Nigerian Bank to Launch Compliant Naira Stablecoin cNGN in 2024
cNGN stablecoin, jointly developed by Nigerian banks, fintech companies, and blockchain companies, is scheduled to be launched in 2024. cNGN will be pegged 1:1 to the Naira, becoming a legal tender held by banks. Unlike the eNaira, cNGN is a cryptocurrency maintained by a bank alliance, aiming to simplify the international transfer of Naira and regulated by the Central Bank of Nigeria and the Securities and Exchange Commission. The launch of cNGN is expected to have an impact on currency policy and market dynamics in 2024.
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