Binance announced in November 2020 that it has added Nigerian naira cash transfer on its mobile app, iOS and Android, or website. Binance, one of the largest cryptocurrency exchange in the world, is the latest in the growing list of cryptocurrency exchanges offering money transfer services to Africa.
The Central Bank of Nigeria has suspended international money transfers to mobile wallets in Nigeria. This is because of a new regulation that only allows US dollar payout for remittances in the country. The suspension will improve visibility of US dollar remittance flows.
The service allows Binance account holders to transfer naira to anyone without using third parties. Recipients can be Binance users or non-Binance account holders. You can send naira for free using your recipient’s phone number or email address. A link will be sent to their phone or email address to be used for signup and fund withdrawal.