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Major global cryptocurrency exchange Binance is exiting the Nigerian market, announcing the full discontinuation of all services in the local fiat currency, the Nigerian naira (NGN).
Binance officially announced on March 5 that the platform will suspend NGN withdrawals after March 8. From March 8, any remaining NGN balances in users’ Binance accounts will be automatically converted to the Tether (USDT) stablecoin, the announcement said.
The exchange has encouraged users to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services.
“Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days,” the announcement noted.
Binance will also immediately suspend NGN deposits, as such transactions will not be supported after 2:00 pm UTC on March 5.
All trading pairs involving NGN are set to be removed on Binance on March 7, according to the announcement. Binance’s payment service Binance Pay will also remove NGN from the list of supported payment options on March 6.
Binance also mentioned that Binance’s peer-to-peer platform delisted all NGN trading pairs in late February.
This is a developing story, and further information will be added as it becomes available.
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