, 0 comments, 0 shares, Facebook Watch Videos from KCN: One of the largest cryptocurrency exchanges, Binance, announced the opening of deposits for fiat currency NigerianRegulatory pressures and market volatility have led to subsequent changes, including the eventual delisting of NGN trading pairs and the cessation of NGN deposits and withdrawals.Understanding the initial introduction, subsequent changes, and the factors influencing these decisions is crucial for anyone interested in the intersection of cryptocurrency and the Nigerian economy.

The Initial Launch of NGN Support on Binance

Binance's decision to add the Nigerian Naira was driven by a strategic vision to tap into the burgeoning African crypto market.Nigeria, with its large population and increasing adoption of digital finance, presented a prime opportunity. Binance will discontinue all services for Nigeria s fiat currency, the naira, amid an ongoing regulatory conflict in the country. The crypto exchange will automatically convert naira balances to USDT from March 8 at 8:00 a.m. UTC but will cease support for NGN deposits after UTC today.By offering direct NGN trading pairs, Binance aimed to:

• Increase accessibility: Make it easier for Nigerians to buy and sell crypto without needing to convert to USD first.
• Reduce transaction costs: Eliminate the fees associated with USD conversions.
• Promote crypto adoption: Encourage wider participation in the crypto market by offering a familiar fiat gateway.

Partnership with Flutterwave

The integration of NGN was made possible through a partnership with Flutterwave. Major cryptocurrency exchange Binance announced that it opened deposits for fiat currency Nigerian Naira (NGN) on Oct. 24. Per the announcement, NGN deposits will be processed by onlineThis collaboration streamlined the deposit and withdrawal process, allowing users to seamlessly transfer Naira to and from their Binance wallets.This partnership demonstrated Binance's commitment to working with local payment providers to enhance user experience and facilitate smoother transactions.

New Trading Pairs

Alongside the launch of NGN deposits, Binance introduced several new trading pairs, including:

• BTC/NGN
• BUSD/NGN
• BNB/NGN

These trading pairs provided users with more options to trade popular cryptocurrencies directly with Naira, contributing to increased liquidity and market activity.

The Rise and Fall: Regulatory Challenges and Market Dynamics

Despite the initial success and positive reception, Binance's support for NGN faced significant headwinds due to regulatory challenges and fluctuating market conditions.The Nigerian government's stance on cryptocurrency has been evolving, with periods of both openness and restrictions.Several factors contributed to the eventual delisting of NGN trading pairs and the cessation of related services.

Central Bank of Nigeria (CBN) Regulations

In February 2025, the Central Bank of Nigeria imposed a ban on cryptocurrency banking and trading, ordering the closure of any accounts used for such activity.This regulatory action created a challenging environment for crypto exchanges operating in Nigeria.While Binance initially navigated these restrictions, the regulatory landscape continued to evolve, eventually impacting its NGN services.

Foreign Exchange Market Volatility

The Nigerian foreign exchange market has been subject to significant volatility, with the Naira experiencing periods of depreciation against the US dollar.This volatility impacted the USD/NGN exchange rate, affecting the profitability and stability of NGN trading pairs on Binance.The CBN Governor expressed concerns over the manipulation of the forex market and illicit movement of funds, leading to increased scrutiny of crypto exchanges.

Concerns Over Illicit Financial Flows

One of the major concerns raised by the Nigerian government was the potential use of cryptocurrency platforms for illicit financial flows.The anonymity and decentralized nature of crypto made it challenging to track transactions and prevent money laundering.These concerns contributed to increased regulatory pressure on Binance and other crypto exchanges operating in Nigeria.

The Delisting of NGN and Subsequent Changes

In response to these regulatory and market challenges, Binance announced major changes to its operations in Nigeria, including the delisting of NGN trading pairs and the cessation of NGN deposits and withdrawals.

Cessation of NGN Deposits and Withdrawals

Binance stopped accepting NGN deposits in March 2025, and users were subsequently unable to withdraw Naira from their accounts after a specific date. Binance P2P delisted all NGN trading pairs at (UTC). Auto Invest: Binance Auto-Invest will delist NGN after (UTC). Users may choose to remove the plan(s) beforehand. Otherwise, the next recurring cycle of the aforementioned token(s) will fail. Binance Pay: Binance will remove NGN from the list of supportedThis decision marked a significant shift in Binance's presence in the Nigerian market and impacted users who relied on the platform for NGN-related transactions.

Delisting of NGN Trading Pairs

Binance P2P delisted all NGN trading pairs, removing the ability for users to trade crypto directly with Naira on the platform.This decision further limited the options for Nigerians to engage with the crypto market using their local currency.

Automatic Conversion to USDT

To facilitate the transition, Binance automatically converted remaining NGN balances to USDT (Tether), a stablecoin pegged to the US dollar. In February 2025, the Nigerian central bank imposed a ban on cryptocurrency banking and trading and ordered the closure of any accounts used for such activity. As a result of the central bank of Nigeria s regulation on cryptocurrencies, more prominent fiat-crypto pairs that utilize the Nigerian Naira (NGN) fiat currency was removed from Binance.This conversion aimed to protect users' assets and provide a stable alternative to holding Naira on the platform.

Understanding Binance P2P and Its Role in Nigeria

Binance P2P (peer-to-peer) is a platform where users can directly buy and sell cryptocurrencies with other users, using their preferred payment methods and local currencies.In Nigeria, Binance P2P initially played a significant role in facilitating crypto transactions using the Nigerian Naira.

How Binance P2P Worked with NGN

Before the delisting, Nigerian users could use Binance P2P to:

• Buy crypto with NGN: Purchase Bitcoin, Ethereum, and other cryptocurrencies directly from other users using Naira.
• Sell crypto for NGN: Sell their crypto holdings in exchange for Naira, receiving payment directly into their bank accounts.
• Set their own prices: Offer competitive rates and negotiate with potential buyers and sellers.

The Impact of NGN Delisting on Binance P2P

The delisting of NGN trading pairs from Binance P2P had a notable impact on Nigerian users, effectively removing the direct Naira gateway. Binance has opened deposits for the Nigerian Naira (NGN) through Flutterwave. We have also added trading pairs BUSD/NGN, BNB/NGN, and BTC/NGN to the Stablecoin Market (USDⓈ) as of Octo, UTC.This forced users to either:

• Use alternative fiat currencies: Convert Naira to USD or other supported fiat currencies before trading on Binance P2P.
• Seek alternative P2P platforms: Explore other P2P platforms that support NGN trading.
• Rely on other crypto exchanges: Utilize other exchanges that may still offer NGN support or alternative methods for accessing the crypto market.

The Broader Impact on the Nigerian Crypto Market

Binance's decision to discontinue NGN support has had broader implications for the Nigerian crypto market, affecting both individual users and the overall ecosystem.

Reduced Accessibility for New Users

The removal of a direct Naira gateway makes it more challenging for new users to enter the crypto market.The need to convert to USD or other cryptocurrencies adds an extra layer of complexity and cost, potentially discouraging newcomers.

Increased Reliance on Alternative Solutions

With Binance no longer offering direct NGN support, Nigerians have had to rely on alternative solutions, such as:

• Other P2P platforms: Exploring smaller P2P platforms that still support NGN trading.
• Local crypto exchanges: Utilizing local Nigerian crypto exchanges that offer NGN trading pairs.
• Informal channels: Engaging in over-the-counter (OTC) trading or using informal channels to buy and sell crypto with Naira.

Potential for Increased Scams and Fraud

The increased reliance on informal channels and less regulated platforms can create opportunities for scams and fraud.Users need to exercise caution and conduct thorough due diligence when engaging in crypto transactions outside of established exchanges.

Lessons Learned and Future Outlook

The Binance NGN saga provides valuable lessons for both crypto exchanges and regulators operating in emerging markets. p Binance adds support for the Nigerian Naira /p A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:It highlights the importance of navigating regulatory complexities, adapting to market volatility, and prioritizing user protection.

Key Takeaways

• Regulatory compliance is crucial: Crypto exchanges must prioritize compliance with local regulations to ensure sustainable operations.
• Risk management is essential: Exchanges need to implement robust risk management strategies to mitigate the impact of market volatility and regulatory changes.
• User education is paramount: Educating users about the risks and opportunities associated with crypto is essential for promoting responsible adoption.
• Collaboration is key: Collaboration between exchanges, regulators, and industry stakeholders is crucial for fostering a healthy and sustainable crypto ecosystem.

Future of Crypto in Nigeria

Despite the challenges, the long-term outlook for crypto in Nigeria remains positive.The country's large population, tech-savvy youth, and increasing adoption of digital finance create a favorable environment for crypto growth. 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 t o and from their Binance wallets.As regulations evolve and the market matures, we can expect to see increased innovation and wider adoption of cryptocurrencies in Nigeria.

Frequently Asked Questions (FAQs)

Why did Binance initially add NGN support?

Binance added NGN support to increase accessibility, reduce transaction costs, and promote crypto adoption in Nigeria. As part of its expansion into new territories, cryptocurrency exchange Binance has announced an initiative to capture a section of the African market. The Malta-based cryptocurrency exchange opened up fiat deposits for Nigerians on Octo, in conjunction with the Nigerian payment gatewayIt was a strategic move to tap into the growing African crypto market.

What led to the delisting of NGN trading pairs on Binance?

The delisting was primarily due to regulatory challenges, market volatility, and concerns over illicit financial flows.The Central Bank of Nigeria's restrictions on crypto banking and trading also played a significant role.

What alternatives do Nigerians have for trading crypto after the NGN delisting?

Nigerians can use alternative fiat currencies, explore other P2P platforms that support NGN, utilize local crypto exchanges, or rely on informal channels for OTC trading.

How did the NGN delisting impact the Nigerian crypto market?

The delisting reduced accessibility for new users, increased reliance on alternative solutions, and potentially increased the risk of scams and fraud.

What can crypto exchanges do to operate successfully in emerging markets like Nigeria?

Crypto exchanges need to prioritize regulatory compliance, implement robust risk management strategies, educate users about crypto risks and opportunities, and collaborate with regulators and industry stakeholders.

Conclusion

Binance's journey with the Nigerian Naira serves as a valuable case study in the dynamic world of cryptocurrency and its interaction with regulatory landscapes. Binance cryptocurrency exchange - We operate the worlds biggest bitcoin exchange and altcoin crypto exchange in the world by volumeWhile the initial addition of NGN trading pairs held promise for increased accessibility and wider adoption, the subsequent delisting underscores the challenges of operating in environments with evolving regulations and market volatility. Binance P2P delisted all NGN trading pairs at (UTC). Auto Invest Binance Auto-Invest will delist NGN after (UTC). Users may choose to remove the plan(s) beforehand. Otherwise, the next recurring cycle of the aforementioned token(s) will fail. Binance Pay Binance will remove NGN from the list ofThe key takeaways include the importance of regulatory compliance, robust risk management, user education, and collaboration among stakeholders.Despite the setbacks, the long-term potential for crypto in Nigeria remains significant, driven by a tech-savvy population and increasing interest in digital finance. Binance Adds Nigerian Naira Fiat Trading Pair, Opens DepositsAs the regulatory environment matures, we can expect to see further innovation and growth in the Nigerian crypto market, albeit with a greater emphasis on responsible adoption and user protection. After launching Nigerian Naira deposits in October 2025, Binance adds support of NGN as its first African currency for P2P trading. As part of ongoing fiat-to-crypto expansion, major cryptocurrency Binance is adding support for the Nigerian Naira (NGN) on its peer-to-peer platform.The future will likely involve a combination of local and international platforms, each adapting to the specific needs and challenges of the Nigerian context. Binance is in the news after Changpeng Zhao, CEO of Binance, revealed that the exchange had listed fiat-to-crypto trading pairs on its platform, trading pairs which involved the Nigerian Naira [NGN]. The pairs in question are the first direct fiat-to-crypto trading pairs listed on the platform.It's a space to watch closely, as Nigeria continues to shape its digital financial future.