#Binance Adds New Trading Pairs:
— Binance (@binance) September 10, 2020
Binance, the largest crypto exchange by volume globally, has added one more African pair to its list of trading pairs, the USDT / NGN pair.
The exchange has also removed the Binance Coin / Ugandan Shillings (UGX) trading pair apparently due to insufficient trading volumes and liquidity.
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.
Recently, Binance expanded trading options for traders in Africa by adding Chipper Cash as a payment option on its Binance P2P platform which is currently available in Kenya, Nigeria, and South Africa.
The exchange is looking to grow its P2P platform by offering zero transaction fees for all traders.
UPDATE: The BNB/UGX trading pair has apparently been reinstated, according to Binance Africa
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