Wed. Jun 12th, 2024

African Stablecoin Consortium Makes a U-turn On cNGN Launch To Seek Central Bank Approval

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This comes a few days after there were reports that it will be launching the stablecoin on February 27.

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A composition of Nigerian fintech startups and banks, early this year, embarked on launching a stablecoin that will be pegged 1:1 with the naira.

They had announced approval from the Central Bank of Nigeria to carry on with the project, but they declared on January 9 that it would not proceed with the stablecoin launch as initially planned. 

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In its latest statement, the ASC said that the CBN is yet to greenlight the stablecoin project:

“The Africa Stablecoin Consortium wishes to clarify that cNGN will not be publicly launched on the 27th of February, 2024. Instead, we are engaging with the appropriate regulatory bodies, including the Central Bank of Nigeria, to participate in its regulatory sandbox program,” 

The consortium suggested that the naira-backed digital currency would also “pave the way for further advancements in CBDC. 

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