Paxful strengthens Crypto transactions with addition of Naira token

Global peer-to-peer crypto marketplace Paxful partnered with BuyCoins as part of its localization efforts to add Naira token (NGNT), a Naira pegged stablecoin, as a payment method to the platform. With this partnership, users will be able to buy and sell Bitcoin (BTC) and Tether (USDT) using NGNT.

Built on the world’s leading smart contract platform, the Ethereum blockchain, whose open-source and transparent stablecoin framework allows fiat to interact with smart contracts, gives cryptocurrency dealers the ability to transact with the Naira across the blockchain. NGNT is backed by Naira 1-to-1 meaning that one NGNT can always be redeemed for one Naira, giving the much-needed stability in contrast to usually volatile digital currencies.

“This collaboration with Paxful is an exciting step for the NGNT community. It opens up new opportunities and use cases for NGNT and will help to increase trading activity within the crypto ecosystem in Nigeria,” said Timi Ajiboye, CEO & Co-Founder of BuyCoins.

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The addition of NGNT on Paxful will facilitate easy and speedy cross-border transactions while increasing the scope of trading on the platform, “With the Naira Token users can perform fast, publicly-verifiable, borderless transactions with a fiat equivalent, which is important to our users. Nigeria is one of Paxful’s leading markets. We’re excited to partner with BuyCoins to make this payment method available on our platform,” said Ray Youssef, CEO, and co-founder of Paxful.

Nigeria is also becoming one of the fastest-growing crypto markets in the world. With the growing demand for crypto and the national currency’s devaluation, there is a surging demand for stable digital currency to combat the volatility associated with Bitcoin and Naira.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.