Date set for Nigerian new stablecoin cNGN launch

[sokani]

My contri pipo, the mata wey I bring come na about de new stablecoin. Africa Stablecoin Consortium (ASC) wey be a collaboration of Nigerian banks and fintech operators say dem don get green light from the Central Bank of Nigerian to launch the stablecoin cNGN on the 27th of February 2024. ASC say de stablecoin go comply with de regulatory standards and requirements of CBN, Nigerian Security and Exchange Commission, and Nigerian Financial Intelligence Unit. Dem say de new stablecoin cNGN go dey peg to de Nigerian Naira in the ratio of 1:1 and e go support multiple blockchains like Bantu and Binance Smart Chain.

The stablecoin aims to bridge the gap between the naira and digital currencies in the global market through blockchain technology.

Dem say cNGN no come to replace the already failed eNaira but to complement am. Wetin una think about the new stablecoin, una feel say e go thrive wia eNaira fail? Abeg make una share una thoughts.

Source

[Charles-Tim]

Dem say cNGN no come to replace the already failed eNaira but to complement am.

Share news as it is. There is no where in the news that called eNaira failed. If you do not have enough evidence, because eNaira is not used among your people in your area, do not make conclusion that it is failed. The way you also put it, it will make people confuse as if it is written in the news, but nothing like that was written.

Wetin una think about the new stablecoin, una feel say e go thrive wia eNaira fail? Abeg make una share una thoughts.

It is just like how many people will be making use of USD-pegged coins in United States. I have not made such finding before but I believe only few people will make use of it because they will prefer their fiat, USD instead. We have no reason to use it locally because most people will prefer naira. Only its benefit which naira and eNaira does not have is if it is on exchanges and well adopted, it mght be an easy remittance means and also that people that are not in Nigeria that wants to have naira can easily have access to it. But with the way naira keeps depreciating, I do not think it will be an attraction for foreigners.

[Smartvirus]

Abeg wait o, make una help me understand something.
What’s the stability about this our cNGN cef? We sabi say, Naira no be currency way dey ever dey stable, pegging it to naira no change anything o. The dollar value go still dey reflect and nothing go change. Why them even dey abandon abi bring in the cNGN cef. eNaira still dey very useful and e no get much difference way this cNGN go bring. Them be very much the same thing and no gap exists mo where.
If e no Dey widely used, na just matter of popularity and how our people view am to not see much need for the whole development. E no bad with the introduction of eNaira o but, the cNGN I no see the need when the eNaira cef never gain ground for main stream.

[Makus]

Our country no go kill me, though I admire their vision and the effort wey Dem don dey put into this cryptocurrency matter, but I pray make Dem still see the need to continue, make e no go be like say as dem do reach here na there Dem go end, make Dem continue oo. But pegging the cNGN to naira with 1:1 naim be the wor wor part so. Stable coins no suppose dey volatile well well, but with the wey the Nigerian naira dey go with dollar, our stable coin fit go turn to regular altcoin oo 🤣😂 na only God go help us rise again oo, if not we go just dey play around.

[sokani]

Me I no see any difference with cNGN since e go dey peg to naira, e go still be like the normal naira but in a digital form. The only difference be say e go be blockchain based token and perosn go fit use am settle payment quickly, unlike traditional banking weybdey get network issues. Time go tell whether ASC go fit run the new stablecoin well.

Share news as it is. There is no where in the news that called eNaira failed. If you do not have enough evidence, because eNaira is not used among your people in your area, do not make conclusion that it is failed. The way you also put it, it will make people confuse as if it is written in the news, but nothing like that was written.

Noted... that's my personal opinion though, but it is what it is.

[Lida93]

Dem say cNGN no come to replace the already failed eNaira but to complement am. Wetin una think about the new stablecoin, una feel say e go thrive wia eNaira fail? Abeg make una share una thoughts.

Source

This one nah betta idea wey the government don bring oh, maybe this stablecoin when launch it fit get a positive influence on the value of the Naira because people no go like want use stablecoin way no really dey stable. Wetin I mean be say if the Naira value keep dropping as it don the do since the pegging no go get head as people no go want swap their money to stablecoin wey they practically unstable.

The effort has been commendable in the government bid to give the Naira a place of recognition in the global economy,  from eNaira, now cNGN. I hope say this one go get head by correcting the deficiency  of the eNaira way make am look like say it has failed all because people no the use am as it was expected it come seem as if it has failed. There's nothing quite exciting as we having our own currency in binance smart chain as a stablecoin but let the truth be told our inclination to it usage go depend on its utility and stability.