Nigerian financial institutions, fintech, a blockchain firm, and the Africa Stablecoin Consortium have announced February 27, 2024, for the unveiling of a Naira stablecoin known as cNGN.
The development was made known in a statement by the consortium on Friday.
The cNGN will bridge the Nigerian naira with the global market through blockchain technology.
The statement observed that the cNGN Stablecoin backed 1:1 by Naira reserves held in designated commercial banks, will transform the Naira into a dynamic tool for worldwide remittances, trade and investment.
The unveiling of the cNGN stablecoin will be hinged on the new regulatory sandbox released by the Central Bank of Nigeria.
Recall that the apex bank lifted the ban on cryptocurrency transactions in Nigeria in December last year.
The CBN, thereafter, barred cash withdrawals and issued other guidelines on cryptocurrency accounts.
