Frequently asked questions

Our FAQs can sort out any enquires or issues that you have got. We have also got a team of experts assigned to handle your issues promptly.

What are cNGN tokens?

cNGN tokens are assets that move across the blockchain just as easily as other digital currencies and they also offer price stability as they are pegged on a 1-to-1 basis with Nigerian Naira (i.e, 1 cNGN = 1 NGN) and are backed 100% by ASC's reserves.

Is cNGN a digital currency?

The cNGN is a digital token on open permissionless blockchain protocols, unlike other digital assets that fluctuate, it is designed to maintain a stable value. The cNGN token has democratized cross-border transactions across the blockchain and countries and is pegged to the naira on a 1-to-1 basis.

How is cNGN different from other stable coins?

cNGN is relatively similar to other stablecoins like USDC, USDT, EURC & others, which are pegged to Goverment issued fiat currencies

What is the value proposition of cNGN?

The value proposition of cNGN is to bridge the gap between fiat and digital currencies, by offering a stable and compliant digital currency that is fast, secure, transparent, and borderless. cNGN is created and managed by the Africa Stablecoin Consortium, a group of licensed financial institutions, technology companies, and partner commercial banks. cNGN can be used for various transactions on the blockchain, such as sending or receiving payments, exchanging for other digital assets/cryptocurrencies or fiat currencies, etc. cNGN is compliant with the regulatory requirements and standards set by the CBN, the Securities and Exchange Commission (SEC), the Nigerian Financial Intelligence Unit (NFIU), and engages with them to ensure compliance, consumer protection, and transparency.

Is cNGN subject to volatility like other cryptocurrencies?

No, it is not volatile like other cryptocurrencies. All cNGN tokens are backed 1:1 with Nigerian Naira. 1 cNGN will always be redeemable for 1 NGN (Nigerian Naira)

How is the value of cNGN maintained? Explain the mechanism or backing that ensures the stability of cNGN

All cNGN in circulation is fully backed 1:1 with Nigerian Naira cNGN tokens are created when a user makes a Naira deposit to Africa Stablecoin Consortium reserve bank accounts held in partner Commercial banks. As a fully transparent company, we publish a daily record of the current total assets and reserves.

Is cNGN the same as eNaira?

eNaira is the Central Bank of Nigeria's Digital Currency (CBDC) created by the Central Bank of Nigeria, while the cNGN is the stablecoin created and managed by a Consortium of Technology firms, banks and licensed Financial Institutions. The cNGN is fully backed 1:1 with the Nigerian Naira and is always accessible on popular and strategic public blockchains.

How useful is cNGN?

cNGN combines the benefits of digital currencies, including transparency, auditability, cheaper and faster transactions, with the utility of Nigerian naira which makes them useful for local and crossborder payments and remittances, settlement, and industrial use cases.

Would you be able to make international payments, trade financing and foreign investments with cNGN?

Yes, cNGN offers a faster and more cost-effective alternative for cross-border payments compared to traditional systems.

Which blockchain is cNGN available on?

cNGN is presently interoperable with strategic blockchains like Bantu and Binance Smart Chain, with plans to extend compatibility to all major blockchains in the coming months.

Can cNGN be pegged to assets such as gold, instead of the Naira?

No, however cNGN can be swapped/traded for commodities/ assets while still pegged to Naira, If you are specifically interested in converting stablecoins to gold or vice versa, you would need a platform or service that facilitates such conversions.

Can I convert cNGN and make naira withdrawals

Yes you can.

Can I use cNGN for everyday transactions?

Yes, cNGN will allow users to make daily transactions with transparency, speed and reduced risk of charge backs

Who can use cNGN ?

Both Businesses and individuals can use cNGN

How does cNGN contribute to financial inclusion in Nigeria?

Nigerians who lack access to traditional banking infrastructure can use the cNGN stablecoin to store value, make payments, and access various financial services through blockchain-based platforms and applications. It will also be compactible with agency banking, vouchers, and USSD based solutions serving the underbanked and unbanked.

What blockchain protocol is cNGN minted on?

cNGN is minted on Bantu permissionless public blockchain and becomes available on every other public blockchain through the Automated Multi-chain Transfer Protocol (AMTP)

Is cNGN tokens burned?

Yes, cNGN tokens are burned when customers redeem their cNGN tokens on the ASC portal for fiat currency.

Is the cNGN token transparent?

Yes, the cNGN is built to be transparent and regulatory compliant. Check the 'transparency' page to review the quarterly audit report of Reserves and you can easily see the token in circulation on the open blockchain via explorers.

How do I know cNGN tokens are secured?

The cNGN stablecoin is secured by the blockchain technology, as well as the regulatory oversight and compliance that governs the Consortium. By combining blockchain technology and regulatory oversight and compliance, cNGN is secured from both technical and legal perspectives, and offer users a safe and reliable way to access the digital markets.

Is cNGN reserve audited?

Yes, reputable, independent auditors conduct quarterly reserve audits and monthly attestations ensuring every cNGN is 100% backed to a reserve, which includes traditional currency and cash equivalents.

How does cNGN work?

cNGN is a stablecoin that is pegged 1:1 to the Nigerian Naira (NGN) i.e., to create 1 cNGN, it must be verified that 1 Naira has been deposited in an accredited commercial bank, backing its creation. cNGN allows users to access the benefits of both fiat money and digital asset, such as security, transparency, interoperability, and innovation. Additionally, a user can change cNGN back to NGN at any time. It is a digital representation of the NGN that can be used on different blockchain networks Binance Smart Chain and the Bantu network. cNGN is developed by a consortium of Nigerian banks, fintechs, and blockchain businesses, and is be consistent with the regulations set by the stakeholders and the Central Bank of Nigeria.

How does cNGN comply with Financial Stability Board (FSB) recommendations, particularly on Global Stablecoin (GSC)?

cNGN ensures compliance with FSB Recommendation 9 (Global Stablecoin) by providing a robust legal claim to all users against the underlying reserve assets. We guarantee timely redemption, with cNGN being redeemable at par into fiat Naira, maintaining a stable value. To mitigate the risks of runs, we maintain ample reserves for an effective stabilization mechanism, transparent redemption rights, and meet prudential requirements.


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The Africa Stablecoin Consortium (ASC) brings together top financial institutions, fintech innovators, and blockchain experts, aiming to transform Africa's financial landscape through secure & compliant virtual assets. ASC is at the forefront of revolutionizing how people & institutions engage with money.

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