#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.