The cNGN serves as a complement, not a substitute, for the eNaira and is overseen by a consortium involving Nigerian banks.
Nigerian banks are collaborating to create and oversee a new stablecoin, the cNGN, which is a novel digital currency designed to bring advantages to both tokenholders and the Nigerian economy.
According to sources from within the project who prefer to remain anonymous, the cNGN token is backed by and pegged to the Nigerian naira, the country’s fiat currency.
Like popular stablecoins, the cNGN offers interoperability with various public blockchains, facilitating effortless global transfers and broadening its use internationally.
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Source: https://cointelegraph.com/news/nigerias-top-banks-collaborate-on-new-cngn-stablecoin