TechFlow news, according to Cointelegraph, major Nigerian banks are collaborating to create and regulate the cNGN stablecoin, aiming to benefit token holders and the Nigerian economy. According to anonymous sources within the project, the cNGN token is fully backed, ensuring a direct 1:1 relationship with each naira (N1) held by these leading banks. Similar to popular stablecoins, cNGN offers interoperability with various public blockchains, enabling seamless global transfers and expanding its international usage.
Key collaborators in the cNGN initiative include Access Bank, Sterling Bank, Providus, Korapay, First Bank, Interstellar, Interswitch, Budpay, and Convexity. Unlike the central bank digital currency eNaira created by the Central Bank of Nigeria (CBN) with broader functionalities, cNGN serves as a complement to, not a replacement for, eNaira. The cNGN is regulated by a consortium of Nigerian banks.
