Currently, direct Naira to crypto markets trading is growing across Nigeria and Africa at large with Naira dominating the direct crypto to fiat pairs.
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Most times, people find it difficult to trade Naira directly to other cryptocurrencies like TRX, LTC, XRP, ETH, DASH, DASH and many others.
The liquidity behind this direct pair is currently growing and making big volumes when paired with most popular cryptocurrencies like BTC and ETH.
Top two most liquid exchanges under this pair includes Luno and Binance followed by Quidax for Nigerians. Luno is the most liquid market for BTC/NGN, ETH/NGN and LTC/NGN and XRP/NGN.
Now we will rank the most liquid market pairs for Nigerian Naira pairs behind the crypto exchanges providing the liquidity.
So currently we have in all the NGN market pairs across the three most liquid crypto exchanges trading them, a total of nine active NGN Pairs.
The active naira to crypto pairs include:
Among the above active markets, we will be focusing on the common market pairs synonymous with the trio. They include:
BTC/NGN Pair: Binance covers the highest trading volume, closing on over 3.2 billion naira in trading volume at the time of writing. Luno currently trades over 2.09 billion naira while Quidax covers over 250 million naira. The data above shows a combined 24 hours trading volume of around 5.5 billion naira on regular crypto exchanges.
ETH/NGN Pair: Binance covers the highest trading volume here, with a total of 140.3 million naira plus volume in the past 24 hours. Quidax currently trades 93.5 million naira while Luno has a total of over 93.2 million in the past 24 hours. The Ethereum to naira market has a combined volume of over 300 million naira.
LTC/NGN Pair: Luno has the highest trading volume for Litecoin covering over 49.2 million naira in the past 24 hours. Quidax has the second highest with over 12.4 million in volume while Binance with it’s recent listing covers over 4.6 million. The litecoin market to naira has a combined volume of over 60.2 million.
Meanwhile the current devaluation on naira might affect these trading pairs due to the clamour for USD to hedge against naira unforseen devaluation on-going.
The naira to usd market on the crypto market covers over 1.9 billion naira per the market pair from Binance via USDT and BUSD paired to NGN. USDT/NGN currently has 1.36billion while BUSD/NGN covers 697.5million. Meanwhile, the USDT/NGN pair on Quidax has a 24 hours volume of over 9 million naira.
On regular cryptocurrency exchanges, the USDT/NGN pair roughly trades over 2 billon naira per data from Binance and Quidax cryptocurrency exchanges.