Binance has decided to discontinue its services for Nigeria’s fiat currency, the naira, due to a regulatory conflict in the country.
Starting from March 8 at 8:00 a.m. UTC, naira balances will be automatically converted to USDT. NGN deposits will no longer be supported after 14:00 UTC today, and withdrawals will be unsupported after March 8 at 6:00 a.m. UTC.
According to an announcement on its website, the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira.
Spot trading pairs against the naira will be delisted on March 7 at 3:00 a.m. UTC, and open spot orders for these pairs will be closed automatically.
In addition, Binance Convert, Binance P2P, the Auto Invest feature, and Binance Pay will also end support for the naira at different dates and times.
