Binance, one of the world’s largest cryptocurrency exchanges, has announced that it will discontinue all Nigerian Naira (NGN) services.
This decision will impact users who hold NGN balances on the platform and those who use NGN for trading or other transactions.
According to the announcement, users are encouraged to withdraw their NGN balances, trade their NGN assets, or convert NGN into cryptocurrency before the discontinuation of NGN services.
Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC), and withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC).
Any remaining NGN balances in users’ Binance accounts after 2024-03-08 08:00 (UTC) will be automatically converted to USDT at a conversion rate of 1 USDT = 1,515.13 NGN.
This conversion rate is based on the average closing price of the USDT/NGN trading pair on Binance Spot over the last seven days. The conversion process may take up to 24 hours or longer, and USDT tokens will be credited to users’ Spot wallets.
Binance will also delist all existing NGN spot trading pairs, including BTC/NGN and USDT/NGN, at 2024-03-07 03:00 (UTC). All open spot orders with respect to these trading pairs will automatically be closed when trading ceases. Users are advised to ensure they have not selected “Hide Small Balances” in all of their wallets to view their assets after trading ceases.
Additionally, Binance Convert will delist NGN and all corresponding pairs at 2024-03-07 02:00 (UTC), and Binance Auto-Invest will delist NGN after 2024-03-06 03:00 (UTC). Binance P2P had already delisted all NGN trading pairs at 2024-02-28 15:00 (UTC), and Binance Pay will remove NGN from the list of supported payment options at 2024-03-06 03:00 (UTC).
Binance expressed gratitude for the support of its users as it continues to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth.