In Nigeria, the most common cryptocurrency-to-fiat trading pairs involve the Nigerian Naira (NGN) and major cryptocurrencies.
These pairs typically include:
- BTC/NGN: Bitcoin to Nigerian Naira
- ETH/NGN: Ethereum to Nigerian Naira
- USDT/NGN: Tether (a stablecoin) to Nigerian Naira
These pairs are widely available on various cryptocurrency exchanges operating in Nigeria. For instance, platforms like Binance have previously offered NGN trading pairs, including BTC/NGN and USDT/NGN, facilitating direct transactions between cryptocurrencies and the Nigerian Naira.
However, it's important to note that regulatory developments have impacted the availability of NGN trading pairs on some exchanges. In May 2024, the Nigerian Securities and Exchange Commission directed crypto trading platforms to delist trading pairs involving the naira, citing concerns over currency manipulation and inflation.
Despite these challenges, peer-to-peer (P2P) trading remains a popular method for Nigerians to exchange cryptocurrencies for fiat currency. Platforms like Bybit and Remitano offer P2P services that connect buyers and sellers directly, allowing transactions in NGN.
Given the evolving regulatory landscape, it's advisable to stay informed about the current status of crypto-to-fiat trading pairs in Nigeria and to use reputable platforms that comply with local regulations.
Here is a list of the other most important pairs for Nigerians:
