The Africa Stablecoin Consortium said cNGN stablecoin complies with the regulatory requirements and standards of the Central Bank of Nigeria and the Nigerian SEC.
The Central Bank of Nigeria (CBN) has approved the Africa Stablecoin Consortium (ASC) to pilot cNGN stablecoin in its regulatory sandbox. The new stablecoin is to be launched on Feb. 27, 2024.
In a blog post, the Africa Stablecoin Consortium – a collaboration of Nigerian banks and fintech operators - said the cNGN stablecoin complies with the regulatory requirements and standards set by the CBN, the Nigerian Securities and Exchange Commission (SEC) and the Nigerian Financial Intelligence Unit (NFIU). The group said it is engaging with the regulators to ensure compliance, consumer protection, and transparency.
The cNGN serves as a complement, not a substitute, for the eNaira. Unlike the eNaira, which the CBN created with broader capabilities, the Africa Stablecoin Consortium oversees the cNGN. The cNGN is currently interoperable with strategic blockchains like Bantu and BNB Smart Chain, with plans to extend compatibility to all major blockchain networks soon.
