Updated on January 11, 2024
Nigeria’s Africa Stablecoin Consortium has apologized for the delay in launching its cNGN Stablecoin, initially planned for February 27, 2024.
No new launch date was provided.
The consortium will engage with regulatory bodies, including the Central Bank of Nigeria, for compliance.
The Stablecoin aims to address financial challenges in Africa, offering a cost-effective remittance alternative and protecting wealth from currency devaluation.
While the stable value is maintained by pegging it to reserve assets like USD, Euro, or Nigerian Naira, concerns about cryptocurrency volatility persist.
Users can withdraw cNGN for Naira at a 1:1 ratio.
The official launch date is yet to be announced, sparking debates on its potential impact on Web3 adoption in Nigeria and existing cryptocurrencies.