TechFlow news, according to Forbes, a consortium of Nigerian banks, fintech firms, and blockchain companies is planning to launch the cNGN naira stablecoin in 2024.
The cNGN will be a compliant, regulated, consortium-based naira stablecoin. It will be pegged 1:1 to the NGN, but unlike previous NGN stablecoin attempts, it will be held by Nigerian banks and function as legal tender.
Key partners include prominent Nigerian Tier-1 banks such as First Bank, Access Bank, Sterling Bank, and Providus Bank; payment companies Budpay, Kora (formerly KoraPay), and Interswitch; and blockchain advisors Convexity and Interstellar. The proposed cNGN stablecoin, similar to existing stablecoins, will facilitate seamless international transfers of NGN.
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