Binance Announces Plans to Discontinue Naira Transactions in Nigeria Amidst Forex Crisis

Leading crypto exchange Binance has announced plans to discontinue all Nigerian Naira (NGN) services in the country, amidst the forex crisis and a clampdown on crypto platforms by the Nigerian government. 

Users are encouraged to withdraw NGN, trade their NGN assets, or convert NGN into crypto before the discontinuation of these NGN services. 

From the 8th of March, 2024, Binance announced that any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate. 

Binance wrote via a post,

“Binance will discontinue all Nigerian Naira (NGN) services as per the timeline below. Users are encouraged to withdraw NGN, trade their NGN assets, or convert NGN into crypto prior to the discontinuation of these NGN services. 

“From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate below.

Deposits, Withdrawals and Conversions:

• Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC). 
• Withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC).
• After 2024-03-08 08:00 (UTC), Binance will convert any remaining NGN balances in users’ Spot and Funding wallets into USDT on behalf of users at a ratio of 1 USDT = 1,515.13 NGN.
  • Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days. 
  • The conversion may take approximately up to 24 hours or longer. USDT tokens will be credited to users’ Spot wallets thereafter, and users can confirm receipt of the tokens via the Convert History page. 
  • If users hold less than 0.00000001 USDT worth of NGN in their Spot and Funding wallets, they will each receive 0.00000001 USDT in their Spot wallets after the conversion.

Spot:

• Binance will delist all existing NGN spot trading pairs (i.e., BTC/NGN and USDT/NGN) at 2024-03-07 03:00 (UTC).
• All open spot orders with respect to the above trading pairs will automatically be closed when trading ceases in the relevant trading pair.
• Users should ensure they have not selected “Hide Small Balances” in all of their wallets to view their assets after trading ceases.

Convert:

• Binance Convert will delist NGN and all corresponding pairs at 2024-03-07 02:00 (UTC).

Binance P2P:

• Binance P2P delisted all NGN trading pairs at 2024-02-28 15:00 (UTC).

Auto Invest:

• Binance Auto-Invest will delist NGN after 2024-03-06 03:00 (UTC). Users may choose to remove the plan(s) beforehand. Otherwise, the next recurring cycle of the aforementioned token(s) will fail.

Binance Pay:

• Binance will remove NGN from the list of supported payment options on Binance Pay at 2024-03-06 03:00 (UTC).

We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth.”