Nigeria’s apex bank has confirmed that the country’s stablecoin, the cNGN, will launch on February 27, 2024.
Stablecoins will help with currency stability because they’re backed by stable assets.
The other promises of stablecoins—lower remittance fees + financial inclusion—might not be enough to help Nigeria’s ailing currency.
The Central Bank of Nigeria earlier launched Africa’s first central bank digital currency, the eNaira, for similar uses—increasing remittance inflow and border trade and financial inclusion.