Binance the largest crypto exchange in the world has added support for the Nigerian Naira (NGN) on its P2P platform. This development would enable users from the African nation to buy and sell BTC, USDT, ETH, BNB and BUSD with the naira with zero transaction fees.
Binance Looks to Consolidate its Dominance in Africa’s Most Populous Nation
Binance has in recent months led several new initiatives in Nigeria as the company looks to harness potential customers from the huge population of the African nation. Nigeria has a population of over 190 million people with a large section of the population unbanked.
The crypto exchange has been proactive in enticing the young population with easy access to trade and buy cryptocurrencies using the local fiat currency Naira (NGN).
Last October, Binance launched its first fiat trading with the Naira via a partnership with fintech startup Flutterwave. The partnership was considered a major one as it enabled Nigerians to purchase cryptocurrencies on directly with Niara.
Flutterwave had earlier partnered with Ripple bringing about blockchain remittance solution to the Nigerian market. The collaboration with Binance also introduced three trading pairs BNB/NGN, BTC/NGN and BUSD/NGN on the fiat gateway.
Since then Binance has recorded a larger number of users from Nigeria.
Cryptocurrency is becoming very popular in Nigeria with several merchants accepting payments in popular coins like Bitcoin and Ethereum. Nigeria has no regulatory procedure for digital currency as of now, however there are plans from the legislative arm towards this.
The Speaker of the country’s House of Assembly, Hon. Femi Gbajabiamilla had promised in 2019 to look at making regulations for blockchain technology and cryptocurrencies.
Binance continues to dominate the crypto exchange sector
Binance remains steadfast is staying as the most dominant crypto exchange in the world. The blockchain firm has continued to make partnerships in new countries and has purchased several exchanges in its bid to expand crypto trading.
Led by its CEO Changpeng Zhao, Binance looks to remain the largest crypto exchange and appears to be going in the right direction.