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Nigeria's CBN Set to Launch cNGN Stablecoin on Feb 27
2 months ago 1 min read

Nigeria’s CBN to launch cNGN stablecoin on February 27

The Central Bank of Nigeria (CBN) is preparing to launch its naira stablecoin, cNGN, on February 27, 2024, in a significant step toward embracing blockchain technology. This ground-breaking initiative is part of a pilot program within the CBN’s regulatory sandbox, and it represents a significant step forward in improving global transactions. The Africa Stablecoin Consortium, comprised of Nigerian banks and fintech firms, was instrumental in obtaining approval for the cNGN stablecoin. Working closely with regulatory authorities, their collaborative efforts are focused on ensuring the stablecoin’s stability, transparency, and compliance. Unlike the CBN-initiated eNaira digital currency, the cNGN is managed by