Connect with us

Business

CBN Adopts Naira Stablecoin, To Launch February 27

The cNGN aims to enhance financial fluidity and connect the Nigerian Naira with the global market…

Published

on

versenews cngn
Stablecoin

The Central Bank of Nigeria (CBN) is reportedly in discussions with the Africa Stablecoins Consortium (ASC) regarding the launch of a compliant Nigerian Naira StableCoin (cNGN).

While the ASC announced the launch date as February 27, 2024, it is unclear to what extent the CBN is involved in the initiative.

The potential introduction of a Naira StableCoin follows the recent lifting of restrictions by the CBN on virtual and digital currency accounts held by financial institutions in Nigeria.

Advertisement

VerseNews learnt that the cNGN aims to enhance financial fluidity and connect the Nigerian Naira with the global market using blockchain technology.

The CBN in the circular had categorically prohibited banks and other financial institutions from holding trading and/or transacting in virtual currencies on their own accounts.

This was stated in the guidelines on operations of bank accounts for virtual assets service providers that was recently released.

According to ASC, it is committed to enhancing secure and compliant financial interactions, revolutionising the way people transact and engage with their money securely and seamlessly. The consortium explained that the cNGN is aimed at financial fluidity, bridging the Nigerian Naira with the global market through blockchain technology.

Advertisement

It furthered that “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. 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.”

According to the consortium, the cNGN stablecoin will allow users to “explore the World and experience a seamless and cost-effective way to engage with a global marketplace, with the familiarity of your Naira.

Advertisement

“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.

WhatsAppCOnnect

Stay ahead with VerseNews. Get the latest breaking news, insightful analysis, and trending stories. Your go-to source for timely updates and unbiased reporting.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

WATCH: Nigeria Newspaper Headline Today

Apply For Latest Job Openings

Trending

woman cries woman cries
News2 weeks ago

My Husband Makes Love From Midnight Till Dawn’ — Kaduna Woman Seeks divorce

A 37-year-old woman, Linda Stephen, has asked a Kaduna Customary Court to dissolve her six-year marriage,

peller peller
Entertainment2 weeks ago

Peller Faces Possible Ban as Nigerians Mass-Report His 9.6M TikTok Account

Popular TikToker Peller faces mass reports on his 9.6M-followers TikTok account after criticizing Nigerians for ranting about the government online.

NYSC dancing NYSC dancing
Education2 weeks ago

BREAKING: NYSC Begins Payment of N77,000 Monthly Allowance To Corps Members

The Federal Government has begun paying the N77,000 monthly NYSC allowance after a six-month delay, with some corps members confirming...

Timi Dakolo and Femi Lazarus Timi Dakolo and Femi Lazarus
Celebrity Gist2 weeks ago

How Apostle Femi Lazarus Is Selling Gift of Spirit God Gave Him for Free – Timi Dakolo

Timi Dakolo criticized Apostle Femi Lazarus for condemning gospel artistes who charge for ministrations while running a paid ministry school.

peter obi and tinubu peter obi and tinubu
Politics2 weeks ago

Presidency Warns Peter Obi Over ‘Collapsed Democracy’ Comment

Presidency dismissed Peter Obi’s claim that Nigeria’s democracy has collapsed, calling it exaggerated and baseless.

donald trump donald trump
World News2 weeks ago

Trump announces 25% tariff on countries buying Venezuelan oil

Trump announced a 25% tariff on countries purchasing Venezuelan oil, citing Venezuela's alleged hostility and criminal infiltration.

enugu imo police enugu imo police
News2 weeks ago

Anambra, Enugu Police Join Forces to Crush Border Crimes

The Anambra and Enugu State Police Commands have joined forces to combat cross-border crimes by sharing intelligence and resources.

airport airport
News2 weeks ago

US Warns Nigerians, Threatens Permanent Bans from Entering Country

The US has warned Nigerian travelers that overstaying their visas could result in a permanent ban from re-entering the country.

senator natasha akpoti senator natasha akpoti
Politics2 weeks ago

Plot to Remove Suspended Senator Natasha Deepens as Constituents File Recall Petition

Some constituents of Kogi Central have petitioned INEC to recall suspended Senator Natasha Akpoti-Uduaghan, citing loss of confidence and misconduct.

surgery surgery
News2 weeks ago

Lagos to Sponsor Open-Heart Surgeries Worth ₦8.5 Million Each for 30 Indigent Patients

The Lagos State Government will provide free open-heart surgeries for 30 indigent patients, fully funded by Governor Sanwo-Olu.

Advertisement