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.
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.
Access Bank has come under fire over failure to address major issues on the allegation…
Lawmakers have alleged that the PDP National Chairman and Secretary are always in Wike’s bedroom.…
APC has spoken on the alleged rift between Obasa and Seyi Tinubu over the 2027…
Petrol Marketers has reduced petrol prices across Nigeria. NewsOnline Nigeria reports that the Independent…
The black market dollar to Naira exchange rate on Monday 25 November 2024 can be…
Dangote Refinery has slashed Petrol Price in Nigeria. NewsOnline Nigeria reports that Dangote Refinery…
