Since mid 2021, the Central Bank of Nigeria (CBN) has been aggressively seeking partnerships and collaborations to establish a digital currency, despite recent legal and investigative challenges. In a landmark ruling on March 3, 2023, the Nigerian Supreme Court clarified that CBN’s imposition of cash withdrawal limits as its cashless policy is “… forceful, illegal and unconstitutional…unless provided for by a law.”
Furthermore, an investigative report, the Obazee Report, commissioned by President Tinubu in December 2023 labeled CBN’s eNaira as “fraudulent.”
Recently, CBN’s association with Africa Stablecoin Consortium (ASC), a startup founded in 2022, has raised concerns. ASC, along with CBN, introduced cNGN, which appears to infringe eNGN copyright of a foreign company.
In pursuit of Freedom of Information Act, Bella Sahara Ltd wanted to know why did CBN in partnership with Africa Stablecoin Consortium adopted the name cNGN, to which CBN denied any formal partnership with ASC in developing cNGN.
But what is bizarre is why has CBN’s public statements continued to avoid acknowledging any “partnership” with ASC. Ultimately, the truth will prove CBN’s assertions inaccurate.
