Nigerian banks and other fintech companies have announced that the cNGN stable coin will be launched on February 27, 2024.
This was made known in a statement posted on X, formerly Twitter handle by the Special Assistant on Social Media to President Bola Tinubu, on Friday.
He explained that the cNGN is a stable coin that allows you do business in anywhere in the world.
Olusegun pointed out that there is no difference between cNGN coins and other stable coins like USDT as well as USDC and will join other currencies that can be used to trade from any part of the world.
Speaking on what to know about cNGN in the statement, the SA siad, “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).
“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.”
