Nigeria is making a new monetary bet. After the relative failure of the eNaira (CBDC from the Central Bank), the African stablecoin Consortium (ASC) launched cNGN in February 2024 with the support of the CBN – and this time, crypto sector players are more optimistic.
Why cNGN Could Make a Difference
Unlike eNaira, perceived as a government surveillance tool, cNGN has strong private support: local banks + Nigerian fintech + crypto giants. Analysts like Rume Ophi believe that exchanges will quickly adopt the stablecoin, with Nigeria serving as a crypto hub for Africa.
The real issue? Education and communication. If the consortium succeeds in demonstrating the real advantages of cNGN (liquidity, accessibility), the currency could catalyze national Web3 adoption – where eNaira has stalled.
Doubts remain
Finna Protocol raises a legitimate question: can a public stablecoin truly “complement” a private stablecoin? Technically, it's complicated. But symbolically, cNGN represents a different approach: less central control, more collaborative innovation.
The real test will take place in the coming months. If Nigerians adopt cNGN, it will be a major signal for the rest of Africa.
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Nigeria: Could the stablecoin cNGN succeed where eNaira has failed?
Nigeria is making a new monetary bet. After the relative failure of the eNaira (CBDC from the Central Bank), the African stablecoin Consortium (ASC) launched cNGN in February 2024 with the support of the CBN – and this time, crypto sector players are more optimistic.
Why cNGN Could Make a Difference
Unlike eNaira, perceived as a government surveillance tool, cNGN has strong private support: local banks + Nigerian fintech + crypto giants. Analysts like Rume Ophi believe that exchanges will quickly adopt the stablecoin, with Nigeria serving as a crypto hub for Africa.
The real issue? Education and communication. If the consortium succeeds in demonstrating the real advantages of cNGN (liquidity, accessibility), the currency could catalyze national Web3 adoption – where eNaira has stalled.
Doubts remain
Finna Protocol raises a legitimate question: can a public stablecoin truly “complement” a private stablecoin? Technically, it's complicated. But symbolically, cNGN represents a different approach: less central control, more collaborative innovation.
The real test will take place in the coming months. If Nigerians adopt cNGN, it will be a major signal for the rest of Africa.