Nigeria’s top banks have collaborated on the new cNGN stablecoin.

Major Nigerian banks are collaborating to create and manage cNGN stablecoin, a novel digital currency designed to benefit both token holders and the Nigerian economy.

According to sources in the project who prefer to remain anonymous, the cNGN token is fully backed, giving a direct link to every naira (N1) held by these leading banks.

Similar to popular stablecoins, cNGN offers interoperability with various public blockchains, facilitating effortless global transfers and expanding its use globally.

Key partners in the cNGN initiative include Access Bank, Sterling Bank, Providence, Corapay, First Bank, Interstellar, Interswitch, Budpay and Convexity, providing a significant synergy in the Nigerian financial industry.

“cNGN is a compliant and regulated consortium-backed stable coin that we have been recommending. It holds a peg of nara in a standby bank account.

Unlike the Inira Central Bank Digital Currency (CBCC), this token is built on public blockchains (Bantu, Polygon, Ethereum, BNB Smart Chain and Tron). It is led by blockchain technology companies, fintechs and significant banks acting as custodians of blockchain licenses.

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CNGN is used as a supplement rather than a substitute for Enyra. Unlike eNaira, which was created by the Central Bank of Nigeria (CBN), CNGN is controlled by a consortium of Nigerian banks.

According to the sources, the CBN approved the Nigerian banks mainly because they want the financial system to support/facilitate blockchain technology and because they are aware of the difficult procedures the Nigerian SEC has designed to operate the digital service.

This story is still unfolding; More details will be provided as they are released.

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