In line with the Central Bank of Nigeria’s (CBN) directives on cryptocurrency, Binance one of the largest cryptocurrency exchange platform has removed naira from its trading pairs.
This development comes after the CBN ordered all banks and financial institutions to close the accounts of persons using it for cryptocurrency transactions.
Binance in a statement titled, ‘Notice of removal of trading pairs’ informed traders that the removal will take effect from Tuesday, February 8, 2021.
It also advised users to transfer their peer-to-peer wallet for transactions.
According to the statement by Binance gotten from its official website, it reads in part, “Binance will remove and cease trading on the following trading pairs at 2021-02-09 12:00 PM (UTC): BNB/NGN, BUSD/NGN, DOT/NGN, ETH/NGN, LINK/NGN, LTC/NGN, TRX/NGN, XRP/NGN.
“Please note: NGN is a fiat currency and does not represent any other digital currencies.
“Users can transfer their fiat or crypto balance to their P2P wallet, and buy or sell cryptocurrency with NGN at zero fees on the Binance P2P platform.
“Users can still trade the above assets in other trading pairs that are available on Binance.
“Risk warning – Cryptocurrency trading is subject to high market risk. Please make your trades cautiously.
“Binance will make best efforts to choose high-quality coins, but will not be responsible for your trading losses.”