Would you like to receive notifications on latest updates of the following headlines?

Africa Stablecoin Consortium To Launch Naira Stablecoin In February

POSTED ON January 6, 2024 •   BUSINESS & ECONOMY      BY Oluwakemi Ademuyiwa

A consortium comprising Nigerian financial institutions, fintech, and blockchain experts, known as the Africa Stablecoin Consortium (ASC), is gearing up to introduce a compliant Nigeria Naira stablecoin, named cNGN, on February 27, 2024.

In a statement released on Friday, the consortium announced that the launch of cNGN aligns with the guidelines of the new Regulatory Sandbox introduced by the Central Bank of Nigeria (CBN). The stablecoin is expected to bring about a transformation in financial transactions by facilitating secure and compliant interactions, revolutionizing the way individuals engage with their money securely and seamlessly.

The ASC emphasized that the cNGN stablecoin will turn the Nigerian Naira into a globally recognized currency for settlements. Backed 1:1 by Naira reserves held in designated commercial banks, the cNGN is poised to become a dynamic tool for worldwide remittances, commerce, trade, and investment.

The statement outlined the transformative features of the stablecoin, stating, "More than just a currency, cNGN shortens settlement times, enabling payments that traverse the globe swiftly, mirroring the speed of a text message and at a fraction of the cost."

Furthermore, the ASC highlighted the potential of the cNGN to facilitate instantaneous financial transactions, connecting Nigeria's economy with international markets while ensuring efficiency in both domestic and global financial interactions.

The consortium noted that the cNGN stablecoin will offer users a seamless and cost-effective way to engage with the global marketplace while retaining the familiarity of the Naira. It emphasized the ability to shop globally and pay in Naira without traditional challenges related to currency conversion and hefty international transaction fees.

The ASC provided insights into the use cases of cNGN, emphasizing its role in facilitating instant remittances and supporting loved ones back home. The stablecoin is expected to provide a quick and efficient solution, eliminating the delays associated with traditional remittance processes.

Notably, the cNGN, akin to well-known stablecoins like USDT and USDC, will be compatible with multiple public blockchains, allowing straightforward international transfers and expanding its use globally. It is positioned as a compliant and regulated stablecoin managed by a consortium, distinguishing it from the eNaira developed solely by the apex bank.

READ ALSO
Reinventing Nigeria’s Fiscal Framework: A Call for Unity and Responsibility
BY Abiodun Saheed Omodara July 8, 2025 0

President Bola Tinubu has emphasized his government's dedication to allocating sufficient resources...

READ ALSO
CBN Mandates Capital Restoration Plans for Banks: A Step Towards Regulatory Compliance
BY Abiodun Saheed Omodara July 8, 2025 0

The Central Bank of Nigeria has instructed banks to provide a capital restoration plan as part of it...

READ ALSO
Two Men Charged in CBEX Investment Scheme Remain in Custody
BY Abiodun Saheed Omodara July 8, 2025 0

A Federal High Court in Abuja has placed two businessmen, Aweruso Otorudo and Chukwuebuka Ehirim, in...

READ ALSO
Nigerian States Accumulate N417.7 Billion in Domestic Debt Amid Rising FAAC Revenue
BY Abiodun Saheed Omodara July 7, 2025 0

At least 10 Nigerian states have cumulatively increased their domestic debt by N417.7 billion from t...

READ ALSO
Tinubu Pledges to Eliminate Bureaucratic Hurdles in Agriculture During Bilateral Talks with Brazil
BY Abiodun Saheed Omodara July 6, 2025 0

President Bola Tinubu expressed his commitment on Saturday to his Brazilian counterpart, Luiz Inacio...

READ ALSO
Nigerian Investors Launch $5 Billion Cooperative Trust Fund to Empower MSMEs
BY Abiodun Saheed Omodara July 6, 2025 0

A coalition of Nigerian investors has introduced a Cooperative Trust Fund valued at $5 billion, aime...

READ ALSO
Nigeria Aims to Eliminate Routine Flaring by 2030 and Cut Methane Emissions by 60% by 2031
BY Abiodun Saheed Omodara July 3, 2025 0

The Nigerian Upstream Petroleum Regulatory Commission has announced that its gas-focused transition...

READ ALSO
NNPCL Revamps Financial Discipline, Collaborate with Independent Producers
BY Abiodun Saheed Omodara July 3, 2025 0

The CEO of Seplat Energy Plc, Roger Brown, stated that the Nigerian National Petroleum Company Limit...

OUR CHANNELS:

Reinventing Nigeria’s Fiscal Framework: A Call for Unity and Responsibility
BY Abiodun Saheed Omodara July 9, 2025 0

President Bola Tinubu has emphasized his government's dedication to allocating sufficient resources...


CBN Mandates Capital Restoration Plans for Banks: A Step Towards Regulatory Compliance
BY Abiodun Saheed Omodara July 8, 2025 0

The Central Bank of Nigeria has instructed banks to provide a capital restoration plan as part of it...


Nigeria Faces Teacher Shortage: Over 31 Million Learners Rely on Just 915,913 Educators
BY Abiodun Saheed Omodara July 9, 2025 0

According to data from the Universal Basic Education, only 915,913 teachers are available for at lea...


Tinubu Calls for Equitable Global Framework at BRICS Summit
BY Abiodun Saheed Omodara July 8, 2025 0

President Bola Tinubu has advocated for a more equitable global framework regarding climate action,...


Two Men Charged in CBEX Investment Scheme Remain in Custody
BY Abiodun Saheed Omodara July 8, 2025 0

A Federal High Court in Abuja has placed two businessmen, Aweruso Otorudo and Chukwuebuka Ehirim, in...


LASG Takes Action, Dismantled  Illegal Checkpoints Along Badagry Expressway
BY Abiodun Saheed Omodara July 8, 2025 0

LAGOS, Nigeria - The Lagos State government has dismantled illegal checkpoints along the Lagos&ndash...


Natasha's Return Plans on Hold as Senate Awaits Court Judgment Copy
BY Abiodun Saheed Omodara July 8, 2025 0

The suspended Senator representing Kogi Central, Natasha Akpoti-Uduaghan, has declared her intention...


Nigerian States Accumulate N417.7 Billion in Domestic Debt Amid Rising FAAC Revenue
BY Abiodun Saheed Omodara July 8, 2025 0

At least 10 Nigerian states have cumulatively increased their domestic debt by N417.7 billion from t...


Governor Otti Facilitates Release of Inmates After 26 Years
BY Abiodun Saheed Omodara July 9, 2025 0

Governor Alex Otti of Abia State on Saturday welcomed three Nigerians who were released after spendi...


Tinubu Pledges to Eliminate Bureaucratic Hurdles in Agriculture During Bilateral Talks with Brazil
BY Abiodun Saheed Omodara July 9, 2025 0

President Bola Tinubu expressed his commitment on Saturday to his Brazilian counterpart, Luiz Inacio...


More Articles

Load more...

Menu