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Nairaland Forum / Nairaland / General / Business / Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 (15178 Views)
CBN Approves cNGN "Stablecoin" For February Launch / Nigerian Banks Set To Increase Cash Withdrawal Limits To N100,000 / Old Notes Circulation: CBN Begins Monitoring Today, Banks Set Two-week Target (2) (3) (4)
Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by FreeStuffsNG: 11:58pm On Dec 28, 2023 |
Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 Following the Central Bank of Nigeria's circular, a consortium of Nigerian banks, fintechs, and blockchain companies are developing a Naira stablecoin, cNGN, with sources close to the project stating a planned launch in 2024. https://www.forbes.com/sites/digital-assets/2023/12/27/nigerian-banks-set-to-launch-compliant-naira-stablecoin-in-2024/?sh=401eaad98484 9 Likes 3 Shares
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Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by FreeStuffsNG: 11:58pm On Dec 28, 2023 |
The key partners in the consortium include prominent Nigerian tier-1 banks such as First Bank, Access Bank, Sterling Bank, and Providus Bank, payments companies Budpay, Kora (formerly KoraPay), and Interswitch, and Blockchain consultants Convexity and Interstellar. The proposed cNGN stablecoin, similar to existing stablecoins, will facilitate seamless international transfer of NGN. Nevertheless, there are still many unknowns about the cNGN that will need to be clarified by the consortium, such as the blockchain it will use and the planned apps and services for consumers. If this is true then those publicly-quoted banks must have previously issued a forward-looking statement to investors through the Nigerian Stock Exchange. They did no such thing so this will contravene SEC rules. Furthermore, I don't believe that CBN will allow banks operate a monetary system it will not be able to control and regulate. This news ri bakan for now until CBN clarifies it. Check my signature for free stuffs! 6 Likes 2 Shares |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by Righthussle: 12:00am On Dec 29, 2023 |
Hmmm |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by Tjra: 12:03am On Dec 29, 2023 |
Would be interesting if true. 2 Likes 1 Share |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by LikeAking: 12:03am On Dec 29, 2023 |
Nonsense! 21 Likes |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by thesicilian: 12:20am On Dec 29, 2023 |
How far with the e-naira initiative? 55 Likes 1 Share |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by Nbote(m): 12:33am On Dec 29, 2023 |
Lolzzzz... We are a very unserious country. All we want to do is join the bandwagon and embarass ourselves at it. Naira as a stable coin is supposed to achieve what exactly? Since the ban on crypto transactions have been lifted, it removes the whole insecurity of P2P transactions and one can just simply pay for any coin using their cards. zionstaar75: The problem with your likes is not just how daft you are but how you think to believe everyone operates in the same level of ignorance like you and your lots. The fact that all you had to say revolved around an insult shows how grossly ignorant you are on the subject matter but still gleefully showing it off Opolopoopolonio: How would it be a worthy security instrument when it is still going to be naira in coin value. The usdt is the coin value of the US dollar. The eNaira was introduced to do same but it was a foolish move. Since the ban on crypto has been removed, why do I need to fund my wallet by buying naira as a stable coin. Naira whether as a coin or not will still be dependent on how much the dollar is traded. Why won't I just fund my wallet directly from my account and then convert to usdt.? 45 Likes 4 Shares |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by Godfullsam(m): 12:53am On Dec 29, 2023 |
The CBN should try and reduce the volume of naira in circulation. This will drive down the price of commodities and minimize inflation. All these digital naira initiative can only work in advanced countries, not in Nigeria. 3 Likes 1 Share |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by Opolopoopolonio: 12:53am On Dec 29, 2023 |
Nbote: People using USD as a security instrument will have a worthy alternative 1 Like |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by tollyboy5(m): 2:14am On Dec 29, 2023 |
Interesting days head. In what exchange rate will i have to use the naira coin to buy other crypt0? Because naira na 1200 11 Likes |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by Blackfire(m): 3:43am On Dec 29, 2023 |
E naira was hyped more than this... yet..... 11 Likes |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by MASTAkiLLAh(m): 3:52am On Dec 29, 2023 |
ENaira in the mud, billions down the drain 17 Likes |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by emmabest2000(m): 6:12am On Dec 29, 2023 |
confused Government 15 Likes 1 Share
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Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by Lanretoye(m): 6:12am On Dec 29, 2023 |
All these no effect policies,i hope this is not another one of them. |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by Haydens: 6:13am On Dec 29, 2023 |
When naira is not stable them wan launch 7 Likes |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by onlinediva: 6:13am On Dec 29, 2023 |
Hmmm |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by oz4real83(m): 6:13am On Dec 29, 2023 |
Godfullsam:things are expensive not because of too much money in circulation but because govt has never done anything to reduce the cost of production and logistics in the supply chain. Many companies still produce their products using diesel because power is still very poor in Nigeria, our naira keeps dying everyday which makes getting raw materials for production more expensive since most raw materials are denominated in dollars. Transporting finished products and other logistics issues are also a very expensive venture. The govt is doing little or nothing to curtail these issues 9 Likes 1 Share |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by oz4real83(m): 6:13am On Dec 29, 2023 |
The govt has done nothing to rescue the naira and the banks want to create a form of cryptocurrency denominated in naira . These people want to kill people's savings. Govt should first create policies to strengthen the naira to make it less risky when people invest in naira-denominated investments. 1 Like |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by Maxxim: 6:16am On Dec 29, 2023 |
Will be backed with what exactly 😂 |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by rocknation62(m): 6:16am On Dec 29, 2023 |
We no serious for dis CORN-tree 1 Like |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by McLizbae: 6:18am On Dec 29, 2023 |
Na still the same 1200 o! As long as na still naira. tollyboy5: |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by aspabay(m): 6:18am On Dec 29, 2023 |
Time to key Into this before you regret later. It is not everything you criticise for criticising sake. 1 Like |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by ALABACONNECT(m): 6:18am On Dec 29, 2023 |
Them wan rip us yet again. 3 Likes |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by sofeo(m): 6:34am On Dec 29, 2023 |
We are actually getting there. 2 Likes |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by nwakibie3(m): 6:35am On Dec 29, 2023 |
Godfullsam: I think that's what at play now or what else do you think that caused this naira scarcity? 1 Like |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by KingKO22: 6:37am On Dec 29, 2023 |
We shall get there Good move 1 Like |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by fineboynl(m): 6:37am On Dec 29, 2023 |
Cbn is looking at a currency where they can influence it rate and manipulate. It might end up like another pyramid scheme 1 Like |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by omowolewa: 6:39am On Dec 29, 2023 |
Okay |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by modernWays: 6:40am On Dec 29, 2023 |
Unless policy, what is the need for this if you can't still convert your Dollar to naira and vise visa at official rate. NGN/USD is still exchange at black market rate on all exchanges all over the world, and this one too won't be different. 1 Like |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by money121(m): 6:45am On Dec 29, 2023 |
We dey wait oo |
Re: Nigerian Banks Set To Launch Compliant Naira Stablecoin In 2024 by Obviouslyblunt: 6:46am On Dec 29, 2023 |
Naira itself is not stable, but you wanna peg a coin to it? Lmaoo. 🥱🤣 3 Likes |
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