Last week Binance opened deposits for the Nigerian Naira (NGN) through Flutterwave. They also added trading pairs BUSD/NGN, BNB/NGN, and BTC/NGN to the Stablecoin Market (USDⓈ) as of October 24, 2019, 12:30 UTC. Users can now start depositing NGN and using it to buy BUSD, BNB, and BTC.
Promo: Enjoy Zero Fees on NGN Deposits
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.
Binance has committed a total of 10,000 USD worth of NGN to give to our newly registered users worldwide. Rewards will be distributed on the following day based on the first-come-first-served manner.
- NGN is the legal tender of the Federal Republic of Nigeria. NGN is the currency code, not the digital currency code.
- NGN deposits fees are set at 1.4%. The maximum deposit amount per transaction is 430,000 NGN, while the minimum deposit amount per transaction is 150 NGN.
- Rewards will be distributed the day after you made your deposit, before 7:00 AM UTC. You can check your prize by going to Distribution History > Wallet > Account Center.
- The exchange rate between USD and NGN will be based on the intermediate exchange rate.
We see this as a positive development to the adoption of cryptocurrency and blockchain in Nigeria.