The cNGN serves as a complement, not a substitute, for the eNaira. Unlike the eNaira, created by the Central Bank of Nigeria (CBN) with broader capabilities, the cNGN is overseen by a consortium involving Nigerian banks.
Principal Nigerian banks are collaborating to create and oversee the cNGN stablecoin, a novel digital currency designed to bring advantages to both token-holders and the Nigerian economy.
According to sources from within the project who prefer to remain anonymous, The cNGN token is entirely supported, ensuring a direct correlation with each Naira (N1) held by these leading banks.
Similar to popular stablecoins, the cNGN offers interoperability with various public blockchains, facilitating effortless global transfers and broadening its use internationally.
