Nigeria’s Compliant Naira Stablecoin cNGN to Launch on February 27

The Central Bank of Nigeria (CBN) has approved the Africa Stablecoin Consortium (ASC) to conduct a cNGN stablecoin pilot in its regulatory sandbox, with the cNGN stablecoin set to launch on February 27, 2024. The ASC, composed of multiple banks and fintech operators in Nigeria, stated that the cNGN stablecoin meets the regulatory requirements and standards set by the CBN, the Nigerian Securities and Exchange Commission, and the Nigerian Financial Intelligence Unit. The ASC is working with regulatory agencies to ensure compliance, consumer protection measures, and transparency. It is reported that the cNGN stablecoin is a complementary product to the Central Bank of Nigeria's digital currency eNaira, rather than a substitute. The ASC will be responsible for supervising the cNGN stablecoin.