Every bit part of ongoing fiat-to-crypto expansion, major cryptocurrency Binance is adding support for the Nigerian Naira (NGN) on its peer-to-peer (P2P) platform.

Binance P2P, a consumer-to-consumer business arm of Binance substitution, is rolling out support for the starting time African fiat currency on its platform. Co-ordinate to an annunciation shared with Cointelegraph, Binance P2P users can merchandise major cryptocurrencies such every bit Bitcoin (BTC) using NGN with zero transaction fees starting from March 4.

Users in Nigeria can now mail service trade ads via P2P Merchants

The NGN integration too allows users in Nigeria to directly purchase and sell cryptos like Bitcoin, Ether (ETH) and major stablecoin Tether (USDT) with other users and verified merchants using the P2P platform. The nix-fee services are available both via the Binance website and Binance mobile app, the house announced.

Binance CEO Changpeng Zhao, also known as CZ in the crypto community, outlined that customers can post trade ads for earning money by using the P2P merchants platform. He said:

"Nosotros are likewise providing an unique opportunity for users to become P2P Merchants where they can post merchandise ads and earn money, estimated to exist a few chiliad dollars USD equivalent per month, while providing cryptocurrency access for their communities."

Every bit the Nigerian Naira is the kickoff African currency supported on Binance P2P platform, Binance plans to further introduce its P2P trading service to more African countries this month, the announcement reads. CZ pointed out Africa every bit a "blockchain continent," noting that cryptocurrency finally powers people in the region to complete basic financial operations.

The Binance CEO connected:

"We no longer need to banking concern the unbanked. We can empower them with cryptocurrency financial services direct. Nigeria is a vibrant innovation hub with nifty passion for cryptocurrencies [...]  We strive to provide the easiest cryptocurrency access and all-time trading service for the African community, and P2P trading is a more flexible approach, giving users the liberty to choose their payment methods and counterparty in a trade."

Binance showtime listed Nigerian Naira for deposits in Oct 2022

Launched by Binance in October 2022, Binance P2P is a peer-to-peer market for buying and selling fiat and cryptocurrencies. The company'southward P2P arm aims to increase global crypto adoption by facilitating direct fiat-to-crypto trades betwixt users and merchants. Initially supported only though Binance mobile app, Binance P2P service was rolled out for web support on Feb. 28.

Binance P2P has added a number of fiat currencies so far, with Vietnamese Dong existence one of the latest fiat currencies supported on the platform. In Jan, Binance also introduced its P2P Merchant Program every bit a user-oriented fiat currency trading platform.

The addition of Nigerian Naira is not completely new to Binance substitution though. In Oct 2022, Binance initially opened deposits for NGN, featuring three major trading pairs including USD/NGN, Binance Coin/NGN and Bitcoin/NGN. Binance'south ambitious fiat onramp strategy comes in line with CZ'southward promise to listing more than than 180 fiat currencies on Binance. As reported by Coitnelegraph, Binance CEO said in early on January 2022:

"One of our cardinal goals for 2022 is to bring crypto to the masses. For this, we aim to enable fiat-to-crypto trading for 180+ fiat currencies."

Before today, Binance experienced another unscheduled maintenance session. CZ afterwards tweeted that the issue was fixed and the platform would exist back online in a "few minutes."