Today Binance has listed the Nigerian naira (NGN) – the legal tender of the Federal Republic of Nigeria. This marks the first fiat currency listing on the cryptocurrency exchange.
Deposits in Nigerian naira will be available starting October 24, at 12:30 UTC, and will be executed through Flutterwave. Binance has also added corresponding trading pairs: BUSD/NGN, BNB/NGN and BTC/NGN. This means that users can now use Nigerian fiat currency to buy BUSD, BND and BTC.
As COIN360 reported earlier, Binance CEO Changpeng Zhao shared that “in about two weeks or so” the exchange also plans to add the Russian ruble (RUB), the official currency of the Russian Federation.
Up until now, Binance has only offered crypto-to-crypto trading pairs, with the exception of fiat gateways that allow people to purchase cryptocurrencies with wire transfers and debit or credit cards. The only fiat-to-crypto trading alternative that Binance provided was on local exchanges, such as Binance Uganda, Binance Jersey and Binance US.