Busha, a Nigerian cryptocurrency exchange, has listed the Compliant Nigerian Naira (cNGN) stablecoin on its platform. This marks the introduction of Nigeria’s first private consortium-backed stablecoin, pegged 1:1 to the Naira.
The cNGN is built on the Bantu blockchain and designed to operate across multiple protocols. It aims to increase demand for the local currency and help it gain value in the forex market.
Users can buy and sell cNGN on Busha, but it’s not yet available for transfer to third-party wallets or decentralized exchanges. The stablecoin has many potential use cases, including remittance, where its integration with multiple blockchain networks offers low-cost options.
However, the cNGN’s adoption may face challenges due to the weak fiat Naira reserves and low trust in the Naira. Its prospects could improve once it begins trading on-chain, but the SEC’s regulatory oversight will likely play a crucial role in its development.
Busha, a Nigerian cryptocurrency exchange, has listed the Compliant Nigerian Naira (cNGN) stablecoin on its platform. This marks the introduction of Nigeria’s first private consortium-backed stablecoin, pegged 1:1 to the Naira.
The cNGN is built on the Bantu blockchain and designed to operate across multiple protocols. It aims to increase demand for the local currency and help it gain value in the forex market.
Users can buy and sell cNGN on Busha, but it’s not yet available for transfer to third-party wallets or decentralized exchanges. The stablecoin has many potential use cases, including remittance, where its integration with multiple blockchain networks offers low-cost options.
However, the cNGN’s adoption may face challenges due to the weak fiat Naira reserves and low trust in the Naira. Its prospects could improve once it begins trading on-chain, but the SEC’s regulatory oversight will likely play a crucial role in its development.
