With this addition, Naira trading pairs on Binance are now five. These include:
Bitcoin – BTC / NGN pair
Binance Coin – BNB / NGN pair
Binance USD – BUSD / NGN pair
Ethereum – ETH / NGN pair
Tether USD – USDT / NGN pair
The addition of the USDT stablecoin is likely going to be welcome.
Due to increased devaluation amid the Covid-19 pandemic, the Central Bank of Nigeria (CNB) has more than twice devalued the official Nigerian Naira exchange rate. Some Nigerian banks have also reduced spending limits for the Naira denominated debit cards for transactions abroad to just $100 per month in order to contain the currency shortage in the country.
According to experts, the Naira is expected to further devalue as forex scarcity, brought on by slowed remittance flows into Nigeria, continues to bite hard.