The Nigerian bank plans to launch a regulated naira stablecoin in 2024

ChainCatcher news, according to Forbes, a consortium consisting of Nigerian banks, fintech companies, and blockchain enterprises is developing a naira stablecoin named cNGN, sources revealed that it is planned to launch in 2024.

The newly proposed cNGN will be a regulated, consortium-backed naira stablecoin and will be subject to oversight. cNGN will be pegged to the naira at a 1:1 ratio, but unlike previous naira stablecoin attempts, it will be held by the Central Bank of Nigeria and regarded as legal tender.