Binance announces withdrawal from Nigerian fiat currency service, to automatically convert to USDT on 3/8
Recently, there were reports that the Nigerian government is seeking $100 billion in compensation from Binance due to its significant impact on the local fiat currency exchange rate (which has depreciated by over 70% in the past year). However, the actual situation has yet to be further confirmed. Today (3/5), Binance announced that it will be discontinuing Nigerian Naira (NGN) services and withdrawing from the country's fiat currency market.
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Binance Announces Withdrawal of Nigerian Naira (NGN) Fiat Services
Binance has announced that as of 8:00 AM UTC on 3/8 (4:00 PM Taiwan Time), any remaining NGN balances in users' Binance accounts will be automatically converted to USDT at a rate of 1 USDT = 1,515.13 NGN.
- All NGN trading pairs on the P2P market were removed on 2/28 at 15:00 UTC
- Deposits in NGN will not be supported after 3/5 at 14:00 UTC
- Withdrawals in NGN will not be supported after 3/8 at 06:00 UTC
In addition, NGN will no longer be supported for spot trading and payment functions.
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