BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home BREAKING NEWS

Nigerian Central Bank’s eNaira is Losing to cNGN and Here is Why

BlockNews.com Team by BlockNews.com Team
January 7, 2024
in BREAKING NEWS, CRYPTO, POLITICS
Reading Time: 3 mins read
1
SHARES
20
VIEWS
Share on XShare in TelegramShare on Reddit
  • The recently approved cNGN stablecoin aims to provide advantages to tokenholders and the Nigerian economy, but still faces challenges compared to the CBN’s eNaira CBDC
  • Industry experts are optimistic about cNGN adoption due to the consortium behind it and potential enthusiasm from the crypto community, though marketing and education efforts will be key
  • Major roadblocks remain around public perception, complementing the eNaira, and communicating benefits to everyday Nigerians; the coming months will indicate whether the cNGN can gain traction

The Nigerian cryptocurrency industry has been abuzz with the recent approval of the cNGN stablecoin by the Central Bank of Nigeria (CBN). This new stablecoin, created by the Africa Stablecoin Consortium (ASC), aims to bring advantages to tokenholders and the Nigerian economy. But how does it compare to the CBN’s own central bank digital currency (CBDC), the eNaira. Let’s explore some expert opinions on the potential adoption rate and success factors for the cNGN.

Forgone eNaira.

The reports claim that cNGN will be a complement to eNaira. That's most unlikely.

Web3 enlightenment in Nigeria has grown faster than technology and one widespread understanding is "No gree for CBDCs!"

This is why eNaira has seen scarce adoption and will remain…

— Finna Protocol (@FinnaProtocol) January 5, 2024

Optimism Around cNGN Adoption

Industry stakeholders are generally optimistic about the cNGN’s prospects. According to Nigerian crypto analyst Rume Ophi, Nigeria’s crypto community will appreciate having a new stablecoin option. He believes that with enough publicity and education from the ASC, along with exchange listings, the cNGN could thrive.

Other organizations like Finna Protocol also predict that many businesses will support cNGN once it goes live, given the heavyweight consortium behind it. Widespread cNGN adoption could even accelerate Web3 adoption across Nigeria.

Challenges for Widespread Adoption

However, significant challenges remain for the cNGN to reach mass adoption. Unlike the eNaira CBDC, the cNGN is on a public blockchain, making it difficult to directly complement the eNaira’s use cases.

Additionally, the eNaira has so far failed to gain traction, partly due to public perception that it was created to oppose crypto. For the cNGN to succeed, the ASC will need to clearly communicate the benefits to everyday Nigerians.

The Road Ahead

With the official cNGN launch set for February 2024, the consortium has its work cut out in terms of marketing and education. But with Nigeria leading Africa’s blockchain adoption, the country’s crypto community is likely to embrace the cNGN stablecoin if it delivers on its promises. The coming months will prove decisive in determining the cNGN’s future role in Nigeria’s crypto and payments landscape.

Conclusion

The cNGN stablecoin brings a new dimension to Nigeria’s digital asset landscape. While it faces stiff competition from the eNaira, proactive efforts by the ASC could drive rapid adoption among businesses and consumers alike. Its success will ultimately depend on how well it addresses the needs of the Nigerian market.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: eNairaNigeria
TweetShareShare
BlockNews.com Team

BlockNews.com Team

The go-to news source for Cryptocurrency, Blockchain, Technology, & Finance

DON'T MISS THESE! HOT OFF THE PRESS

Chainlink (LINK) Whales Accumulate Heavily as Analysts Predict $55 Target
CHAINLINK

Chainlink (LINK) Whales Accumulate Heavily as Analysts Predict $55 Target

October 18, 2025
TRON (TRX) Hints at a Rebound as Bulls Quietly Build Momentum
CRYPTO

TRON (TRX) Hints at a Rebound as Bulls Quietly Build Momentum

October 18, 2025
Dogecoin Starts Showing Signs of Life as Buyers Step Back In
CRYPTO

Dogecoin Starts Showing Signs of Life as Buyers Step Back In

October 18, 2025
Dogecoin Price Prediction: Why PEPE and Remittix Might Explode This October
CRYPTO

Dogecoin Price Prediction: Why PEPE and Remittix Might Explode This October

October 18, 2025
Charles Hoskinson Calls Midnight Cardano’s Most Transformational Project Yet
CARDANO

Charles Hoskinson Calls Midnight Cardano’s Most Transformational Project Yet

October 18, 2025
Dogecoin Tanks 21% as Whales Dump $74 Million — Despite Nasdaq Merger Buzz
CRYPTO

Dogecoin Tanks 21% as Whales Dump $74 Million — Despite Nasdaq Merger Buzz

October 18, 2025
Load More

Related News

Chainlink (LINK) Whales Accumulate Heavily as Analysts Predict $55 Target

Chainlink (LINK) Whales Accumulate Heavily as Analysts Predict $55 Target

October 18, 2025
TRON (TRX) Hints at a Rebound as Bulls Quietly Build Momentum

TRON (TRX) Hints at a Rebound as Bulls Quietly Build Momentum

October 18, 2025
Dogecoin Starts Showing Signs of Life as Buyers Step Back In

Dogecoin Starts Showing Signs of Life as Buyers Step Back In

October 18, 2025
Dogecoin Price Prediction: Why PEPE and Remittix Might Explode This October

Dogecoin Price Prediction: Why PEPE and Remittix Might Explode This October

October 18, 2025
Charles Hoskinson Calls Midnight Cardano’s Most Transformational Project Yet

Charles Hoskinson Calls Midnight Cardano’s Most Transformational Project Yet

October 18, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews