The crypto space is getting bigger and better with slow adoption but surely the progress is surreal just when you realize the hits from regulatory bodies and governments pressure is too much, there comes newer innovation and progress so fascinating. The Biggest Exchanger in the Crypto Space by trading volume Binance announced a day ago they now accept fiat Nigerian state currency Naira (NGN) deposits through Flutterwave and added new trading pairs, paired to the NGN that is BUSD/NGN, BNB/NGN and BTC/NGN. Nigerians can now use their fiat NGN deposit to buy BUSD, BNB and BTC just like we do on P2P exchangers.
Binance said this is the first fiat currency listing on the platform and to celebrate this they want to accelerate usage by giving all newly registered users who deposit NGN to binance through Flutterwave a zero fees on the deposit, so basically you are enjoying zero fees on all NGN Deposits up to 36,000NGN starting October 24, 2019.
On top of this promo binance has committed an amount of $10,000 worth of NGN to award newly registered members worldwide who make NGN deposit through Flutterwave and this amount will be distributed with the rule of first come first served manner and this will start on October 25, 2019 a day after the fiat deposit launch. And this process will continue as a deposit is made the reward will be distributed a day after your deposit until $10,000 worth of NGN is distributed entirely.
- Also Binance wants to make it clear for its users to know that NGN is a legal tender for the Federal Republic of Nigeria and therefore NGN is the currency code and not the digital currency code.
- Binance after the zero fee deposit promo will be setting a charge of 1.4% on deposit fees for all deposits with the minimum deposit being 150NGN.
- Binance also said the exchange rate between the USD and NGN will be determined by the intermediate exchange rates
Binance CEO CZ continued in a tweet that though this is the first fiat trading pair on binance but since they have started users across the world can anticipate more from the exchange as they wont stop from here, they will be working to bring more fiat trading pair to the platform and include other fiat currency pairs from different national currencies to enhance fiat to crypto trading.
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