Binance has added the Nigerian Naira to the peer-to-peer (P2P) trading services offered on the platform, Binance P2P. This addition marks the first African currency to be available on Binance P2P.
Binance P2P is a branch of the Binance ecosystem that allows direct cryptocurrency trades between buyers and sellers.
The Naira (NGN) integration will allow Nigerians to buy and sell bitcoin (BTC), ethereum (ETH), Binance Coin (BNB), and Tether USD (USDT) after verification.
Speaking about the new update, CEO of Binance, Changpeng Zhao (CZ) said:
We no longer need to bank the unbanked. We can empower them with cryptocurrency financial services directly. Nigeria is a vibrant innovation hub with great passion for cryptocurrencies […] We strive to provide the easiest cryptocurrency access and best trading service for the African community, and P2P trading is a more flexible approach, giving users the freedom to choose their payment methods and counterparty in a trade.
CZ also sees this addition as an opportunity for Nigerian users to make money:
We are also providing an unique opportunity for users to become P2P Merchants where they can post trade ads and earn money, estimated to be a few thousand dollars USD equivalent per month, while providing cryptocurrency access for their communities.
Binance’s Focus on Nigeria
Binance first added Naira (NGN) deposits to its exchange in October 2019. The update quickly went viral when #BinanceAcceptsNaira started trending on Twitter in Nigeria.
Since then, the Binance community in Nigeria has held several trading tutorials and training sessions across various cities in the West African state.
Binance also intends to add support for more African currencies on the main trading and P2P platform.
