According to official statements from the website of Binance, the leading cryptocurrency exchange by volume, the company will discontinue its services related to the Nigerian Naira (NGN) following previous issues. In recent days, Nigeria had detained Binance personnel and demanded a fine of 10 billion dollars.
Binance Phases Out NGN Support
The cryptocurrency exchange has informed users to withdraw their NGN, trade their NGN assets, or convert NGN to cryptocurrency before the services end. Furthermore, from 08.03.2024 08:00 (UTC), the crypto market will automatically convert any NGN balances in users’ Binance accounts to USDT based on the announced conversion rate. The cryptocurrency exchange has stated the following:
Binance will not support NGN deposit transactions after 05.03.2024 14:00 (UTC). NGN withdrawal transactions will not be supported after 08.03.2024 06:00. Binance will convert the remaining NGN balances in users’ Spot and Funding wallets to USDT at a rate of 1 USDT = 1,515.13 NGN from 08.03.2024 08:00 (UTC). The conversion rate will be calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot over the last seven days.
NGN Balances to Be Converted to USDT
On the other hand, the cryptocurrency exchange has suggested that the mentioned conversions could take up to 24 hours or longer. The USDT tokens will then be transferred to users’ Spot wallets, and users can verify that the tokens have been received on the conversion history page. In its final remarks, Binance stated that if a user’s spot wallet holds less than 0.00000001 USDT worth of NGN, after the conversion, each will receive 0.00000001 USDT in their spot wallet. Additionally, following the announcements by the crypto exchange, the NGN experienced a significant drop, falling from a level of 1,594 dollars to 1,523 dollars.
