Adedapo Adesanya
By Adedapo Adesanya
In what is an apparent surprise, the world’s largest cryptocurrency exchange platform, Binance, has announced that Nigerians can now deposit and withdraw the Naira to and from their wallets.
In a statement seen by Business Post on Monday, the platform said this is being done as part of efforts to increase the adoption and mainstream accessibility of cryptocurrencies.
The statement read, “Binance is pleased to announce that it has added a fiat gateway for Nigerian Naira (NGN) as part of Binance’s mission to increase the adoption and mainstream accessibility of crypto.
“Users are now able to deposit and withdraw NGN to and from their Binance wallets.”
The firm, however, gave a caveat that all users need to complete the Know Your Customer (KYC) requirement to make Naira deposits and withdrawals on Binance.
It is not clear if this move means that the Central Bank of Nigeria (CBN) has lifted the restriction placed on cryptocurrency trading in the country.
In 2021, the apex bank asked all Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), and Non-Banks Financial Institutions (NBFIs) to, with immediate effect, shut down the accounts operated by entities that facilitate the trading of digital currencies.
Nigeria is one of the heavy cryptocurrency trading countries in the world, with Nigerians trading more than $5 million worth of bitcoin in a month. Now, amid the continued depreciation of the Naira, many had opted to hedge their assets in cryptocurrencies.
