One of the world’s largest cryptocurrency exchanges by volume, Binance, has removed naira from its trading pairs.
The move comes after the Central Bank of Nigeria (CBN) banned banks and other financial institutions from cryptocurrency operations. The CBN also ordered the closure of accounts used for cryptocurrency operations.
In a statement Binance sent to traders titled, ‘Notice of removal of trading pairs,’ the removal takes effect from Tuesday, February 8, 2021.
Binance urged traders to resort to other pairs and peer-to-peer trading.
The statement read, “Binance will remove and cease trading on the following trading pairs at 2021-02-09 12:00 PM (UTC): BNB/NGN, BUSD/NGN, DOT/NGN, ETH/NGN, LINK/NGN, LTC/NGN, TRX/NGN, XRP/NGN.
“Please note: NGN is fiat currency and does not represent any other digital currencies.
“Users can transfer their fiat or crypto balance to their P2P wallet, and buy or sell cryptocurrency with NGN at zero fees on the Binance P2P platform.
“Users can still trade the above assets in other trading pairs that are available on Binance.
“Risk warning – Cryptocurrency trading is subject to high market risk. Please make your trades cautiously.
“Binance will make best efforts to choose high-quality coins, but will not be responsible for your trading losses.”