ChainCatcher news, according to Cointelegraph, the Central Bank of Nigeria (CBN) has approved the Africa Stablecoin Consortium (ASC) to conduct a cNGN stablecoin pilot in its regulatory sandbox, with the cNGN stablecoin set to launch on February 27, 2024.

ChainCatcher news, according to Forbes, a consortium consisting of Nigerian banks, fintech companies, and blockchain enterprises is developing a naira stablecoin named cNGN, sources revealed that it is planned to launch in 2024.The newly proposed cNGN will be a regulated, consortium-backed naira stablecoin and will be subject to oversight. cNGN will be pegged to the naira at a 1:1 ratio, but unlike previous naira stablecoin attempts, it will be held by the Central Bank of Nigeria and regarded as legal tender.

ChainCatcher news, according to Cointelegraph, major banks in Nigeria are collaborating to create and oversee the cNGN stablecoin, a new type of digital currency aimed at benefiting token holders and the Nigerian economy. Unlike the eNaira created by the Central Bank of Nigeria (CBN), which has broader functionalities, the cNGN is overseen by a consortium of Nigerian banks.The main collaborators of the cNGN initiative include Access Bank, Sterling Bank, Providus, Korapay, First Bank, Interstellar, Interswitch, Budpay, and Convexity.