Binance adds the first fiat trading pair and this time, it is not the US dollar. Starting from today, the Nigerian users will be able to buy Bitcoin, Bitcoin Coin and Binance’s stablecoin BUSD with Naira as we are about to read in the latest binance news today.
Most of the top exchanges that provide fiat-to-crypto trading services mostly focus on the US dollar or at least the Euro or yen. This is mainly because they are the most traded currencies and the USD enjoys the status of a global reserve currency. Binance went a completely different direction by adding the national currency of the African Country as its first fiat trading pair.
Last month, Bitcoin reportedly was the most popular asset especially in Africa, more specifically in Nigeria. The country leads the current ranking of top regions where the Google search trends of ‘’Bitcoin’’ term note the highest frequency. Nigeria is having a very hard time with a humanitarian crisis in its north-eastern side which strongly affects the economy. The citizens find it very hard to use their national currency as a store of value since the Naira currency devalues from year to year.
Binance adds the first fiat trading pair solution in partnership with a payment system- Flutterwave. What is even more interesting, USD/NGN trading pair increased almost 18 percent yesterday and hit a new record high at 361. Previously, one US dollar bought about 306 Naira and the pair fluctuated between $300 and $330 for more than three years. The last time when the USD/NGN traded above $350 was in 2016 and it lasted a few days only.
The recent drop shows once again that Naira is unstable and does not have the people’s trust to back it up. Binance’s launch came on time. The primary reason behind the latest crash is a sudden decline in Nigeria’s foreign reserves.
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Last week, the Central Bank of Nigeria explained that the reserves depleted by $5 billion in less than five months to $40.79 billion. The central bank uses foreign reserves to stabilize the markets and the national currency in general. As for Binance, CEO Changpeng Zhao CZ hinted that more fiat currencies will have to show up on the platform which has been among the top 3 most popular crypto-to-crypto exchanges.
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