One of the world’s largest cryptocurrency exchange platform, Binance, has announced that Nigerians can now deposit and withdraw the Naira to and from their wallets.
In a statement shared by Binance, the platform stated that this is being done as part of efforts to increase the adoption and mainstream accessibility of cryptocurrencies.
The statement read, “Binance is pleased to announce that it has added a fiat gateway for Nigerian Naira (NGN) as part of Binance’s mission to increase the adoption and mainstream accessibility of crypto.”
The platform added, “Users are now able to deposit and withdraw NGN to and from their Binance wallets.”
The firm, however, gave a caveat that all users need to complete the Know Your Customer (KYC) requirement to make Naira deposits and withdrawals on Binance.
It is not clear if this move means that the Central Bank of Nigeria (CBN) has lifted the restriction placed on cryptocurrency trading in the country.
Binance had temporarily paused withdrawal and deposits into its wallets in Nigeria because of the Central Bank of Nigeria (CBN) clampdown on crypto trading. In 2021, the CBN asked all Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), and Non-Banks Financial Institutions (NBFIs) to, with immediate effect, shut down the accounts operated by entities that facilitate the trading of digital currencies.
Furthermore, it should also be noted that the country is also still grappling with the adoption of the E-naira. The CBN is now turning to the nation’s three-wheeler taxi operators to speed the adoption of the digital currency.