Nigerian Banks have been authorized to create and manage Stablecoins (cNGN).
NewsOnline Nigeria reports that the cNGN token, a new stablecoin, is being developed and managed by top-tier Nigerian banks, aiming to benefit both token holders and the Nigerian economy.
This Nigeria news platform understands that the cNGN token is fully backed, maintaining a one-to-one peg with every Naira (N1) held by these tier 1 banks.
ALSO: CBN Lifts Ban On Cryptocurrency Trading in Nigeria
Mirroring the functionality of major stablecoins, the cNGN boasts interoperability capabilities with other public blockchains. This feature enables seamless global transfers, expanding its utility beyond domestic borders.
Key partners in the cNGN project include Access Bank, Sterling Bank, Providus, Korapay, First Bank, Interstellar, Interswitch, Budpay, and Convexity, marking a significant collaboration in the Nigerian financial sector.
This story is still unfolding and further details will be provided as they emerge.
