{"id":13413,"date":"2024-01-05T16:03:06","date_gmt":"2024-01-05T16:03:06","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=13413"},"modified":"2024-01-05T16:03:06","modified_gmt":"2024-01-05T16:03:06","slug":"nigerian-banks-fintechs-to-launch-cngn-stablecoin-in-february","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/01\/05\/nigerian-banks-fintechs-to-launch-cngn-stablecoin-in-february\/","title":{"rendered":"Nigerian Banks, Fintechs to Launch cNGN Stablecoin in February"},"content":{"rendered":"

The Africa Stablecoin Consortium (ASC), comprised of Nigerian financial institutions, fintechs, and blockchain professionals, has announced the February 27, 2024 launch of the compliant Nigeria Naira (cNGN) stablecoin. This innovative program aims to change financial transactions by promoting secure and compliant interactions, transforming how people interact with their money.<\/p>\n

Key Features of the cNGN Stablecoin:<\/p>\n

    \n
  1. Global Financial Fluidity:<\/strong> By leveraging blockchain technology, the cNGN aims to connect the Nigerian Naira with the global market, establishing a 1:1 peg to Naira reserves held in designated commercial banks. This transformation positions the Naira as a dynamic tool for global remittances, commerce, trade, and investment.<\/li>\n
  2. Swift and Cost-Effective Transactions:<\/strong> Engineered to shorten settlement times, the stablecoin facilitates swift global payments, mirroring the speed of a text message and at a fraction of the cost. This innovation is expected to enable instantaneous financial transactions, efficiently linking Nigeria’s economy with international markets.<\/li>\n
  3. Seamless Global Transactions:<\/strong> Users of the cNGN stablecoin will enjoy seamless and cost-effective engagement with the global marketplace, allowing for payments anywhere, anytime, and eliminating challenges associated with currency conversion and hefty international transaction fees.<\/li>\n
  4. Effortless Remittances:<\/strong> Simplifying the process of sending money home, the cNGN ensures that funds reach recipients’ wallets within seconds, making the support of loved ones back home as simple as sending a text message.<\/li>\n
  5. International Trade:<\/strong> By eliminating red tape and high fees associated with traditional methods, the cNGN facilitates cost-effective international trade, enabling users to send and receive payments globally instantly, fostering economic growth and global success.<\/li>\n
  6. Freelancing Globally:<\/strong> Freelancers can receive payments from clients worldwide, deposited directly into their cNGN wallet within minutes. This feature eliminates location limitations and outdated payment systems.<\/li>\n<\/ol>\n

    Background:<\/strong><\/p>\n

    The cNGN stablecoin is a collaborative effort between Nigerian banks and fintechs, aiming to provide a stable digital asset pegged to the Naira. Similar to well-known stablecoins like USDT and USDC, the cNGN will be compatible with multiple public blockchains, allowing for straightforward international transfers. The stablecoin is consortium-driven, compliant, and regulated, offering a unique approach compared to the eNaira developed solely by the Central Bank of Nigeria.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The Africa Stablecoin Consortium (ASC), comprised of Nigerian financial institutions, fintechs, and blockchain professionals, has announced the February 27, 2024 launch of the compliant Nigeria Naira (cNGN) stablecoin. This innovative program aims to change financial transactions by promoting secure and compliant interactions, transforming how people interact with their money. Key Features of the cNGN Stablecoin: […]<\/p>\n","protected":false},"author":12,"featured_media":13415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[180],"tags":[],"class_list":["post-13413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/13413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=13413"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/13413\/revisions"}],"predecessor-version":[{"id":13428,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/13413\/revisions\/13428"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/13415"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=13413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=13413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=13413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}