This new change was shared via the official website of the exchange a couple of minutes ago.
In addition to the above update, Nigerians can also make deposits with a flat fee of just 150 NGN when a bank transfer is in play.
So, this new development has definitely put an end to the initial 1.4% deposit rates. This is indeed good news for the cryptocurrency traders and customers of Binance exchange in the most populous country in Africa, Nigeria.
Binance exchange shared this, “Naija Binancians! You can now deposit up to 18,000,000 NGN on Binance at a flat fee of just 150 NGN when using bank transfer. Bye-bye to 1.4% deposit rates!”
Naija Binancians! 🇳🇬 You can now deposit up to 18,000,000 $NGN on #Binance at a flat fee of just 150 NGN when using bank transfer. Bye bye to 1.4% deposit rates! #BinanceLovesNaijahttps://t.co/UihDmezxw8 pic.twitter.com/4BFRjzztYH
— Binance (@binance) February 17, 2020
The bank deposit fees for Nigerians will be adjusted by the exchange starting from 17th February 2020 at 10:00 (UTC). The new deposit fee will change from 1.4% per deposit to 150 NGN for each bank transfer.
In conclusion, Binance exchange warned users regarding the risks that abound in the cryptocurrency trading. There is high volatility of cryptocurrencies in the market, which could bring about a lot of profits as much as losses. So, the exchange warned users to trade responsibly.