Busha now offers cNGN (Compliant Nigerian Stablecoin), a private-sector stablecoin that has the potential to revolutionise Nigeria’s digital economy.
cNGN is a 1:1 Naira-pegged stablecoin created by a consortium of Nigerian financial institutions, fintech, and blockchain experts known as the Africa Stablecoin Consortium (ASC) last year, with the goal of facilitating smooth cross-border payments, quicker transactions, and increased financial participation—heralding a new era of accessibility and efficiency.
Nigeria is still at the forefront of Africa’s fintech boom, and cNGN helps close the gap between blockchain innovation and conventional finance. cNGN combines the flexibility of cryptocurrency with the stability of the Naira, making it ideal for decentralised finance (DeFi), daily spending management, and remittances.
Read also: Busha leverages Plume Network’s DeFi protocol to offer competitive yields to Nigerian users
About cNGN
cNGN is a privately held stablecoin, fixed at a 1:1 ratio to the Nigerian Naira (NGN). In contrast to the Central Bank of Nigeria’s eNaira, Nigerian fintech companies have joined together to develop cNGN, a blockchain-based payment system that complies with regulations.
Although it functions independently of the Central Bank of Nigeria, cNGN seeks to lessen cryptocurrency volatility by tying its value to the Naira.
Widespread adoption and continued collaboration with authorities to guarantee trust and compliance are essential to its long-term success.
Key features include:
Speed and Cost-Efficiency: Compared to previous systems, it provides real-time transactions at reduced costs.
Cross-Border Capabilities: Make international transactions easier without having to deal with currency conversion.
Financial Empowerment: Use decentralised methods to increase the involvement of Nigerians who are already banked.
Regulatory Cooperation: Developed with an emphasis on consumer protection, transparency, and conformity to Nigeria’s financial stability objectives.
Read also: Yellow Card targets Nigerian crypto market with SEC approval
How to fund Busha with cNGN
Get the Busha App open: Sign in or create a free account.
Look for “cNGN”: Locate the token by using the search bar.
Deposit: Use cryptocurrency or Naira to fund your account, and then purchase cNGN to begin trading.
This cutting-edge financial tool is poised to transform international trade, remittances, and cross-border payments for Africa’s fourth-largest economy.
Leave a Reply