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CBN is expected to launch cNGN, a public blockchain-based crypto backed by banks and fintech.
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The growth of the same is highly uncertain, as it can be compared with the journey of existing eNaira.
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The crypto community and enthusiasts are optimistic about the growth of Nigeria’s crypto industry with the introduction of cNGN.
The Central Bank of Nigeria has green-signed a pilot launch of the cNGN stablecoin. With the speculation of a stablecoin launch, the country’s crypto space is buzzing and potentially impacting the market.
The Nigerian banks and fintech consortium are backing this newly developed digital currency. It aims to offer several advantages to stablecoin users and its objective is to boost the overall economy.
Nigeria’s Stablecoin Journey
The success of cNGN hints towards the replication of the growth of existing eNaira. Nigeria’s Central Bank Digital Currency (CBDC) has struggled to gain widespread adoption. An
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