Cryptocurrency EducationIndustry AnalysisNews

Launch of the New Nigerian Stablecoin, cNGN Boom to Crypto Space

2 Mins read

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. Analysts are carefully optimizing the cNGN’s prospects.

Rume Ophi, a renowned crypto expert from the country, believes that the community will positively welcome the new stablecoin.

Ophi brings the attention of the citizens to effective communication and education from the consortium to properly understand the potential of the coin. Popular crypto exchanges are expected to list cNGN soon, considering Nigeria’s position in Africa’s crypto space.

However, crypto followers are unsure about the compatibility between cNGN and eNaira, as the former is based on the public blockchain and the latter is private.

Capabilities of cNGN to Overpower Nigeria’s Existing eNaira

There is a common concern among Nigeria’s crypto followers about the ability of cNGN to outshine eNaira. Amid this concern, the launch of cNGN is a remarkable step towards Web3 adoption in Nigeria. Currently, the consortium is overweighting the industry, which supports the growth and optimism about the industry in the nation.

It could be a significant development and boost the growth of the crypto industry in Nigeria. Some of the other countries that can have similar growth are Kenya and South Africa. Collectively, these three countries are behind the Web3 adoption across Africa.

Learnings from eNaira

The eNaira’s dull and least-exciting acceptance provides valuable lessons for the growth of cNGN. Rume Ophi characterizes eNaira’s less exciting growth to people’s perceptions of private and public-backed instruments.

Yet, the same is not expected from cNGN, as nationalized banks are backing it which will attract people’s trust and attention. So, several analysts are optimistic about the rise of the stablecoin in a short period.

Scheduled Launch of cNGN

The Central Bank of Nigeria (CBN) has scheduled the pilot launch of cNGN for February 27, 2024. This event will be closely followed and observed by all the citizens and crypto enthusiasts from the country and outside.

The movements to look for are how it will succeed in overcoming challenges and outpace eNaira. It is surely expected to boost the growth of Nigeria’s crypto landscape.

Importance in the Growth of Crypto Space

The launch of cNGN will revolutionize the Nigerian financial space. If things don’t occur as expected, then it can also replicate eNaira. It can only be known after the event happens. Although it contributes to the development of the country’s evolving crypto space, it has the potential to shape the digital future of the country.

The cNGN can struggle to gain widespread acceptance as it is highly dependent on the government’s perception. The compatibility between private blockchain-based e-Naira and public blockchain-based stable coins like cNGN is skeptical.


1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Related posts

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥 will not disclose your account information to any 3rd parties.