Nigeria's major banks collaborate to develop a new stablecoin cNGN

ChainCatcher news, according to Cointelegraph, major banks in Nigeria are collaborating to create and oversee the cNGN stablecoin, a new type of digital currency aimed at benefiting token holders and the Nigerian economy. Unlike the eNaira created by the Central Bank of Nigeria (CBN), which has broader functionalities, the cNGN is overseen by a consortium of Nigerian banks.

The main collaborators of the cNGN initiative include Access Bank, Sterling Bank, Providus, Korapay, First Bank, Interstellar, Interswitch, Budpay, and Convexity.