Nigeria cNGN stablecoin: everything you need to know about cNGN and eNaira CBDC

Peterson Ozili

MPRA Paper from University Library of Munich, Germany

Abstract: Several firms have expressed an interest to develop a stablecoin in Nigeria called the compliant-Nigerian-Naira (cNGN). The purpose of this article is to explore the features, benefits, and challenges of issuing a stablecoin in Nigeria known as the cNGN stablecoin. The study also compares the proposed cNGN with the eNaira central bank digital currency and offer several differences that are worth noting. The study shows that the proposed cNGN stablecoin offers many benefits. They include enabling faster payments, ensuring seamless cross-border payments, and increasing participation in the financial system for those who are already banked. The study also identifies some challenges of the proposed cNGN stablecoin. The study concludes by stating that the long-term success of the cNGN will be guaranteed if majority of Nigerians embrace it and if cNGN issuers collaborate with regulators to ensure that the cNGN is designed in a way that achieves financial stability objectives, transparency, and consumer protection.

Keywords: Nigeria; stablecoin; cNGN; blockchain; eNaira; CBDC; compliant Nigerian Naira (search for similar items in EconPapers)
JEL-codes: E58 E59 G02 G21 (search for similar items in EconPapers)
Date: 2024
New Economics Papers: this item is included in nep-mon and nep-pay
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:120801

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