Quote from Heatman on October 29, 2023, 10:43 am

Effective from 2023-03-02 12:00 (UTC+1), Binance has updated the deposit and withdrawal fees for Nigerian Naira (NGN), and increased the corresponding transaction limits for NGN.

Increased Transaction Limits

Additionally, Binance will be increasing the transaction limit of users from 2,000,000 NGN to 5,000,000 NGN per transaction. The daily limit for active transactions will also be increased from 5,000,000 NGN to 18,750,000 NGN.

Fees for NGN Deposits & Withdrawals

The new fee structure for NGN deposits and withdrawals is reflected in the table below:

 

World’s largest cryptocurrency exchange, Binance has released a new update on both naira deposit and withdrawal fees. The company also hiked transaction limits for both nominal and active Nigerian users on its platform. 

 

According to a blog post published on the Binance platform, the daily transaction limit for nominal users within Nigeria was increased from 2 million naira to 5 million naira while the daily transaction limit for active users was increased from 5 million naira to 18.7 million naira. 

 

In addition, the most used crypto exchange platform in Africa also released a new fee structure for naira deposit and withdrawal, with a minimum fee of N100 and 0.50% on any amount between N1,000 to N50,000.

On the other hand, the transaction fee on all deposits between 50,001 to 1 million naira will attract a flat rate of 0.30%, from N1,000,001 to 2 million naira will attract 0.50%, while 2,000,001 to 5 million will attract 0.30%. 

 

Similarly, the withdrawal fee was also restructured to reflect the new changes. 

 

A statement posted on the company’s platform partly read, “Binance has updated the deposit and withdrawal fees for Nigerian Naira (NGN), and increased the corresponding transaction limits for NGN”. 

 

“Additionally, Binance will be increasing the transaction limit of users from 2,000,000 NGN to 5,000,000 NGN per transaction. The daily limit for active transactions will also be increased from 5,000,000 NGN to 18,750,000 NGN”.

Investors King understands that this new development will have a huge effect on millions of Nigerians who trade cryptocurrency. A report earlier published by Investors King shows that more than 90 million Nigerians owe or have used cryptocurrency at a time. 

 

A research survey recently published by trading browser shows that more people owe or trade cryptocurrency in Nigeria than in any other country in the world.

Binance Fees Review

Crypto exchanges generally have different trading fees for market makers and market takers. The former adds liquidity to the market book by placing an order with a price that is different from the current market price, whereas the latter removes liquidity from the order book by placing any order that is executed against an order of the order book.

 

Most exchanges usually only have deposit fees for fiat currencies, but there are a few of them that also charges you when making crypto deposits (generally when they are deemed small). Withdrawal fees apply in almost every exchange, and they usually represent a fixed amount of the currency to be withdrawn.

 

As always, don't forget to check the crypto search engine to ensure you are choosing the cheapest exchange.