Crypto exchange Binance has announced its exit from the Nigerian market, which will see the suspension of all services related to the local fiat currency, the Nigerian naira (NGN).
Binance officially announced yesterday that NGN withdrawals will be suspended as of March 8, while NGN balances remaining in users' accounts will be automatically converted to USDT.
It should be noted the conversion rate will be based on the average closing price of the USDT/NGN pair on Binance Spot over the last seven days.
In addition, deposits in NGN will be suspended immediately and will no longer be supported as of 14:00 UTC on March 5. NGN trading pairs will also be removed on March 7, and the peer-to-peer platform Binance Pay will no longer support NGN as a payment option on March 6.
The news that Binance is completely removing the Nigerian naira from its platform has coincided with increased regulatory scrutiny in Nigeria.