Scan to Download Gate App
qrCode
More Download Options
Don't remind me again today

Nigeria: Could the stablecoin cNGN succeed where eNaira has failed?

robot
Abstract generation in progress

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.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
  • Pin
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)