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Nigeria’s top banks collaborate on new cNGN stablecoin

Principal Nigerian banks have joined forces to create the cNGN stablecoin, a new digital currency set to revolutionize the financial landscape in Nigeria. The initiative represents a significant collaboration within the Nigerian banking sector, aiming to enhance the digital currency ecosystem. The cNGN stablecoin is designed to complement, not replace, the existing eNaira digital currency created by the Central Bank of Nigeria (CBN). The cNGN initiative is a collaborative effort involving key players in the Nigerian financial and technology sectors. The cNGN is positioned as a compliant and regulated consortium-backed stablecoin. 

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