Nigeria has announced plans to officially join crypto trading on February 27, when it will launch its own stablecoin, cNGN. 

Presidential media aide Olusegun Dada made this announcement via his official handle on Friday.

“Nigerian banks and other fintech companies will launch the cNGN stable coin on February 27, 2024,” Mr Dada said. “The cNGN is part of the Central Bank’s efforts to ensure the Naira becomes a stable currency that can be relied on by investors and users across the globe.”

With the cNGN, Nigerians and other nationals from any part of the world can trade cryptocurrency without buying the USDT with naira as currently practised. 

“It is similar to other stable coins like USDT and USDC and will join other currencies that can be used to trade from any part of the world,” Mr Dada said.

When launched on February 27, as announced, the cNGN is expected to be listed on major crypto exchange platforms, Binance, Coinbase, Kilpin etc.

This follows the lifting of the ban on cryptocurrency by the Central Bank of Nigeria late last year. 

The apex bank said its decision to lift the ban on cryptocurrency was informed by global trends that show there is a need to regulate cryptocurrency.