Nigerian Naira becomes first African fiat currency supported on Binance P2P platform

THE NEWSGHOST, NIGERIA – Yesterday, leading cryptocurrency exchange Binance added support for the Nigerian Naira on its P2P (peer-to-peer) platform, a source reported.

This new development will enable Nigerians and other users of the Binance P2P platform participate in peer-to-peer trading of fiat and cryptocurrencies using the Nigerian Naira with no transaction fees. They will be able to buy and sell fiat or cryptocurrencies without paying any administrative fees.

Binance first launched its P2P platform on mobile in October 2019. As at then, the platform supported only Nigerian Naira deposits, featuring three major trading pairs: USD/NGN, Binance Coin/NGN and Bitcoin/NGN, according to report. It was until February 2020 that the company announced the launch of the P2P platform on the web.

Binance CEO Changpeng Zhao also noted that Binance is also providing a unique opportunity for users to post trade ads and earn money equivalent to a few thousand dollars USD per month while providing cryptocurrency access for their communities when they become P2P Merchants.

In January 2020, Changpeng had disclosed that the cryptocurrency exchange company’s key goal for 2020 is to bring crypto to the masses.

In fulfilment of this promise, Binance plans to introduce its P2P platform to more African countries this month. Changpeng explained that, ‘We no longer need to bank the unbanked. We can empower them with cryptocurrency financial services directly. Nigeria is a vibrant innovation hub with great passion for cryptocurrencies […] We strive to provide the easiest cryptocurrency access and best trading service for the African community, and P2P trading is a more flexible approach, giving users the freedom to choose their payment methods and counterparty in a trade.’

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