Tag Archives: Naira

Binance, the world’s largest cryptocurrency exchange, is disabling all its Naira services from March 8 amid the company’s regulatory troubles in Nigeria, the company shared in a statement on its app. The company, which is at the centre of a crypto crackdown in the West African country, will stop naira deposits after March 5, while withdrawals will end on March 8. 

“Any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT,” the exchange said in a statement on Tuesday. Binance will also delist all existing NGN spot trading pairs on March 7. The naira will be removed from the list of supported payment options on Binance Pay, the exchange’s payment solution.

The…

When the Central Bank of Nigeria began to ration dollars due to the stringent situation of foreign exchange in the country, most Nigerians who are seeking renewal of VISA and e-commerce businesses did not know they will be caught in the web of the new policy.

The Central Bank of Nigeria began the struggle to fix Nigeria’s forex woes in 2020 when the COVID-19 pandemic impacted on oil prices.

A lot of pressure was exerted on the Nigerian forex earnings from oil which contributes over 90 per cent of forex proceeds.

The bank introduced several policies to contain the impact of the Naira which has lost over 36 per cent of its value from N305 to N416 per dollar.

Nigeria sorts foreign exchange obligations through the official Importer and Exporter Window and the parallel market rates.

But…