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Nigerian Banks to Launch Naira Stablecoin cNGN in 2024

Katie Lin

Summary: A consortium of Nigerian banks, fintechs and blockchain companies are developing the Naira stablecoin, cNGN, which is set for launch in 2024, according to reports by Forbes. The cNGN will be pegged to the Naira at a 1:1 ratio and will be held by Nigerian banks as legal tender. Unlike electronic Naira (eNaira), cNGN is a ...

A consortium of Nigerian banks, fintechs and blockchain companies are developing the Naira stablecoin, cNGN, which is set for launch in 2024, according to reports by Forbes. The cNGN will be pegged to the Naira at a 1:1 ratio and will be held by Nigerian banks as legal tender. Unlike electronic Naira (eNaira), cNGN is a cryptocurrency maintained by a consortium of banks, aimed at streamlining international Naira transactions. The rollout of cNGN is expected to significantly affect monetary policy and market dynamics in 2024.

Author: Katie Lin

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