Binance has added its first fiat currency trading pair. Nigerian users of the platform will now be able to deposit using their local currency, the naira, at the popular crypto trading venue.
Previously, users of the platform have only been able to trade cryptocurrency for other cryptocurrency. However, that looks set to change with todays announncement and the fact that Binance CEO Changpeng Zhao has hinted that the exchange is also close to being able to add more fiat currencies.
Binance Supporting Growing Crypto Market in Nigeria
Previously, NewsBTC has reported on the growing interest in crypto assets observed in parts of Africa. LocalBitcoins volume data, provided by UsefulTulips, shows that Nigeria is one of the nations with the biggest appetite for trading digital currencies on the continent.
With an announcement made by Binance earlier today, the crypto asset traders of Nigeria have become the first in the world to be able to deposit their own national currency to the exchange platform.
— Binance (@binance) October 24, 2019
According to a post to the companys support section, the Nigerian naira (ticker: NGN) deposits will be facilitated by the online payments company Flutterwave. Initially, trading in the Nigerian national currency will be limited to Bitcoin (BTC), Binance Coin (BNB), and the crypto exchanges own stablecoin BUSD.
The exchange also announced a promotion to mark its first listing of a fiat currency:
To celebrate the first fiat currency listing on Binance, all newly registered users who deposit NGN to Binance through Flutterwave will enjoy zero fees for deposits up to 36,000 NGN starting October 24, 2019.
This is the first fiat trading pair on