Binance announces it will withdraw from Nigeria's fiat currency service! 3/8 automatically converted to USDT

Recent reports suggest that the Nigerian government may seek to file a $10 billion lawsuit against Binance, which has been accused of having a significant impact on Nigeria’s fiat currency exchange rate. It is reported that Nigeria’s currency has depreciated by more than 70% in the past year. Although the news has not been further confirmed, Binance has announced that it will cease Naira (NGN) trading on the Nigerian fiat currency service.

Binance announced that it will withdraw from Nigeria’s fiat currency service

Binance stated that as of 8:00 am (UTC) on 3/8 (4:00 pm Beijing time), the remaining balance in the user’s Binance account The NGN balance will be automatically converted to USDT at the exchange rate of 1USDT=1,515.13NGN.

• 2/28 15:00 (UTC) All NGN trading pairs in the P2P market have been removed

• 3/5 14:00 (UTC ) will not support the deposit of NGN

• The withdrawal of NGN will not be supported after 3/8 06:00 (UTC)

• In addition, The spot market and payment functions will stop supporting NGN.

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