A press release by holds that Finna Protocol, the Nigerian multi-utility Stablecoin ecosystem, alongside, all heavyweights in the cNGN consortium confirmed that many businesses will support cNGN once it goes live.

Nigerian cryptocurrency industry stakeholders (NCIS) have commented on the approval of cNGN Stablecoin by the central bank of Nigeria (CBN) and it rate of adoption in the country compared with the eNaira central bank digital currency.

The cNGN Stablecoin as was announced by the African Stablecoin consortium (ASC) aims to bring advantages to Nigerian economy and tokenholders. African Stablecoin consortium (ASC) is a collaboration of Nigeria banks and fintechs made this announcement in December 2023.

Cointelegraph informed stakeholders In the Nigerian cryptocurrency industry to get the opinions on the potential rate of adoption for cNGN.

Nigerian crypto analyst Rume Ophi said that the nation's crypto community will appreciate the new Stablecoin .

The success of cNGN depends on the rate of public amplification and the consortium's effort in educating the community on its features and capabilities, Ophi said.

He further said that the most exchange platform will likely list cNGN as Nigeria is Africa's Crypto Hotspot.

Considering the claims by African Stablecoin consortium that cNGN will complement eNaira, Finna protocol - commented on a post on X(formerly Twitter ) that it is unlikely. The post confirmed that, it is almost impossible for a Stablecoin on a public blockchain to complement another Stablecoin on a private one.

Furthermore, the X thread stated that cNGN's nationwide adoption could mean the widespread adoption of web3 in Nigeria. Kenya, south Africa, and Nigeria are driving the adoption of blockchain and web3 technologies on the continent, reported by Emurgo Africa. Despite this, Nigerians have not adopted the eNaira in significant numbers.

Rume Ophi commented that the Nigeria's CBDC failed because people perceived it as the government attempt to oppose the crypto industry in the country .

The CBN approved the ASC to pilot the cNGN Stablecoin I its regulatory sandbox on Jan. 4, 2024 and the Stablecoin will be launched in Feb. 27, 2024.