The Africa Stablecoin Consortium, a consortium of Nigerian financial institutions, fintech, and blockchain experts, will launch a compliant Nigerian Naira stablecoin on February 27, 2024.
In a statement issued on Friday, the consortium said the launch of the cNGN is hinged on the new regulatory sandbox released by the Central Bank of Nigeria (CBN).
The consortium claims that the cNGN stablecoin will revolutionise financial transactions. It is committed to enhancing secure and compliant financial interactions through the project, revolutionising how people transact and engage with their money securely and seamlessly.
While noting that the stablecoin will transform the Nigerian Naira into a currency for global settlements, the ASC said, “The cNGN ushers in a new era of financial fluidity, bridging the Nigerian Naira with the global market through blockchain technology. Backed 1:1 by Naira reserves held in designated commercial banks, the cNGN Stablecoin transforms the Naira into a dynamic tool for worldwide remittances, commerce, trade and investment.
“More than just a currency, cNGN shortens settlement times, enabling payments that traverse the globe swiftly, mirroring the speed of a text message and at a fraction of the cost. This breakthrough paves the way for instantaneous financial transactions, seamlessly connecting Nigeria’s vibrant economy with international markets and offering unprecedented efficiency in both domestic and global financial interactions.”
The statement added that the cNGN stablecoin will allow users to explore the world and experience a seamless and cost-effective way to engage with a global marketplace familiar with your Naira.
“cNGN extends your financial reach far beyond Nigeria’s borders and acts as a global bridge, so you can pay for anything, anywhere, and at any time– all with a seamless tap. Shop the World, Pay in Naira without the traditional challenges of currency conversion and hefty international transaction fees,” it added.
