African Stablecoin Alliance confirms Nigeria’s cNGN stablecoin will not be launched in February

African Stablecoin Alliance (ASC) confirmed last week that it plans to launch the cNGN Naira stablecoin on February 27th. Although it stated that the stablecoin is part of a sandbox, it has been widely interpreted as a public release. This week, the ASC, which is composed of banks, fintech companies, and blockchain companies, clarified that the February date is only the beginning of the sandbox activity. cNGN will not be open to the public.

Details about the consortium's partners have not been formally announced, but Nigerian media has widely reported on these details. The consortium is composed of four banks, including Nigeria's largest Access Bank. The other banks are Sterling Bank, Providus, and First Bank. They have not yet officially confirmed their participation.