FreeStuffsNG:
The key partners in the consortium include prominent Nigerian tier-1 banks such as First Bank, Access Bank, Sterling Bank, and Providus Bank, payments companies Budpay, Kora (formerly KoraPay), and Interswitch, and Blockchain consultants Convexity and Interstellar. The proposed cNGN stablecoin, similar to existing stablecoins, will facilitate seamless international transfer of NGN.

Nevertheless, there are still many unknowns about the cNGN that will need to be clarified by the consortium, such as the blockchain it will use and the planned apps and services for consumers.

If this is true then those publicly-quoted banks must have previously issued a forward-looking statement to investors through the Nigerian Stock Exchange. They did no such thing so this will contravene SEC rules.

Furthermore, I don't believe that CBN will allow banks operate a monetary system it will not be able to control and regulate.

This news ri bakan for now until CBN clarifies it.

Nbote:
Lolzzzz... We are a very unserious country. All we want to do is join the bandwagon and embarass ourselves at it. Naira as a stable coin is supposed to achieve what exactly?

Godfullsam:
The CBN should try and reduce the volume of naira in circulation. This will drive down the price of commodities and minimize inflation.

All these digital naira initiative can only work in advanced countries, not in Nigeria.

FreeStuffsNG:
The key partners in the consortium include prominent Nigerian tier-1 banks such as First Bank, Access Bank, Sterling Bank, and Providus Bank, payments companies Budpay, Kora (formerly KoraPay), and Interswitch, and Blockchain consultants Convexity and Interstellar. The proposed cNGN stablecoin, similar to existing stablecoins, will facilitate seamless international transfer of NGN.

Nevertheless, there are still many unknowns about the cNGN that will need to be clarified by the consortium, such as the blockchain it will use and the planned apps and services for consumers.

If this is true then those publicly-quoted banks must have previously issued a forward-looking statement to investors through the Nigerian Stock Exchange. They did no such thing so this will contravene SEC rules.

Furthermore, I don't believe that CBN will allow banks operate a monetary system it will not be able to control and regulate.

This news ri bakan for now until CBN clarifies it.

Godfullsam:
The CBN should try and reduce the volume of naira in circulation. This will drive down the price of commodities and minimize inflation.

All these digital naira initiative can only work in advanced countries, not in Nigeria.

FreeStuffsNG:
Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024




https://www.forbes.com/sites/digital-assets/2023/12/27/nigerian-banks-set-to-launch-compliant-naira-stablecoin-in-2024/?sh=401eaad98484

Godfullsam:
The CBN should try and reduce the volume of naira in circulation. This will drive down the price of commodities and minimize inflation.

All these digital naira initiative can only work in advanced countries, not in Nigeria.

Godfullsam:
The CBN should try and reduce the volume of naira in circulation. This will drive down the price of commodities and minimize inflation.

All these digital naira initiative can only work in advanced countries, not in Nigeria.

Opolopoopolonio:


People using USD as a security instrument will have a worthy alternative

Iamzik:


How will reduction of cash supply drive down price of commodities?

tollyboy5:
Interesting days head. In what exchange rate will i have to use the naira coin to buy other crypt0?
Because naira na 1200

Godfullsam:
The CBN should try and reduce the volume of naira in circulation. This will drive down the price of commodities and minimize inflation.

All these digital naira initiative can only work in advanced countries, not in Nigeria.

Godfullsam:
The CBN should try and reduce the volume of naira in circulation. This will drive down the price of commodities and minimize inflation.

All these digital naira initiative can only work in advanced countries, not in Nigeria.

ubev01:
i think you are wrong. To convert your usdt to naira, no more need for p2p with all the risk involved, just swap from usdt to cngn and your naira is on its way to your bank account. I think it's a great idea if implemented well

LikeAking:
Nonsense!