Naira (NGN) Trading pair becomes the first FIAT on Binance

Binance listed the 1st ever fiat trading pair, and it's not the US dollar. Beginning today, Nigerian users will have a way to get Bitcoin, Binance Coin (BNB), and Binance's stablecoin BUSD with Naira.

Most top exchanges that offer fiat-to-crypto trading services give attention to the US dollar, or at the very least on the euro or yen. That is as they are probably the most traded currencies, with the USD enjoying the status of a worldwide reserve currency. Nevertheless, Binance went another way with the addition of the national currency of an African country as its first fiat service, reports stated.


Last month, Bitcoin was the most popular particularly in Africa and especially in Nigeria. The nation leads the present ranking of top regions where in fact the Google search trends of “Bitcoin” term note the best frequency.

 

Nigeria is fighting a humanitarian crisis on its north-eastern side, which affects the economy. Citizens find it too difficult to make use of their national currency as a store of value as Naira devalues from year to year. Now they could use Binance to purchase Bitcoin, BUSD or BNB in trade for Naira. Binance launched the newest fiat solution in partnership with the payment system, Flutterwave.