Binance, on Monday announced that the crypto exchange company will begin to accept naira deposits and withdrawals.
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This entails that Nigerian crypto traders can now deposit and withdraw the local currency from their Binance Wallets.
A brief statement by the company, seen by Nairametrics, explained that the decision to add a fiat gateway for the naira is in furtherance of its mission to increase the crypto adoption rate in the country.
The statement read, “Binance is pleased to announce that it has added a fiat gateway for Nigerian Naira (NGN) as part of Binance’s mission to increase the adoption and mainstream accessibility of crypto.
“Users are now able to deposit and withdraw NGN to and from their Binance wallets.”
The firm, however, gave a caveat that all users need to complete the Know Your Customer (KYC) requirement to make Naira deposits and withdrawals on Binance.
It is not clear if this move means that the Central Bank of Nigeria (CBN) has lifted the restriction placed on cryptocurrency trading in the country.
In 2021, the apex bank asked all Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), and Non-Banks Financial Institutions (NBFIs) to, with immediate effect, shut down the accounts operated by entities that facilitate the trading of digital currencies.
Nigeria is one of the heavy cryptocurrency trading countries in the world, with Nigerians trading more than $5 million worth of bitcoin in a month. Now, amid the continued depreciation of the Naira, many had opted to hedge their assets in cryptocurrencies.