Nigerian Crypto Sector Reacts to Central Bank Approval of cNGN Stablecoin Project

Companies in Nigeria’s cryptocurrency sector are responding to the Central Bank of Nigeria’s (CBN) approval of the cNGN stablecoin project. Nigerian banks and fintechs, part of the Africa Stablecoin Consortium (ASC), introduced cNGN in December, aiming to provide benefits to token holders and the Nigerian economy. Crypto analyst Rume Ophi believes the country’s crypto community will appreciate the new stablecoin, emphasizing the importance of promotion and education efforts. While there are reports that cNGN will complement Nigeria’s stablecoin eNaira, opinions differ on the compatibility of stablecoins on public and private blockchain networks. (Source: Cointurk)