Yes, you read that right. Binance is now allowing traders to deposit and withdraw in local currency(NGN). This came as a shock considering how the Nigerian government has placed so many regulations on cryptocurrencies these past few years. What does this mean, that the Nigerian government is saying yes to cryptocurrencies?
In a statement released by Binance yesterday, November 7, 2022; it was stated that their mission of allowing traders to deposit and withdraw naira was in order to increase the adoption and mainstream accessibility of crypto.
Amidst the ban, Nigerians were still trading cryptocurrencies, but this time with the aid of P2P exchanges. But it still had its flaws, as the price of USDT varied little between different merchants.
“Users are now able to deposit and withdraw NGN to and from their Binance wallets.”
So apparently, with just bank transfers or with the aid of ATM cards; traders could still go ahead with their transactions.
Although there has been some concern from traders online wondering if this is CBN-approved because we’ve seen how strict the Nigerian government is regarding cryptocurrencies, also seen online, a couple of people are worried that this might be a ploy from the Nigerian government to get hold of accounts still dealing in crypto, which sounded quite hilarious, but, well, it’s Nigeria; one can never tell. It is still not clear if the crypto ban has been lifted.
Moreover, I think the upside should only be looked at; currently, USDT/NGN is trading at 857, while P2P is trading at 861. Do with this information what you will.