CBN to Launch Stablecoin February 27
The Central Bank of Nigeria (CBN) has approved the launch of the Nigerian naira (cNGN) stablecoin. The payment platform would be launch on February 27, 2024. The cNGN is powered by the Africa Stablecoin Consortium $6& D FRQVRUWLXP RI 1LJHULDQ ÀQDQFLDO LQVWLWXWLRQV ÀQWHFKV DQG EORFNFKDLQ H[SHUWV
In a statement on its website the ASC described WKH PRYH DV ´D PRQXPHQWDO VKLIW LQ WKH ÀQDQFLDO landscape” of Nigeria as the CBN “greenlights the ASC to pilot cNGN (compliant Nigerian Naira StableCoin) in the Central Bank’s Regulatory 6DQGER[
´7KLV SLYRWDO DSSURYDO KHUDOGV D QHZ ÀQDQFLDO chapter, with ASC, an alliance of prominent ÀQDQFLDO LQVWLWXWLRQV ÀQWHFK LQQRYDWRUV DQG EORFNFKDLQ H[SHUWV VHW WR WUDQVIRUP WKH G\QDPics of monetary transactions. The consortium is committed to enhancing secure and compliant ÀQDQFLDO LQWHUDFWLRQV UHYROXWLRQLVLQJ WKH ZD\ people transact and engage with their money securely and seamlessly,” it added.
According to the statement, the cNGN “ushers LQ D QHZ HUD RI ÀQDQFLDO ÁXLGLW\ EULGJLQJ WKH Nigerian Naira with the global market through blockchain technology.”
It added: “Backed 1:1 by Naira reserves held in designated commercial banks, cNGN transforms traditional currency into a dynamic tool for worldwide remittances, commerce, trade and investment. More than just a currency, cNGN shortens settlement times, enabling payments that traverse the globe swiftly, mirroring the speed RI D WH[W PHVVDJH DW D IUDFWLRQ RI WKH FRVW 7KLV breakthrough paves the way for instantaneous ÀQDQFLDO WUDQVDFWLRQV VHDPOHVVO\ FRQQHFWLQJ Nigeria’s vibrant economy with international PDUNHWV DQG RͿHULQJ XQSUHFHGHQWHG HFLHQF\ LQ ERWK GRPHVWLF DQG JOREDO ÀQDQFLDO LQWHUDFWLRQV µ
It urged those anticipating the digital currency
WR LPDJLQH ´\RXU 1DLUD ZLWKRXW %RUGHUV ([SORUH WKH :RUOG ZLWK F1*1 DQG H[SHULHQFH D VHDPOHVV DQG FRVW HͿHFWLYH ZD\ WR HQJDJH ZLWK D JOREDO marketplace, with the familiarity of your Naira.
´F1*1 H[WHQGV \RXU ÀQDQFLDO UHDFK IDU EH\RQG Nigeria’s borders and acts as a global bridge, so you can pay for anything, anywhere, and at any time– all with a seamless tap. Shop the World and pay in Naira without the traditional challenges of currency conversion and hefty international transaction fees.
“Sending money home feels like sending a WH[W PHVVDJH HͿRUWOHVV DQG LQVWDQW 1R PRUH agonising days waiting for remittances to clear. With cNGN, supporting your loved ones back home becomes as simple as a quick tap on your phone. No more standing in lines. With cNGN, funds land directly in their wallets within seconds, ready to fuel their dreams and brighten their days. No more distance, no more delays, just the magic of compliant virtual assets bridging the gap between hearts.
“Conduct Business without Borders: Trade Like D 3UR &RVW (ͿHFWLYHO\ &XW RXW WKH UHG WDSH DQG sky-high fees of traditional international trade. With cNGN you can send and receive payments across the globe instantly enabling you to transact with national and international partners in any stablecoin currency, fueling economic growth and global success.
“You can unleash your global hustle and get paid, anywhere, instantly. Ditch the limitations of location and outdated payment systems. With cNGN, you can freelance for the world, right from your desk in Nigeria. Your talent knows no borders, so why should your income? Skip the bank queues and paperwork. Receive payments from clients across the globe, directly deposited into your cNGN wallet in minutes. Get paid instantly and securely, without the hassle of currency conversions or hidden fees. Use cNGN to fuel your hustle.”