Binance Drops Nigerian Naira Support

Due to a regulatory dispute in Nigeria, Binance has announced that it will be discontinuing all services using the country’s fiat currency, the naira.

Beginning on March 8, all naira balances will be automatically converted to USDT and deposits and withdrawals will no longer be supported. The automatic conversion rate will be 1 USDT per 1,515.13 naira.

Additionally, all spot trading pairs involving the naira will be delisted on March 7 and open spot orders for these pairs will be closed.

Binance Convert, Binance P2P, Auto Invest, and Binance Pay will also stop supporting the naira at various dates and times.

This decision comes after reports that the Nigerian government demanded a large sum of money from Binance for supposed illegal transactions that have harmed the country.