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Nigerian Bank to Launch Compliant Naira Stablecoin cNGN in 2024

Nigerian Bank to Launch Compliant Naira Stablecoin cNGN in 2024

Cointime2023/12/28 02:58
By: Cointime

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.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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