The Central Bank of Nigeria (CBN) has approved the Africa Stablecoin Consortium to pilot the cNGN stablecoin within its Regulatory Sandbox.
This initiative marks a key moment in the evolution of financial developments in the country. The ASC brings together a group of leading financial institutions, fintech innovators, and blockchain specialists, aiming to redefine and enhance the security and compliance of financial interactions.
The cNGN is a regulatory-compliant stablecoin pegged to the Nigerian Naira and backed by Naira reserves in selected commercial banks. Its launch is scheduled for Feb. 27, 2024. The stablecoin aims to facilitate rapid and cost-effective global remittances, streamline commerce and trade, and open new investment. Its introduction is envisioned to transform the Naira into a more dynamic tool for international financial exchanges.
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