The Central Bank of Nigeria (CBN) has approved a trial of the cNGN stablecoin initiative by the Africa Stablecoin Consortium (ASC) in a regulatory sandbox.
The ASC believes the cNGN stablecoin could be critical for Nigeria's payment rails and the CBN's digital currency.
This development signifies the CBN's interest in stablecoins and their potential utility in the country's financial system.