According to the Finna Protocol, a Nigerian multi-utility stablecoin ecosystem, including ‘heavyweights’ in the cNGN consortium, signals that many businesses will support it once it goes live.
Nigerian cryptocurrency industry stakeholders have commented on the approval of the cNGN stablecoin by the Central Bank of Nigeria (CBN) and the possible resultant rate of adoption in the country compared to the eNaira, the nation’s central bank digital currency (CBDC).
The Africa Stablecoin Consortium (ASC), a collaboration of Nigerian banks and fintechs, in December 2023, created a new stablecoin, the cNGN, a novel digital currency designed to bring advantages to tokenholders and the Nigerian economy.
Cointelegraph contacted Nigerian cryptocurrency industry stakeholders to get comments on the possible adoption rate for cNGN. Speaking with Nigerian crypto analyst Rume Ophi, he opined that the nation’s crypto community will appreciate the new stablecoin.
