Fellow Binancians,
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.
Fees for NGN Deposits & Withdrawals
The new fee structure for NGN deposits and withdrawals is reflected in the table below:
Tier | Amount (NGN) | New Fee Structure | Previous Fee Structure | ||
Deposits | Withdrawals | Deposits | Withdrawals | ||
1 | 1,000 - 50,000 | [Minimum Fee 100 NGN] 0.50% | [Minimum Fee 100 NGN] 0.50% | [Minimum Fee 150 NGN] 1.00% | [Minimum Fee 150 NGN] 1.00% |
2 | 50,001 - 1,000,000 | 0.30% | 0.75% | 0.30% | 0.75% |
3 | 1,000,001 - 2,000,000 | 0.50% | 0.60% | 0.50% | 0.60% |
4 | 2,000,001 - 5,000,000 | 0.30% | 0.40% | 0.50% | 0.60% |
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.
Thanks for your support!
Binance Team
2023-03-02
Find us on
Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.
Risk Warning: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Past performance is not a reliable predictor of future performance. Before trading, please take into consideration your level of experience, purchase objectives, and seek independent financial advice, if necessary. It is your responsibility to ascertain whether you are permitted to use the services of Binance based on your individual circ*mstances. Not financial advice. For more information, see our Terms of Use and Risk Warning.
As a seasoned financial expert with a deep understanding of cryptocurrency exchanges, including Binance, I can confidently analyze and explain the key concepts in the provided article regarding the update in deposit and withdrawal fees for Nigerian Naira (NGN) on Binance.
Firstly, let's delve into the details of the changes in fees for NGN deposits and withdrawals, as outlined in the table:
-
Tier Structure:
- Tier 1: NGN 1,000 - 50,000
- Tier 2: NGN 250,001 - 1,000,000
- Tier 3: NGN 1,000,001 - 2,000,000
- Tier 4: NGN 2,000,001 - 5,000,000
-
Fee Structure:
- The fees are categorized for both deposits and withdrawals within each tier.
- Tier 1 has a fixed minimum fee of 100 NGN for deposits and withdrawals, with a percentage fee of 0.50%.
- For Tier 2, the fees are 0.30% for deposits and 0.75% for withdrawals.
- Tier 3 has a 0.50% fee for deposits and 0.60% for withdrawals.
- In Tier 4, the fees are 0.30% for deposits and 0.40% for withdrawals.
-
Transaction Limits:
- Binance is increasing the transaction limits for users:
- The transaction limit per transaction is raised from 2,000,000 NGN to 5,000,000 NGN.
- The daily limit for active transactions is increased from 5,000,000 NGN to 18,750,000 NGN.
- Binance is increasing the transaction limits for users:
-
Effective Date:
- The changes are effective from March 2, 2023, at 12:00 (UTC+1).
-
Disclaimer:
- Binance emphasizes that it reserves the right to amend or cancel the announced changes at any time and for any reasons without prior notice.
- A risk warning is provided, cautioning users about the volatility of digital asset prices and advising responsible investment practices.
- Users are reminded to trade within their means, considering individual circ*mstances and seeking independent financial advice if necessary.
-
Conclusion:
- The article concludes by expressing gratitude for user support and encourages users to trade on-the-go using Binance's crypto trading app.
In summary, Binance has adjusted the deposit and withdrawal fees for NGN, introducing a tiered fee structure with varying percentages and minimum fees. Additionally, users can now conduct larger transactions, thanks to the increased transaction limits. The information is presented transparently, and users are reminded of the inherent risks associated with trading digital assets.
