According to an official Binance announcement, the exchange firm has now listed new trading pairs with the Nigerian naira. Starting immediately, Nigerian users all over the world will now be able to easily buy crypto on the Binance platform, using the Nigerian Naira (NGN).
The announcement states that the feature was possible as a result of a partnership between Binance and a Nigerian payment processing company, Flutterwave. For now, Naira holders in Nigeria and elsewhere, will be able to trade with Bitcoin, BUSD and BNB as well, with the following pairs: BNB/NGN, BUSD/NGN and BTC/NGN as well.
Binance has also announced that for a limited period which began on the 24th of October, users who deposit into their Binance wallets via Flutterwave will enjoy zero fees for 36,000 NGN ($100). The exchange has also said that it has set aside $10,000 as part of a reward system to distribute to people who sign up, on a first-come-first-served basis.
After the promo period is over, deposits will attract a 1.4% fee. The announcement also says that there is a 430,000 NGN ($1,189) upper limit, as well as a lower limit of 150 NGN ($0.41) per transaction. This announcement makes this Binance feature, the second time the exchange has driven its services into Africa. Before now, Binance already began trading in Uganda, allowing residents use the Ugandan Shilling (UGX) to buy and sell crypto.
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