Nigerian banks and other fintech companies will join the cryptocurrency trading with the launch of the cNGN stable coin on February 27, 2024.
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.
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).
