Nigeria Naira becomes first Fiat currencies to be listed on Binance.

[RamBahadur.Gurung]

Be cautious while trading with the Nigerian Naira (NGN). This particular currency has lost almost 60% of its value during the last 5 years. The exchange rate was 1 USD = 160 NGN in 2014, and now the exchange rate stands at 1 USD = 361 NGN. The Nigerian government has devalued the NGN two times recently, once in 2016 and the last time in 2017.

[dothebeats]

I think that binance add NGN because Nigeria is open for new technologies and does not make unnecessary problems (good for them) rather than they have dominated the industry. Just loock at NGN/BTC volume. 26 M NGN - that's 75 k $. Its nothing. I know that its first day of trading but its less than noticeable.

It still contributes though, and saying that it's nothing is like an understatement considering that Nigeria is one of the most progressive countries in Africa despite the fact that poverty still runs out and about. Seeing that Nigerians are actively engaging in trading cryptocurrencies, it's already a good thing and something worth noticing and worth mentioning since that side of the map often is disregarded on economic scenes.

[zeze18]

Be cautious while trading with the Nigerian Naira (NGN). This particular currency has lost almost 60% of its value during the last 5 years. The exchange rate was 1 USD = 160 NGN in 2014, and now the exchange rate stands at 1 USD = 361 NGN. The Nigerian government has devalued the NGN two times recently, once in 2016 and the last time in 2017.

This is quite good rather than other old projects that has been dead.
Maybe it's just the effect of the current market condition so they devalued the price.

[pundit]

No doubt Nigerians are one of the most active community in cryptocurrency and it is an awesome update that top exchange like Binance has listed Nigeria's official currency Naira. The most supporting factor behind this may be Nigerian govt. positive stand regarding cryptocurrencies unlike other countries. Nigeria must have realized the benefits of blockchain chronology and its good affects on economy. I wish all other govts make a positive stand for cryptocurrencies.

[beerlover]

I never knew "binancian" is a word, maybe the OP created it or maybe it was a thing beforehand but I really enjoy it, "binancian" like a game class or race (race looks better) like in wow or something.

Nigeria is known for their active community in bitcoin world, I have met with hundreds of them during my 7 years in bitcoin world and I feel like I have worked with tens of them as well (more like 7 probably), they are good coders, they are good designers as well and they have great English, they have better English than most Europeans I have met so they do work in digital advertisement properly, you can hire 3 Nigerians (one coder, one designer, one writer) and you can literally build a whole digital agency for probably under 200 bucks a month which would really mean you can profit super easily and grow from there.

[ChrisPop]

Be cautious while trading with the Nigerian Naira (NGN). This particular currency has lost almost 60% of its value during the last 5 years. The exchange rate was 1 USD = 160 NGN in 2014, and now the exchange rate stands at 1 USD = 361 NGN. The Nigerian government has devalued the NGN two times recently, once in 2016 and the last time in 2017.

Looking at the chart NGN has been stable for the last 2 years, going sideways. But man.. those drops make it a forex world shitcoin. Of course that traders who are are willing to trade BTC using NGN should either cover themselves against NGN downside or closely watch the economical and politic aspects of Nigeria. It is important for a trader to know what kind of asset is he trading at all moments

[Tytanowy Janusz]

It still contributes though, and saying that it's nothing is like an understatement considering that Nigeria is one of the most progressive countries in Africa despite the fact that poverty still runs out and about. Seeing that Nigerians are actively engaging in trading cryptocurrencies, it's already a good thing and something worth noticing and worth mentioning since that side of the map often is disregarded on economic scenes.

Yes. I agree. But OP said that binance choose Nigeria because:

No surprise here, Nigerians are one of the most active traders dominating the industry.

Which is far from true. Binance choose NGN because it was easiest to do since Nigeria is open for blockchain technology and is "actively engaging in trading cryptocurrencies" but it is definetli not dominating the industry.
1D trading volume on NGN/BTC is equal to 8M NGN = 22 222$ ! 1D trading volime on USDT/BTC on binance is 1 000 000 000$ its 45 000 times less.

[LexApp]

It still contributes though, and saying that it's nothing is like an understatement considering that Nigeria is one of the most progressive countries in Africa despite the fact that poverty still runs out and about. Seeing that Nigerians are actively engaging in trading cryptocurrencies, it's already a good thing and something worth noticing and worth mentioning since that side of the map often is disregarded on economic scenes.

Yes. I agree. But OP said that binance choose Nigeria because:

No surprise here, Nigerians are one of the most active traders dominating the industry.

Which is far from true. Binance choose NGN because it was easiest to do since Nigeria is open for blockchain technology and is "actively engaging in trading cryptocurrencies" but it is definetli not dominating the industry.
1D trading volume on NGN/BTC is equal to 8M NGN = 22 222$ ! 1D trading volime on USDT/BTC on binance is 1 000 000 000$ its 45 000 times less.

Summed  it up and this thread didn't last more than 4 days. I need to build a P2P bitcoin exchange, is there anyone with skills to make this a reality?

[Coyster]

Which is far from true. Binance choose NGN because it was easiest to do since Nigeria is open for blockchain technology and is "actively engaging in trading cryptocurrencies" but it is definetli not dominating the industry.

OP is an advocate for the growth of cryptocurrency in Africa on this forum, and I think I'll be right if i say when he meant Nigeria is dominating the industry, he didn't mean all over the world, of course it's not possible for Nigeria to be the most dominant crypto savvy nation in the world, so many nations have adopted the technology, groomed it, even before Africans bought into it.

I feel OP meant Nigeria is one of, if not the most active in cryptocurrency trading in Africa, and I think Nigeria, along with Ghana, Zimbabwe, South Africa and Botswana lead that list in Africa, so I think he's correct if he says Nigeria is dominating the industry(at least in Africa).

[pgbit]

According to a survey made using stats from Local bitcoins, it was estimated that Nigerians are the top 7 people in the world with the highest bitcoin volume although I have to say that I am surprised that the Nigerian Naira happened to be the first Fiat listed in Binance exchange, but presently it's not the only one as more Cryptocurrencies (I think 4 at last count) has been added as well, eagerly awaiting the time my country's currency would be listed, fingers crossed.

[nelson4lov]

According to a survey made using stats from Local bitcoins, it was estimated that Nigerians are the top 7 people in the world with the highest bitcoin volume although I have to say that I am surprised that the Nigerian Naira happened to be the first Fiat listed in Binance exchange, but presently it's not the only one as more Cryptocurrencies (I think 4 at last count) has been added as well, eagerly awaiting the time my country's currency would be listed, fingers crossed.

Don't be surprised. You already said it yourself. Nigeria has  the 7th highest Bitcoin trading volume year to date as per data release by Localbitcoins. To add to that statistics, the number of Nigerian Bitcoin users and traders are increasing with each passing day. Nigeria is quickly becoming a hub for Crypto. I'm glad we're edging towards financial freedom and other perks that comes with Blockchain.

[pant-79]

My Nigerian friends were bragging about how it meant that Nigeria has a special place in the Cryptocurrency sphere but recently, more fiat currencies has been added and CZ has made it known that he plans to onboard about 180 new fiat currencies within the next 6 to 9 months, ofcourse it's all just funa Nd games and playful banter between friends.

[DeathProxy]

One of the difficulties many face in crypto is how tk convert their crypto coins to local fiat which they can use for their everyday runnings activities, .providing an easy way for this conversion will have a positive effect on crypto mainstream movement
This is a good step that CZ have taken. Given to the fact that Nigeria is the most populous black nation,  getting the attention of crypto enthusiast in that region will go a long way to aid the global adoption of cryptocurrency and Blockchain technology.