Starting from today, The Nigerian Naira becomes the first fiat currency on binance and the Nigerian users will be able to buy/trade Bitcoin, Binance Coin (BNB), and Binance’s stablecoin BUSD with Naira. Most top exchanges that provide fiat-to-crypto trading services focus on the US dollar, or at least on the euro or yen. This is because they are the most traded currencies, with the USD enjoying the status of a global reserve currency. Nevertheless, Binance went the other way by adding the national currency of an African country as its first fiat service.
Last month it was reported that Bitcoin was the most popular particularly in Africa and especially in Nigeria. The country leads the current ranking of top regions where the Google search trends of “Bitcoin” term note the highest frequency.
— Binance (@binance) October 24, 2019
Facilitated by payments network Flutterwave, the addition starts a new phase of Binance adding sub-Saharan fiat pairs, the company said in a statement. In “the near future” the high-volume global exchange will also introduce gateways for South Africa’s Rand (ZAR) and Kenya’s Shilling (KES), Binance said.
At launch, Binance limited the Nigerian trading pairs to BUSD/NGN, BNB/NGN and BTC/NGN. Investors can deposit between 150 NGN (about $.40) and 430,000 NGN (about $1,200) for a 1.4% fee, Binance said in a blog post.