Cryptocurrency ban: Binance removes Nigerian Naira from trading pairs

Binance will today (Tuesday, February 9) remove the Nigerian naira from its trading pair.

This follow the order by the Central Bank of Nigeria (CBN), that financial institutions should close accounts used for cryptocurrency operations.

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…”

It added; “Users can still trade the above assets in other trading pairs that are available on Binance. Risk warning – Cryptocurrency trading is subject to high market risk. Please make your trades cautiously.

“Binance will make best efforts to choose high-quality coins, but will not be responsible for your trading losses.”