Last week the Africa Stablecoin Consortium (ASC) confirmed plans to launch the cNGN Naira stablecoin on February 27. While it stated the stablecoin was part of a sandbox, it was widely interpreted as a public launch. This week the ASC, a consortium of banks, fintechs and blockchain firms, clarified that the February date is only for the commencement of the sandbox activity. The cNGN will not be available to the public.
“We sincerely apologize to the regulators and our partners for any misunderstanding,” said the ASC. “We will not proceed with the public launch of cNGN until we have obtained all the necessary approvals and guidance.”
Details regarding the consortium partners were not formally shared but were widely reported in the Nigerian press. The consortium comprises four banks featuring Nigeria’s largest, Access Bank. The other banks are Sterling Bank, Providus and First Bank. They have yet to confirm their participation formally.
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