As it is ready to exit Nigeria, Binance suspends its naira activities
Before it ends its naira services this week, Binance asked Nigerians to trade or remove their holdings. After a falling out with the Nigerian government, cryptocurrency trading site Binance is planning to
withdraw from the country.
Before the naira services are discontinued this week, Binance invited Nigerians to discontinue the trade or exchange their NGN assets into cryptocurrency in a statement released on Tuesday, March 5, 2024.
All outstanding NGN balances in Binance customers’ accounts will be automatically converted to USDT stablecoin starting on Friday, March 8, 2024, according to the company.
“My fellow Binancians, as of the date shown below, Binance will be terminating all Nigerian Naira (NGN) services.
Before these NGN services are discontinued, users are urged to withdraw NGN, exchange their NGN assets, or convert NGN into cryptocurrency.
Any outstanding NGN balances in customers’ Binance accounts will be immediately changed to USDT based on the conversion rate below as of 2024-03-08 08:00 (UTC).
Binance will stop accepting NGN deposits at 14:00 (UTC) on 2024-03-05.
“NGN cancellations won’t be accepted after 2024-03-08 06:00 (UTC).”Any outstanding NGN balances in users’ Spot and Funding wallets will be converted by Binance on their behalf into USDT after 2024-03-
08 08:00 (UTC) at a ratio of 1 USDT = 1,515.13 NGN.
Please be aware that the conversion rate is determined by looking at the USDT/NGN trading pair’s average closing price on Binance Spot over the previous
kindly be aware that the conversion rate is determined using the trading pair’s average price at the close on Binance Spot over the previous seven days (USDT/NGN).
It can take more than a day to complete the conversion. Following that, users’ Spot wallets are going to be credited with USDT tokens, which they can verify they have received by visiting the Convert History page.
“Users will each receive 0.00000001 USDT in their Spot wallets following the conversion if they have less than 0.00000001 USDT worth of NGN in their Funding and Spot wallets.”
