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Just In: Nigeria Unveils First Regulated Naira-Stablecoin, cNGN (Full Details)

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In a significant development, Nigeria is set to launch its first regulated Naira stablecoin, cNGN, marking a pivotal moment following the recent lifting of a two-year ban on cryptocurrency trading through official channels. The cNGN stablecoin is a collaborative effort among Nigerian banks, fintechs, and blockchain businesses, aligning with regulatory guidelines and establishing a controlled Naira stablecoin….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

The cNGN is pegged 1:1 to the Nigerian Naira, marking a departure from previous stablecoin drafts. Notably, it will be owned by Nigerian banks, emphasizing its legal status as official money. Forbes reports that the anticipated debut of cNGN is scheduled for 2024, ushering in a new era for cryptocurrency adoption in Nigeria.

Unlike prior versions, cNGN is positioned as a cryptocurrency, maintaining the characteristics of stablecoins. This development follows the recent decision by the Central Bank of Nigeria to lift the prohibition on cryptocurrency transactions, signaling a shift in recognition of the role cryptocurrencies play in the global financial landscape.

Nigerians are expressing a range of reactions to this announcement. Some view it as a positive step toward embracing the evolving landscape of digital currencies, highlighting the potential for financial innovation and inclusion. Others are cautiously optimistic, emphasizing the need for robust regulatory frameworks to safeguard users and ensure the stability of the new stablecoin.

The fact that cNGN will be serviced by a consortium of banks and owned collectively by these institutions adds a layer of complexity to the unfolding narrative. As the cryptocurrency community and the general public grapple with the implications of this groundbreaking development, discussions are emerging on social media platforms, reflecting a mix of excitement, skepticism, and anticipation.

The lifting of the cryptocurrency ban in Nigeria, coupled with the introduction of a regulated Naira stablecoin, underscores the dynamic nature of the digital financial landscape. Nigerians are closely monitoring these developments, eager to witness the impact on the broader financial ecosystem and the potential transformation of the country’s cryptocurrency landscape.

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‘Atiku And Others Had Their Chances But Failed Nigerians’ – Wike Fires Fresh Attack.

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The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has declared that the presidential candidates of the African Democratic Congress (ADC), Atiku Abubakar, and the Nigeria Democratic Congress (NDC), Peter Obi, have nothing to offer Nigerians.....KINDLY READ THE FULL STORY HERE▶

Wike made the remarks during his monthly media chat with selected journalists in Abuja, where he questioned the records of Atiku and other political figures who had previously held positions of power.

He maintained that Nigerians were aware that Atiku had failed to make meaningful contributions when he was given the opportunity to serve.

The minister also questioned who could stand against President Bola Tinubu’s political influence if the 2027 presidential election proceeds to a runoff.

Wike said: “I’m a political scientist and have been in politics more than a decade. Assuming there is a presidential runoff, it will be between Tinubu and who?

“Nigerians know that Atiku and co have been given the opportunity and they did not do anything, Nigerians know that the former governor of Rivers State looted our state, Nigerians know that Obi has nothing to offer, you were there when Soludo opened a can of worms.

“You talk about Kwankwaso my friend, I agree that he is very popular, he ran in 2023, won Kano and the rest Northern states, who were they voting?”

Meanwhile, Wike has dismissed claims that Rivers State Governor Siminalayi Fubara’s political future has been jeopardised by his prolonged political dispute with the FCT minister.

He argued that Fubara is still young and that it would be wrong to conclude that his political prospects have been ruined.

Wike made the clarification on Thursday in Abuja during his monthly media chat with selected journalists.

The minister also disclosed that Fubara is an active member of the Rainbow Coalition, a multi-party political group supporting President Bola Tinubu’s re-election bid.

According to Wike, the Rivers governor played a role in unveiling the coalition’s candidates in the state.

He said: “Governor Fubara is a young man. It will be incorrect to say that his political future is gone.

“Fubara is an active member of the Rainbow Coalition; in fact, he was the one who unveiled the Rainbow Coalition candidates in Rivers State.”

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Showunmi Celebrates As Court Voids Atiku’s Presidential Ticket In Major Political Twist.

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Former campaign spokesman for Atiku Abubakar, Segun Showunmi, has been seen in a viral video celebrating the Federal High Court judgment that nullified the former Vice-President’s presidential ticket on the platform of the African Democratic Congress (ADC).....KINDLY READ THE FULL STORY HERE▶

The video, which has circulated widely on social media, shows Showunmi clapping, laughing and dancing shortly after the judgment was delivered.

Showunmi, who has consistently criticised Atiku’s defection to the ADC, said the court’s decision had vindicated his earlier warnings about the coalition’s legal standing.

“I forewarned. I told them this would happen. They did not listen,” he said.

He recalled that his concerns had previously been dismissed as bitterness and jealousy when he questioned the legal status of the coalition that took control of the ADC.

“When I was shouting, they said I was bitter. When I warned, they said I was jealous. Now the court has spoken,” he added.

Showunmi had repeatedly argued that Atiku should have remained in the Peoples Democratic Party (PDP) and worked towards rebuilding it instead of joining a coalition he described as a gathering of aggrieved politicians without a solid political structure.

He also predicted that the coalition’s takeover of the ADC, led by former Senate President David Mark, would eventually collapse in court.

In a judgment delivered on Thursday, Justice Peter Lifu ruled that the Mark-led caretaker committee was illegal and nullified the primary election that produced Atiku as the party’s presidential candidate.

The court also removed all the party’s national officers, including National Secretary Rauf Aregbesola, and voided the list of candidates submitted to the Independent National Electoral Commission (INEC) for the 2027 elections.

The suit was instituted by Nafiu Bala Gombe, a former Deputy National Chairman (North-East) of the ADC, who challenged the leadership change that followed the resignation of former National Chairman Ralph Nwosu.

Watch the video below:

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Oshiomhole Blasts Atiku, Accuses Obasanjo Administration Of Killing Nigerian Industries.

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The senator representing Edo North, Adams Oshiomhole, has accused former President Olusegun Obasanjo and his deputy, Atiku Abubakar, of contributing to the collapse of Nigeria’s industrial sector.....KINDLY READ THE FULL STORY HERE▶

Oshiomhole, a chieftain of the All Progressives Congress (APC), alleged that the administration of Obasanjo was responsible for the closure of major companies, including Michelin and Dunlop, leaving the country increasingly dependent on imported goods.

He made the allegation on Thursday while speaking at the APC presidential campaign rally in Ekiti State.

The former labour leader also recalled that Atiku, during his time as vice president, had publicly acknowledged that the Obasanjo administration spent $16 billion on the power sector.

“Atiku Abubakar, as Vice President, was crying on television that his government and his oga, Obasanjo, spent $16 billion on power. So you ask Atiku how many more US dollars do you need?” Oshiomhole said.

The senator also dismissed Atiku’s concerns about rising unemployment, arguing that the administration in which he served contributed to the problem by allowing Nigerian industries to shut down.

“I understand that Atiku is lamenting about unemployment; who closed down Nigerian industries? Who closed down Michelin? Who closed down Dunlop? Who reduced Nigeria to importer of everything from underwear to socks? It was done by the government and party to which Atiku belonged,” he stated.

Oshiomhole urged residents of Ekiti State to support President Bola Tinubu’s re-election bid in 2027, pointing to the current administration’s approval of a new minimum wage for workers.

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