Nigeria to Launch cNGN Stablecoin in 2024

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Nigeria is set to introduce its inaugural regulated Naira stablecoin, named cNGN, in 2024, marking the end of a two-year prohibition on cryptocurrency trading through official channels.

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Developed by a consortium of Nigerian banks, fintechs, and blockchain businesses, cNGN will adhere to regulatory guidelines and be owned by Nigerian banks, functioning as a legal form of currency.

Unlike previous stablecoin iterations, cNGN will be a cryptocurrency rather than digital money. The debut is anticipated to take place in 2024, as reported by Forbes.

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