Nigerians Face Potential Losses as Binance Ceases Naira (NGN) Services
In a significant development, Binance has officially announced the discontinuation of all Naira (NGN) services, potentially leading to financial losses for users. This crucial information was disclosed in an official statement provided to Ejes Gist News. The decision comes just days after the government under President Bola Tinubu’s administration imposed a ban on Binance.
The government’s directive alleges that the Binance platform played a role in the depreciation of the Nigerian currency (Naira), citing a shift from 450 to 1565 per dollar. This move by the authorities raises concerns among Nigerians about the potential impact on their financial portfolios.
As the cryptocurrency exchange platform phases out NGN services, affected users are advised to review their holdings and take necessary precautions. .
The statement reads;
Dear Binancian,
Binance will discontinue all Nigerian Naira (NGN) services as per the timeline below.
Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services.
This affects NGN services only, you can continue to make use of services and products for other available cryptocurrencies.
Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC).
Binance Auto-Invest will delist NGN after 2024-03-06 03:00 (UTC).
Binance will remove NGN from the list of supported payment options on Binance Pay at 2024-03-06 03:00 (UTC).
Binance Convert will delist NGN and all corresponding pairs at 2024-03-07 02:00 (UTC).
NGN Spot Trading pairs (i.e.,BTC/NGN and USDT/NGN) will be delisted at 2024-03-07 03:00 (UTC).
Withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC).
Binance will convert any remaining NGN balances in users’ Spot and Funding wallets into USDT on behalf of users at a ratio of 1 USDT = 1,515.13 NGN after 2024-03-08 08:00 (UTC).
Please note;
Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days.
The conversion may take approximately up to 24 hours or longer. USDT tokens will be credited to users’ Spot wallets thereafter, and users can confirm receipt of the tokens via the Convert History page.
If users hold less than 0.00000001 USDT worth of NGN in their Spot and Funding wallets, they will each receive 0.00000001 USDT in their Spot wallets after the conversion.
Please click HERE for more information.
We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth.
Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.
Binance Team..
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