A groundbreaking move is set to reshape Nigeria's financial landscape as the Africa Stablecoin Consortium (ASC) announces the launch of the compliant Nigeria Naira (cNGN) stablecoin on February 27, 2024. Fueled by the recently released Regulatory Sandbox by the Central Bank of Nigeria (CBN), the cNGN is poised to revolutionize financial transactions, bridging the gap between the Nigerian Naira and the global market through blockchain technology.
Backed 1:1 by Naira reserves in designated commercial banks, the cNGN will transform into a dynamic tool for worldwide remittances, commerce, trade, and investment. Beyond being a currency, cNGN shortens settlement times, enabling swift global payments at a fraction of the cost.
The consortium envisions cNGN as a seamless and cost-effective means for users to explore the global marketplace, paying for anything, anywhere, and at any time without the traditional challenges of currency conversion and international transaction fees.
As a compliant and regulated consortium-driven stablecoin, cNGN's versatility extends to freelance opportunities, international trade, and instant payments, marking a significant leap in Nigeria's engagement with global financial interactions.
