Nigeria has granted regulatory approval to the Compliant NGN stablecoin (cNGN), marking a significant step in its evolving stance on digital assets. While concerns remain about the Naira’s volatility—one of the world’s most unstable currencies—this move reflects growing recognition of blockchain technology in the country.
Unlike USDT and USDC, which are pegged to the stable U.S. dollar, cNGN is tied to the Naira, raising questions about its reliability.
However, the approval represents a turnaround from Nigeria’s strict crypto policies, especially after its high-profile crackdown on Binance in 2024, which led to the exchange’s temporary exit and the arrest of a senior executive.
With the African Blockchain Consortium securing regulatory backing, optimism is rising among crypto enthusiasts. While challenges remain, this development could pave the way for greater adoption and innovation in Nigeria’s digital asset space.
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