According to TechFlow, Forbes reported that the Naira stablecoin cNGN, jointly developed by Nigerian banks, fintech companies and blockchain companies, is planned to be launched in 2024.
cNGN will be a compliant and regulated consortium-based naira stablecoin. cNGN will be pegged 1:1 to NGN, but unlike previous NGN stablecoin attempts, it will be held by Nigerian banks and will be legal tender.
Key partners include prominent Nigerian tier-one banks such as First Bank, Access Bank, Sterling Bank and Providus Bank, payment companies Budpay, Kora (formerly KoraPay) and Interswitch, and blockchain consultants Convexity and Interstellar. The proposed cNGN stablecoin is similar to existing stablecoins and will facilitate seamless international transfers of NGN.
