Binance, one of the largest cryptocurrency exchanges in the world, has partnered with Nigerian payment gateway, Flutterwave to open its first African fiat deposit in Nigeria. This allows Nigerians to buy bitcoin (BTC) using the Naira.
According to Binance, cryptocurrency traders in Nigeria can now use Naira (NGN) deposits processed through Flutterwave to purchase bitcoin (BTC) along with Binance’s dollar-backed stablecoin (BUSD) and Binance coin (BNB).
The exchange also added the first trading pair on Binance – BUSD/NGN, BNB/NGN, and BTC/NGN to the Stablecoin Market.
With this partnership, Nigerian crypto investors on Binance can now deposit between 150 NGN (about $.40) and 430,000 NGN (about $1,200) for a 1.4% fee using the fiat-to-crypto gateway for Nigeria’s Naira (NGN).
Binance has committed a total of 10,000 USD worth of NGN to newly registered users worldwide.
Crypto to crypto exchanges that do not accept regular or fiat money, make trading in cryptocurrency a long process as you first need to buy an intermediary cryptocurrency such as Bitcoin or Ethereum before you can start investing at the exchange.
However, crypto exchanges that accept fiat currency make life easier for new investors in digital coins.
With Binance listing the Naira, by just signing up for the exchange, deposits can be easily made through local currency to start trading on the crypto market. The same goes for withdrawal of funds.
Also, the exchange rate between USD and NGN will be based on the intermediate exchange rate, removing the need for middle brokers and reducing the risk of a floating trend in conversion rates.
Nigeria is the first African country where Binance would be opening a deposit for local currency.
As part of Binance’s expansion into new markets, it is expected that gateways for South Africa’s Rand (ZAR) and Kenya’s Shilling (KES) are imminent.
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