A coalition of leading Nigerian banks has announced the launch of the cNGN stablecoin, a digital currency pegged to the Nigerian naira. This strategic initiative aims to enhance the country’s financial system by integrating the benefits of blockchain technology.
The cNGN is not just a digital currency but a bridge to the future of finance in Nigeria. Engineered to work in harmony with the existing eNaira, the cNGN is set to revolutionize the way Nigerians and the international community engage with the Nigerian currency.
Key Features of the cNGN:
- Backed by the Naira: Each cNGN token mirrors the value of the naira, ensuring stability and trust.
- Blockchain-enabled: By operating on renowned public blockchains, the cNGN guarantees seamless global transactions.
- Consortium Oversight: A regulated, bank-led consortium provides governance, enhancing the credibility of the cNGN.
The consortium includes financial heavyweights such as Access Bank, Sterling Bank, and First Bank, alongside fintech innovators like Korapay and Budpay, ensuring a robust and secure platform for the cNGN.
The Central Bank of Nigeria has given its nod to the banks, highlighting its commitment to fostering innovation and supporting blockchain technology’s integration into the financial sector.
