Nigeria, January 8, 2024 - The Africa Stablecoin Consortium, comprised of Pan-African Banks, Fintechs, and Blockchain Businesses, responsible for the development of a stablecoin pegged to the Naira, wishes to issue a statement to clarify recent developments regarding our project, cNGN.

In light of recent media reports stating that cNGN would be launched on February 27th, 2024, we acknowledge the confusion that has arisen on the project. We sincerely apologize to the regulators and our partners for any misunderstanding.

The Africa Stablecoin Consortium wishes to clarify that cNGN will not be publicly launched on the 27th of February, 2024. Instead, we are engaging with the appropriate regulatory bodies, including the Central Bank of Nigeria, to participate in its regulatory sandbox program. Our goal is to showcase the potential benefits of the cNGN ecosystem, providing a secure, transparent, interoperable, and innovative solution for digital asset transactions in Nigeria.

The Africa Stablecoin Consortium is fully committed to adhering to all regulations and guidelines set forth by the authorities. We will not proceed with the public launch of cNGN until we have obtained all the necessary approvals and guidance.

We deeply appreciate the trust and support extended to us by the public and the media. Rest assured that we are dedicated to providing accurate and transparent information about the project's progress. We will announce the official launch date of cNGN once we have received further guidance and approvals from all regulatory bodies, partners, and stakeholders.

The Africa Stablecoin Consortium expresses gratitude for the understanding and patience displayed by the public and the media throughout this process. We are excited about the future prospects of cNGN and remain committed to the principles of responsible innovation.