Following the Central Bank of Nigeria (CBN)’s order that financial institutions should close accounts used for cryptocurrency operations, Binance has removed naira from its trading pair.
Punch reports that in a statement on Monday, February 8, Binance, considered as one of the biggest cryptocurrency exchanges by volume, announced that the removal of the currency will take effect from Tuesday, February 9.
The statement revealed that from exactly 12 noon on Tuesday, Binance will remove and cease trading on the following trading pairs: BNB/NGN, BUSD/NGN, DOT/NGN, ETH/NGN, LINK/NGN, LTC/NGN, TRX/NGN, XRP/NGN.
Noting that the naira is a fiat currency and by that implying also that it and does not represent any other digital currency, the exchange informed users that they can “transfer their fiat or crypto balance to their P2P wallet, and buy or sell cryptocurrency with NGN at zero fees…”
