According to Nigerian fintech site NairaMetrics, Nigerian banks and payment providers have formed a consortium to launch a Naira stablecoin, cNGN. The group reportedly includes Nigeria’s biggest bank, Access Bank, which has not confirmed the story at the time of writing.
Update: On January 4, the Africa Stablecoin Consortium (ASC) confirmed that cNGN will be part of the Central Bank of Nigeria (CBN) sandbox and plans to launch on February 27. However, it has not confirmed the bank and payment participants. We contacted the central bank but did not receive confirmation in time for publication.
News of the consortium came on the same day in December that the Central Bank of Nigeria lifted restrictions that previously prevented regulated Virtual Asset Service Providers (VASPs) from holding bank accounts. However, while VASPs can now have bank accounts, the central bank reiterated that banks and other financial institutions cannot hold or transact in virtual currencies on their own account.
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