Binance to terminate Naira transaction on 8th March
Binance Nigeria has recently announced its decision to discontinue all services in the country's local currency, naira, from March 8, 2024.
The cryptocurrency platform made this announcement on its website, stating that naira withdrawals would be officially suspended after 8th March, 2024.
This move comes amidst the Nigerian government's clampdown on the crypto exchange due to "regulatory breaches." Binance has clarified that any remaining NGN balances in users' accounts will be automatically converted to the Tether stablecoin from 8th March, 2024. The exchange has encouraged users to withdraw their naira funds, trade their naira assets, or convert them to crypto before the discontinuation of these NGN services.
Binance has also announced that it would immediately suspend naira deposits, and as such, transactions will not be supported after 2:00 pm UTC on Tuesday, March 5th, 2024. All trading pairs involving naira are set to be removed from its platform on March 7th, 2024, according to the company.
Furthermore, Binance Pay, the organization's payment service, will remove naira from the list of supported payment options on March 6th, 2024. The peer-to-peer platform delisted all NGN trading pairs in late February.
The conversion rate that will be applied is based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days. Binance is currently under significant scrutiny by the Nigerian authorities over allegations of infractions in the country's foreign exchange regulations.