Nigerian Banks are Collaborating to Launch cNGN

Major Banks & Tech Collaborate for Blockchain-Powered Finance

Nigerian banks are collaborating to launch cNGN, a stablecoin pegged to the national currency, the naira.

Unlike the eNaira, a central bank digital currency, cNGN is developed on public blockchains, enabling global transfers. It's a collaboration among major banks and tech companies, functioning alongside the eNaira with a focus on blockchain technology.