By Abimbola Ogunnaike
Amid an ongoing regulatory conflict in the country, Binance has announced that it will discontinue all services for Nigeria’s fiat currency, the naira.
The crypto exchange will automatically convert naira balances to USDT from Friday, 9 March, 2024 at 8:00 a.m. UTC but will cease support for NGN deposits after 14:00 UTC today. Withdrawals will become unsupported after March 8 at 6:00 a.m. UTC.
Posting on its website on Tuesday, 25 March, Binance said the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira
According to an announcement, all spot trading pairs against the naira will be delisted on March 7 at 3:00 a.m. UTC. Open spot orders for these pairs will be automatically closed.
Binance Convert, Binance P2P, the exchange’s Auto Invest feature, and Binance Pay will also cease support for the naira at various dates and times.
