Nigerian financial institutions, fintech, a blockchain firm, and the Africa Stablecoin Consortium have announced February 27, 2024, to unveil a Naira stablecoin known as cNGN.
The consortium disclosed this in a statement on Friday.
Accordingly, cNGN stablecoin unveiling will be hinged on the new regulatory sandbox released by the Central Bank of Nigeria.
“The cNGN ushers in a new era of financial fluidity, bridging the Nigerian naira with the global market through blockchain technology. Backed 1:1 by Naira reserves held in designated commercial banks, the cNGN Stablecoin transforms the Naira into a dynamic tool for worldwide remittances, commerce, trade and investment,” it stated.
Recall that the apex bank lifted the ban on cryptocurrency transactions in Nigeria in December last year.
However, CBN barred cash withdrawals and issued other guidelines on cryptocurrency accounts.