Nigerian banks and other fintech companies will launch the cNGN stable coin on February 27, 2024.
What to know
- The cNGN is a stable coin that will allow you to transact anywhere in the world using the Naira.
- The cNGN will allow you to purchase and sell goods at the official CBN rate.
- The cNGN will eliminate the traditional challenges of currency conversion and hefty international transaction fees.
- It is similar to other stable coins like USDT and USDC and will join other currencies that can be used to trade from any part of the world.
- It is expected to reduce and eventually eliminate the manipulation of the Nigerian currency by middlemen and currency changers.
- Unlike the eNaira, which is developed solely by the apex bank, the cNGN is managed by a consortium, the Africa Stablecoin Consortium (ASC).
The cNGN is part of the Central Bank’s efforts to ensure the Naira becomes a stable currency that can be relied on by investors and users across the globe.
