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Binance adds NGN fiat pair as Nigerians switch to P2P Exchange after Crypto Ban

Binance adds NGN fiat pair as Nigerians switch to P2P Exchange after Crypto Ban
Binance adds NGN fiat pair as Nigerians switch to P2P Exchange after Crypto Ban

Binance announced the addition of NGN FIAT/NGN pair to its peer-to-peer [P2P] platform in Nigeria. This will allow users to buy and sell their NGN fiat balance on Binance with zero fees for Nigerian Naira [NGN] using bank transfers and other payment modes.

This latest development will mean that Nigerians will continue to trade via the peer-to-peer platform. Last week the Central Bank of Nigeria issued a stern directive prohibiting deposit-taking banks and other financial institutions from servicing crypto exchanges and closing all accounts associated with cryptocurrencies.

Most cryptocurrency users were unhappy about the new rule and as such Binance was forced to suspend deposit in Nigerian naira from its trading pairs to comply with the directive.

However, the Senate has summoned the governor of the CBN, Godwin Emefiele, to brief them on the suggested ban. 

The Senate deliberates on the pros and cons of cryptocurrency and realizes the opportunity outweighs its skepticism.

Senator Gyang, who presented the motion said:

“The Senate has a responsibility to ensure that the nation and citizens do not miss out on the opportunities that Cryptocurrency offers and in the same vein, mitigate and prevent likely consequential effects on the nation’s economy and security.”

Binance’s new addition of P2P pairs will mean users can continue to trade bitcoin or other cryptocurrencies while Nigerians await the Senate final verdict on crypto in the country.

How does the P2P work

Peer-to-peer, or P2P, takes a decentralized approach to interactions between individuals and groups. Two users can connect directly to each other to trade bitcoin or other cryptocurrencies, alternatively, a user can make a bank transfer directly to the other user or pay that person with cash. Platforms such as Paxful and a Binance’s peer-to-peer platform help connect users to other users so they can coordinate these transactions. 

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