Nigeria will launch the compliant Naira stablecoin cNGN on February 27th.

Niti998

On January 5th, according to Cointelegraph, the Central Bank of Nigeria (CBN) has approved the Africa Stablecoin Consortium (ASC) to conduct a pilot of the cNGN stablecoin in its regulatory sandbox. The cNGN stablecoin is scheduled to be launched on February 27, 2024. The ASC, composed of Nigerian banks and fintech operators, stated that the cNGN stablecoin complies with the regulatory requirements and standards set by the CBN, the Nigerian Securities and Exchange Commission, and the Nigerian Financial Intelligence Unit. The ASC mentioned that it is collaborating with regulatory authorities to ensure compliance, consumer protection measures, and transparency.

It is noted that the cNGN stablecoin serves as a complementary product to the Central Bank of Nigeria's digital currency, eNaira, rather than a substitute. The ASC will be responsible for overseeing the cNGN. As previously reported by BlockBeats on December 28th, according to Forbes, a consortium consisting of Nigerian banks, fintech companies, and blockchain enterprises is developing a Naira stablecoin named cNGN, with plans to launch in 2024, as revealed in an announcement by the Central Bank of Nigeria.

Iravan774

African stablecoins are unreliable.

Jiten171

There are quite a few stablecoins now.

Kahn332

As long as it is stable, it should be fine.

977Iti

It's worth looking into this stablecoin.