Nigerian’s Naira Stablecoin cNGN is Approved by CBN

The Nigerian’s Naira Stablecoin, cNGN, has been approved by the Central Bank of Nigeria (CBN) and it’s set to debut on February 27, 2024.

The cNGN, an innovative digital currency, is pegged 1:1 to the Nigerian Naira and poised to revolutionize the way Nigerians transact, save, and access financial services.

The cNGN’s approval from the CBN was announced by Africa Stablecoin Consortium (ASC) in a blog post. ASC and other financial institutions including fintechs, and blockchain experts collaborate to develop the stablecoin.

The cNGN, backed by real Naira reserves held in designated commercial banks, offers a secure and transparent alternative to traditional payment methods.

According to the Africa Stablecoin Consortium (ASC), “cNGN will usher in a new era of financial inclusion and efficiency”. The stablecoin will also boost remittance, cross-border trade, financial inclusions and e-commerce’s online payment in Nigeria and Africa at large.

Backed by Blockchain technology, the cNGN is shortening settlement time and “enabling payments that traverse the globe swiftly,” making it easy, seamless and cheaper for worldwide remittances and cross-border payments without the need for currency conversion.

Overall, the potential benefits of cNGN are undeniable, and Nigerians are eagerly awaiting the February 27th launch to experience the cNGN revolution firsthand.