Major Cryptocurrency Exchange Discontinues All Nigerian Naira Services

Overview and Timeline

A leading global cryptocurrency exchange announced on March 5, 2024, its decision to discontinue all Nigerian Naira (NGN) services across its platform. This significant policy change was later amended on June 18, 2024, to provide additional clarity regarding user account access. The announcement emphasized that users' accounts would not be directly impacted during the transition process, and users would retain full access to their accounts throughout the discontinuation period.

The discontinuation followed a structured timeline beginning in early March 2024, with various services being phased out at different intervals. Users were strongly encouraged to take proactive measures by withdrawing their NGN balances, trading their NGN assets, or converting NGN into cryptocurrency before the final deadline. The platform implemented an automatic conversion mechanism for any remaining NGN balances, converting them to USDT (Tether) at a predetermined exchange rate to ensure no user funds were left stranded.

The legal status of cryptocurrency exchanges operating in Nigeria has evolved significantly, with regulatory frameworks continuing to develop throughout 2024 and into 2025. Nigerian users seeking to understand whether major cryptocurrency platforms can legally operate in the country should consult current regulatory guidelines from Nigerian financial authorities.

Deposits, Withdrawals and Conversions

The deposit and withdrawal services for Nigerian Naira underwent a systematic shutdown process. Beginning March 5, 2024, at 14:00 UTC, the exchange ceased supporting all new NGN deposits to the platform. This was followed by the suspension of NGN withdrawal services on March 8, 2024, at 06:00 UTC, giving users a limited window to remove their fiat currency from the platform.

For users who did not withdraw or convert their NGN holdings before the deadline, an automatic conversion process was implemented starting March 8, 2024, at 08:00 UTC. All remaining NGN balances in users' Spot and Funding wallets were automatically converted to USDT at a fixed conversion rate of 1 USDT = 1,515.13 NGN. This conversion rate was calculated based on the average closing price of the USDT/NGN trading pair over the preceding seven days, ensuring a fair market-based valuation.

The conversion process was designed to accommodate all balance sizes, with special provisions for very small balances. Users holding less than 0.00000001 USDT worth of NGN in their wallets would receive exactly 0.00000001 USDT in their Spot wallets. The entire conversion operation could take up to 24 hours or longer to complete, after which USDT tokens would be credited to users' Spot wallets. Users were able to verify the receipt of their converted funds through the Convert History page on their accounts.

Spot Trading Services

The exchange's spot trading platform discontinued all NGN-denominated trading pairs on March 7, 2024, at 03:00 UTC. This delisting affected all existing NGN spot trading pairs, specifically BTC/NGN (Bitcoin/Nigerian Naira) and USDT/NGN (Tether/Nigerian Naira). These were the primary trading pairs that allowed Nigerian users to trade cryptocurrencies directly against their local currency.

All open spot orders associated with these trading pairs were automatically closed when trading ceased for the respective pairs. This automatic closure ensured that no orders remained pending or unfulfilled after the service discontinuation. Users were advised to manually review and adjust their trading positions before the deadline to avoid any unexpected order cancellations.

An important technical consideration was highlighted for users regarding their wallet visibility settings. The platform specifically instructed users to ensure they had not selected the "Hide Small Balances" option in their wallets. This setting, if enabled, could prevent users from viewing their converted assets after the trading pairs ceased operation, potentially causing confusion about their balance status.

Convert Services

The exchange's Convert feature, which allows users to instantly exchange one cryptocurrency or fiat currency for another, delisted Nigerian Naira and all corresponding trading pairs on March 7, 2024, at 02:00 UTC. This service provided a convenient way for users to quickly exchange their NGN holdings without going through the traditional spot trading interface.

The Convert service discontinuation meant that users could no longer use this quick-exchange feature to move in or out of NGN positions. This removal was coordinated with the broader NGN service shutdown and occurred just one hour before the spot trading pairs were delisted, providing users with a final window to utilize the conversion functionality.

Peer-to-Peer Trading Services

The platform's peer-to-peer (P2P) trading service was among the first features to remove Nigerian Naira support. All NGN trading pairs on the P2P platform were delisted on February 28, 2024, at 15:00 UTC, making it the earliest service discontinuation in the overall NGN phase-out timeline.

The P2P platform had been a popular avenue for Nigerian users to trade cryptocurrencies directly with other users using local payment methods. The early delisting of these pairs signaled the beginning of the exchange's complete withdrawal from NGN-based services and gave users an early warning to prepare for the broader service discontinuation that would follow in the coming weeks.

Auto Invest Services

The Auto-Invest feature, which allows users to automatically invest in cryptocurrencies on a recurring schedule, delisted Nigerian Naira after March 6, 2024, at 03:00 UTC. This service discontinuation affected users who had set up automated investment plans using NGN as their funding currency.

Users were given the option to manually remove their Auto-Invest plans involving NGN before the deadline. If users chose not to take action, the system would automatically fail the next recurring cycle for any investment plan denominated in NGN. This approach prevented unauthorized transactions while ensuring users maintained control over their investment strategies during the transition period.

Payment Services

The platform's integrated payment solution that enables users to send and receive cryptocurrencies and fiat currencies removed Nigerian Naira from its list of supported payment options on March 6, 2024, at 03:00 UTC. This removal meant that users could no longer use NGN as a payment method for transactions conducted through the payment service.

The discontinuation of NGN support in the payment service completed the comprehensive removal of Nigerian Naira from all major platform features, affecting both trading and payment functionalities. Users who regularly used the payment service for NGN-denominated transactions needed to identify alternative payment methods or currencies for their continued use of the platform.

Current Status and Legal Considerations in Nigeria

As of December 2025, the cryptocurrency regulatory landscape in Nigeria has continued to evolve. The question of whether major cryptocurrency exchanges can legally operate in Nigeria depends on compliance with regulations established by Nigerian financial authorities, including the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN).

Nigerian users should be aware that while some international cryptocurrency platforms have resumed or maintained limited operations in the country, the availability of NGN-based services varies by platform. Users interested in understanding the current legal status of cryptocurrency exchanges in Nigeria should consult official regulatory announcements and verify which platforms hold appropriate licenses to operate within Nigerian jurisdiction.

The discontinuation of NGN services by major platforms has prompted many Nigerian cryptocurrency users to explore alternative methods for trading, including using other supported fiat currencies, utilizing licensed local exchanges that comply with Nigerian regulations, or engaging in peer-to-peer transactions through compliant platforms.

Conclusion

The discontinuation of all Nigerian Naira services by a major cryptocurrency exchange represents a significant development in the platform's operations within the Nigerian market. The structured phase-out approach, spanning from late February to early March 2024, demonstrated the platform's commitment to providing users with adequate notice and multiple options for managing their NGN holdings. The automatic conversion mechanism ensured that no user funds were lost during the transition, with all remaining balances being converted to USDT at a fair market rate.

The exchange emphasized its commitment to transparency and long-term sustainable growth within the cryptocurrency ecosystem throughout this process. While the discontinuation impacted Nigerian users' ability to trade directly in their local currency on this particular platform, users maintained full access to their accounts and could continue using services with other supported currencies and cryptocurrencies.

For Nigerian users seeking to determine whether major cryptocurrency exchanges can legally operate in their country, it is essential to stay informed about current regulatory developments and consult official sources from Nigerian financial regulatory bodies. The cryptocurrency landscape in Nigeria continues to evolve, with regulatory frameworks being established to provide clearer guidance for both platforms and users regarding legal operations within the country.

FAQ

Which crypto app is allowed in Nigeria?

In Nigeria, crypto apps like NairaEx, Quidax, and Luno are permitted for cryptocurrency trading. These platforms comply with local regulations and offer services to Nigerian users for buying, selling, and trading digital assets.