BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

Nigeria’s Central Bank Approves Revolutionary cNGN Stablecoin

by BlockNews.com Team
January 5, 2024
in Crypto
A A
Nigeria’s Central Bank Approves Revolutionary cNGN Stablecoin
1
SHARES
Share on TwitterShare on Reddit
  • The Central Bank of Nigeria (CBN) approved a stablecoin pilot program within its regulatory sandbox for the cNGN stablecoin launching on February 27, 2024.
  • The cNGN stablecoin is designed to complement the eNaira, pegged 1:1 to the naira, and built on public blockchains for interoperability by the Africa Stablecoin Consortium.
  • Nigeria has high crypto adoption and an improving regulatory environment, making the cNGN approval a milestone for blockchain in the country’s financial system.

The Central Bank of Nigeria (CBN) has approved a pilot program for a new stablecoin to operate within its regulatory sandbox. This represents a significant step in embracing blockchain technology and digital assets in Nigeria’s financial system.

Africa Stablecoin Consortium to Launch cNGN

The cNGN stablecoin will be launched on February 27, 2024 by the Africa Stablecoin Consortium, a collaboration between Nigerian banks and fintech companies. The consortium stated that cNGN adheres to all regulatory standards set by the CBN, SEC, and NFIU. They emphasized a commitment to full compliance and transparency.

cNGN Details and Interoperability

The cNGN stablecoin is designed to complement the eNaira digital currency. It will be pegged 1:1 to the Nigerian naira and backed by reserves at commercial banks. cNGN is built on public blockchains like Bantu, Polygon, Ethereum, and BNB Smart Chain for global interoperability. This enables faster and cheaper cross-border transfers.

JUST IN: 🇳🇬 Central Bank of Nigeria approves the launch of a cNGN stablecoin

Set to debut on February 27, 2024.

— BlockNews.com (@blocknewsdotcom) January 5, 2024

Regulatory Environment Improving in Nigeria

The CBN recently lifted restrictions on banks facilitating crypto transactions, signaling a more favorable environment. Nigeria has high crypto adoption, second only to India, partly due to residents hedging against the weakening local currency. Surveys show strong awareness and favorability toward crypto and blockchain in Nigeria.

Conclusion

The approval of cNGN is a milestone for blockchain adoption in Nigeria’s financial system. The regulatory sandbox pilot will provide key insights on managing risks while enabling innovation. The consortium’s commitment to full compliance is encouraging for future crypto growth in the country.

Tags: BlockchainCentral Bank of NigeriacryptoethereumNigeria
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

Major Whale Activity: 1.8 Million LINK Moved From Exchanges—Here is What You Need to Do
Chainlink

Major Whale Activity: 1.8 Million LINK Moved From Exchanges—Here is What You Need to Do

May 31, 2025
Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound
Crypto

Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound

May 31, 2025
Avalanche’s Road to $100: Ambitious or Achievable?
Crypto

Avalanche’s Road to $100: Ambitious or Achievable?

May 31, 2025
Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive: Is This a Buying Opportunity?
Bitcoin

Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive: Is This a Buying Opportunity?

May 31, 2025
SUI Price Dumps but Trading Volume Spikes — Is This a Bullish or Bearish Sign?
Crypto

SUI Price Dumps but Trading Volume Spikes — Is This a Bullish or Bearish Sign?

May 31, 2025
Cardano Derivatives Interest Spikes as Traders Eye Next Move: Here is What This Means for ADA Holders
Cardano

Cardano Derivatives Interest Spikes as Traders Eye Next Move: Here is What This Means for ADA Holders

May 31, 2025
Load More

Related News

Major Whale Activity: 1.8 Million LINK Moved From Exchanges—Here is What You Need to Do

Major Whale Activity: 1.8 Million LINK Moved From Exchanges—Here is What You Need to Do

May 31, 2025
Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound

Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound

May 31, 2025
Avalanche’s Road to $100: Ambitious or Achievable?

Avalanche’s Road to $100: Ambitious or Achievable?

May 31, 2025
Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive: Is This a Buying Opportunity?

Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive: Is This a Buying Opportunity?

May 31, 2025
SUI Price Dumps but Trading Volume Spikes — Is This a Bullish or Bearish Sign?

SUI Price Dumps but Trading Volume Spikes — Is This a Bullish or Bearish Sign?

May 31, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

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

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.