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As CBDC challenges continue to bite, the central bank of Nigeria has approved the cNGN stablecoin pilot project that will be rolled out in February.
#CBDCProject #CBDCResearch #cNGN #cNGNStablecoin #CryptonewswithJack
#CBDCProject #CBDCResearch #cNGN #cNGNStablecoin #CryptonewswithJack
#cNGN There seems to be a buzz around the news that Nigeria's Central Bank plans to launch a stable coin in February this year. Amid established stable coins like USDT and USDC that have already cornered the market and fringe stable coins like FDUSD from Binance, PYUSD from payments giant Paypal and DAI from MakerDAO trying to get a slice of the action, it is hard to see what niche the cNGN will occupy, how it will be backed and what value it will bring to Nigerian crypto users or even the Nigerian economy. The Nigerian Naira (NGN) lost an estimated 80% of its value in real terms in the past 12 months due. This was primarily caused by an incompetent and corrupt administration, a clueless central bank governor and disastrous economic and monetary policies. Issuing a new stablecoin will not fix the Naira's woes. Better economic and monetary policies will.
"Nigerian banks and other fintech companies will launch the cNGN stable coin on February 27,
2024."
Nigeria has announced plans to officially join crypto trading on February 27, when it will launch its own stablecoin, cNGN.
Presidential media aide Olusegun Dada made this announcement via his official handle on Friday.
"Nigerian banks and other fintech companies will launch the cNGN stable coin on February 27, 2024," Mr Dada said. "The cNGN is part of the Central Bank's efforts to ensure the Naira becomes a stable currency that can be relied on by investors and users across the globe."
With the cNGN, Nigerians and other nationals from any part of the world can trade cryptocurrency without buying the USDT with naira as currently practised.
"It is similar to other stable coins like USDT and
USDC and will join other currencies that can be used to trade from any part of the world," Mr Dada said.
When launched on February 27, as announced, the cNGN is expected to be listed on major crypto exchange platforms, Binance, Coinbase, Kilpin etc.
This follows the lifting of the ban on cryptocurrency by the Central Bank of Nigeria late last year.
The apex bank said its decision to lift the ban on cryptocurrency was informed by global trends that show there is a need to regulate cryptocurrency.
#Nigeria #dyor
#cNGN #cNGNStablecoin #cngn #cNGNcoin
2024."
Nigeria has announced plans to officially join crypto trading on February 27, when it will launch its own stablecoin, cNGN.
Presidential media aide Olusegun Dada made this announcement via his official handle on Friday.
"Nigerian banks and other fintech companies will launch the cNGN stable coin on February 27, 2024," Mr Dada said. "The cNGN is part of the Central Bank's efforts to ensure the Naira becomes a stable currency that can be relied on by investors and users across the globe."
With the cNGN, Nigerians and other nationals from any part of the world can trade cryptocurrency without buying the USDT with naira as currently practised.
"It is similar to other stable coins like USDT and
USDC and will join other currencies that can be used to trade from any part of the world," Mr Dada said.
When launched on February 27, as announced, the cNGN is expected to be listed on major crypto exchange platforms, Binance, Coinbase, Kilpin etc.
This follows the lifting of the ban on cryptocurrency by the Central Bank of Nigeria late last year.
The apex bank said its decision to lift the ban on cryptocurrency was informed by global trends that show there is a need to regulate cryptocurrency.
#Nigeria #dyor
#cNGN #cNGNStablecoin #cngn #cNGNcoin
Nigeria's CNGN Stablecoin: A Revolution in Digital Currency
As the world of cryptocurrency continues to expand, Nigeria has stepped into the arena with its very own digital currency - the CNGN stablecoin. Born out of the need for a reliable and stable financial alternative in a country facing economic challenges, the CNGN stablecoin is making significant waves in the digital currency landscape.What is CNGN?CNGN, short for "Central Bank of Nigeria Digital Naira," is a stablecoin issued by the Central Bank of Nigeria (CBN). It is pegged to the Nigerian Naira (NGN), maintaining a 1:1 parity, thus ensuring stability and reducing volatility - a common concern in the crypto world.The Purpose and FeaturesThe primary goal behind CNGN is to enhance financial inclusion and provide a secure and efficient medium of exchange for Nigerians. Here are some key features and benefits:Stability: By pegging the value to the Naira, CNGN aims to mitigate the volatility associated with other cryptocurrencies, fostering trust and encouraging adoption among users.Financial Inclusion: Nigeria, with a significant unbanked population, sees the CNGN as a tool to bring more people into the formal financial system, offering them access to banking services through digital channels.Reduced Transaction Costs: Utilizing blockchain technology, CNGN transactions facilitate quick and low-cost transfers domestically and internationally, potentially reducing remittance fees for Nigerians abroad.Review of CNGNThe launch of CNGN marks a significant milestone in Nigeria's embrace of digital currencies. While it holds promise, there are aspects that warrant scrutiny and evaluation.Advantages:Stability: The stability offered by CNGN compared to other volatile cryptocurrencies like Bitcoin and Ethereum is a significant advantage, particularly for everyday transactions.Government Backing: As a stablecoin issued by the Central Bank of Nigeria, CNGN carries the weight of government support, potentially enhancing trust and widespread adoption.Financial Inclusion: Its potential to bring more Nigerians into the formal financial system could positively impact the country's economy by broadening access to banking services.Challenges:Regulatory Concerns: Given the rapidly evolving nature of cryptocurrencies, regulatory frameworks and oversight become crucial. Clarity on regulations surrounding CNGN's usage and circulation is essential.Technological Infrastructure: Widespread adoption might face hurdles if technological infrastructure, including internet access and smartphone availability, remains a challenge for a significant portion of the population.ConclusionThe introduction of the CNGN stablecoin represents Nigeria's leap into the digital currency sphere, offering potential solutions to financial inclusion and stability challenges. However, its success will depend on various factors, including regulatory clarity, technological advancements, and the population's acceptance.As Nigeria continues to navigate the evolving landscape of digital currencies, the CNGN stablecoin stands as both an experiment and a promising step towards a more inclusive and digitally-driven financial future.(Disclaimer: The information provided here is based on available data up to January 2022. Changes or developments in the CNGN stablecoin project after this date might not be reflected.)FOLLOW FOR MORE#cNGN #cNGNStablecoin #newcoins #CryptoPredictions2024
Is cNGN Changing Nigeria’s Digital Economy? 🇳🇬
The #cNGN , a novel digital currency, complements Nigeria's eNaira.
Unlike the central bank's eNaira, the cNGN is overseen by a consortium of leading Nigerian banks. This #stablecoin mirrors the Naira's value, facilitating global transactions across multiple blockchains.
Supported by major banks and tech firms, such as Access Bank and Ethereum, it aims to streamline blockchain technology within Nigeria's financial system.
The cNGN stands as a regulated stablecoin supporting #innovation in Nigeria's digital economy, offering an alternative to the eNaira's broader capabilities.
#Binance
#crypto2023
The #cNGN , a novel digital currency, complements Nigeria's eNaira.
Unlike the central bank's eNaira, the cNGN is overseen by a consortium of leading Nigerian banks. This #stablecoin mirrors the Naira's value, facilitating global transactions across multiple blockchains.
Supported by major banks and tech firms, such as Access Bank and Ethereum, it aims to streamline blockchain technology within Nigeria's financial system.
The cNGN stands as a regulated stablecoin supporting #innovation in Nigeria's digital economy, offering an alternative to the eNaira's broader capabilities.
#Binance
#crypto2023