Nigeria's compliant naira stablecoin CNGn to launch on February 27th

Comparative news, according to Cointelegraph, the Central Bank of Nigeria (CBN) has approved the Africa Stablecoin Consortium (ASC) to pilot CNGn stablecoin in its regulatory sandbox, and the CNGn stablecoin will be launched on February 27, 2024.

ASC, made up of several banks and fintech operators in Nigeria, said the CNGN stablecoin complies with the regulatory requirements and standards set by the CBN, the Nigerian Securities and Exchange Commission, and the Nigerian Financial Intelligence Unit.

ASC said it is working with regulators to ensure compliance, consumer protection measures and transparency.

According to reports, the CNGN stablecoin is a supplementary product of the Bank of Nigeria's digital currency Enaira, rather than a replacement. ASc will be responsible for overseeing CNGN.