Cryptocurrency exchange Binance has announced plans to discontinue all Nigerian Currency (NGN) services, setting a comprehensive timeline for the cessation of NGN-related activities.
Binance Announces Suspension of Nigerian Currency (NGN) Services
Users are advised to take necessary actions, including withdrawing NGN, exchanging NGN assets, or converting NGN into cryptocurrencies before the stipulated stop date.
Starting at 11:00 on March 8, 2024, all remaining NGN balances in users' Binance accounts will be automatically converted to USDT with a conversion rate of 1 USDT = 1,515.13 NGN.
Important Points Regarding Deposit, Withdrawal and Conversion Transactions:
Binance will stop supporting NGN deposits after 17:00 on March 5, 2024. NGN withdrawals will no longer be made after 09:00 on March 8, 2024.
After the transactions are stopped, the remaining NGN balances in users' Spot and Funding wallets will be converted to USDT.
The conversion rate is determined by the average closing price of the USDT/NGN trading pair on Binance Spot over the last seven days.
The conversion process can take up to 24 hours or longer, and USDT tokens are transferred to users' Spot wallets once completed.
In cases where users' NGN balances are below the equivalent of 0.00000001 USDT, 0.00000001 USDT will be deposited to their Spot wallets after the conversion.
Regarding Spot Trading:
Binance will delist all existing NGN spot trading pairs, including BTC/NGN and USDT/NGN, effective March 7, 2024 at 6:00 AM.
Open spot orders associated with delisted trading pairs will be automatically closed upon cessation of trading in the relevant pairs.
*This is not investment advice.
