Nigeria to Officially Join Crypto Trading With Launch of cNGN Stablecoin
Nigeria’s government has officially announced plans to join crypto trading on February 27, when it will launch its stablecoin, cNGN. When launched on the said date, the cNGN will be listed on major crypto exchange platforms, Binance, Coinbase, Kilpin, etc.
Stablecoins are cryptocurrencies specifically designed to maintain a constant value. They are often pegged or tied to another currency, commodity, or financial instrument.
“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 practiced.
“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.
What Can I Do With The cNGN Stablecoin?
According to the ASC, people can pay for anything, anywhere, and at any time. With a seamless tap, users can shop around the world and pay in naira without the traditional challenges of currency conversion and hefty international transaction fees.
The consortium also said “Supporting your loved ones back home becomes as simple as a quick tap on your phone” with the innovation.
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.
Stablecoins are cryptocurrencies specifically designed to maintain a constant value. They are often pegged or tied to another currency, commodity, or financial instrument.
“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 practiced.
“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.
What Can I Do With The cNGN Stablecoin?
According to the ASC, people can pay for anything, anywhere, and at any time. With a seamless tap, users can shop around the world and pay in naira without the traditional challenges of currency conversion and hefty international transaction fees.
The consortium also said “Supporting your loved ones back home becomes as simple as a quick tap on your phone” with the innovation.
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.