Binance P2P Now Supports the Nigerian Naira, Its First African Fiat Currency


In an effort to expand its fiat-to-crypto services, Binance decided to add support on its peer-to-peer (P2P) platform for the Nigerian Naira (NGN).

The integration allows Nigerian users to directly buy and sell cryptocurrencies like Bitcoin (BTC), Ether (ETH) and Tether (USDT) using the Binance P2P platform. The exchange also announced P2P services are free of charge on both the Binance website and for the mobile app. Here’s what Changpeng CZ Zhao, the CEO of Binance, had to say about the integration:

“We are also providing a unique opportunity for users to become P2P Merchants where they can post trade ads and earn money, estimated to be a few thousand dollars USD equivalent per month, while providing cryptocurrency access for their communities.”

Support for More African Fiat Currencies to Be Added

The NGN is the first African fiat currency to be supported on Binance P2P, but things won’t stop here, seeing CZ thinks Africa is the blockchain continent. The plans are to introduce more African countries to Binance this month. The exchange’s P2P platform was launched in October last year. It’s a marketplace for buying and selling crypto and fiat currencies. In the beginning, Binance P2P was supported only through a mobile app, but now it has become available for the web too.

Binance Is Not New to the NGN

There are many fiat currencies added by Binance P2P until now, the Vietnamese Dong included. The P2P Merchant Program was also introduced as being a user-oriented trading platform for fiat currencies. However, the NGN is not new for Binance, as in October 2019, the exchange opened NGN deposits featured on the USD/NGN, BTC/NGN, Binance Coin (BNB)/NGN trading pairs. Binance has such an aggressive approach when it comes to fiat onramp because CZ promised Binance will add 180 fiat currencies this year. Here are his exact words:

“One of our key goals for 2020 is to bring crypto to the masses. For this, we aim to enable fiat-to-crypto trading for 180+ fiat currencies.”

Another thing that should be mentioned about Binance is that today it experienced yet another unscheduled maintenance. CZ tweeted the issue was fixed, and the platform will be back online in a few minutes. Perhaps it was the NGN integration that caused the problem.

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