Africa Consortium Set to Launch Naira Stablecoin in 2024

African financial landscape, the Africa Stablecoin Consortium (ASC) is set to launch a groundbreaking new digital currency pegged to the Nigerian Naira.

The cNGN (compliant Nigerian Naira StableCoin) is scheduled to go live on February 27, 2024, and will be backed 1:1 by Naira reserves held in designated commercial banks.

This innovative project aims to transform the Nigerian Naira into a global currency, enabling seamless international transactions and fostering economic growth across the continent.

The cNGN will be introduced within the Central Bank of Nigeria’s regulatory sandbox, which was recently released to encourage the development of innovative financial solutions.

The ASC comprises leading financial institutions, fintech innovators, and blockchain experts in Nigeria, all working together to revolutionize monetary transactions.

The consortium’s commitment to security and compliance ensures that the cNGN will adhere to the regulatory requirements and standards set by the Central Bank of Nigeria, the Nigerian Securities and Exchange Commission, and the Nigerian Financial Intelligence Unit.

The launch of the cNGN stablecoin is set to be a game-changer for the Nigerian economy, providing a secure and efficient means of conducting international trade and investment.

As the cNGN prepares to enter the global financial stage, the world watches with anticipation to see the impact it will have on the future of African finance.