The Central Bank of Nigeria has granted the Africa Stablecoin Consortium (ASC) approval to introduce Compliant Nigerian
Naira StableCoin (cNGN) within its regulatory sandbox.

This marks a pivotal moment in the financial
landscape, as ASC, comprising leading financial institutions, fintech
innovators, and blockchain experts in Nigeria, focuses on monetary
transactions.

Scheduled to go live on February 27th, 2024, the
cNGN is backed 1:1 by Naira reserves in designated commercial banks, cNGN
propels the Naira beyond borders, offering swift, cost-effective transactions
on a global scale.

According to ASC, cNGN will complement Nigeria’s
payment rails, paving the way for advancements in the utilization of CBDC
regulatory frameworks and open banking.

This stablecoin aims to build a
future-proof financial system that leverages technology to streamline
transactions and enhance security for Nigeria. ASC envisions a future where digital assets
complement traditional finance, creating a robust, inclusive, and future-proof
financial landscape for Nigeria.

Expect ongoing updates as this story evolves.

The Central Bank of Nigeria has granted the Africa Stablecoin Consortium (ASC) approval to introduce Compliant Nigerian
Naira StableCoin (cNGN) within its regulatory sandbox.

This marks a pivotal moment in the financial
landscape, as ASC, comprising leading financial institutions, fintech
innovators, and blockchain experts in Nigeria, focuses on monetary
transactions.

Scheduled to go live on February 27th, 2024, the
cNGN is backed 1:1 by Naira reserves in designated commercial banks, cNGN
propels the Naira beyond borders, offering swift, cost-effective transactions
on a global scale.

According to ASC, cNGN will complement Nigeria’s
payment rails, paving the way for advancements in the utilization of CBDC
regulatory frameworks and open banking.

This stablecoin aims to build a
future-proof financial system that leverages technology to streamline
transactions and enhance security for Nigeria. ASC envisions a future where digital assets
complement traditional finance, creating a robust, inclusive, and future-proof
financial landscape for Nigeria.

Expect ongoing updates as this story evolves.



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