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cNGN Unboxed: A spotlight on Nigeria's first regulated Stablecoin
Recorded: March 23, 2025 Duration: 2:27:04Space Recording
Short Summary
CNGN, Nigeria's first regulated stablecoin, is set to launch, backed by local reserves and developed in partnership with key fintech players. This initiative aims to enhance financial inclusion, streamline payment systems, and provide yield opportunities for users, marking a significant step forward in Nigeria's digital economy.
Full Transcription
Yn ystod y cyfle hwn, mae'r cyfle hwn yn ystod y cyfle hwn.
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Mae'r cyfle hwn yn ystod y cyfle hwn. Mae'r cyfle hwn yn ystod y cyfle hwn. Hey, folks, welcome and good evening.
Welcome to another session with me, Kahalu Aja, on my money space.
Of course, on this space, we're talking money, the economy, finance, right?
That's what we do here.
We make it personal to you.
We want to make you a better investor by giving you all that information.
So you can have the tools to better direct your money.
That's essentially what we do here every Sunday, 7pm West African time.
This week, we're talking stable coins, right?
Not just stable coins, but Nigerian stable coins.
That's what we're talking this week.
Two weeks ago, we talked about the whole digital space and how that has evolved with the new
US administration and what that means for Nigeria.
We had a lot of crypto guys here.
We're taking it further this week to talk about stable coins and then see what's that
all about and why should you be interested in this.
So of course, I've got tons of guests that are going to come in and speak here and I'm
going to add them pretty soon so that way they can give us their best, their knowledge.
I'm just going to listen and learn.
I don't know tons about this space.
So the experts are going to be here, going to talk to us.
I'm just going to learn and ask questions.
If you guys have questions as well, you can DM or you can request.
But there are going to be a lot of guys speaking, so I think DMs might work for you.
I'm going to open up my DM so that way you can send me
Anyone can send me a DM more or less there. Yeah
Okay, so let me just give you guys the intro on what stable coins is because lots of people are saying what's the stable coin thing?
Stable coins are money market instruments that are on the quote-unquote
Digital space you can see a stable coin will be a money market instrument
that is digital.
So what's a money market instrument?
It's any instrument that has a term below one year.
When you go to your bank and you do a fixed deposit,
say for one year, that's money market.
Now you can do stable coin for not one year, that's's fine But the concept is the same way you go to your bank and you save money in your bank in your savings account
In your checking account in your fixed deposit in your certificate of deposit
The same way you are doing that that's what stable coins are
So in a stable coin you are taking your physical fiat, either Naira or dollar or Canadian dollars, and you are converting it to an electronic form. So it's
going to be that stable currency, right? And when you then convert it, it's more like the
idea is to have it in a one-to-one basis. So you might have one stable coin is one US
dollar or one stable coin is one Nigerian Naira but that's the
idea right so it's the same paper you have in your pocket but in a digital
form that's that's where my knowledge stops guys so now I have a few guys here
guys the sum of if you can request to be added or I can make Onions Man, should we say a co-host so you can add them all in
here just so I understand their handles and that way they can come and speak.
So my good friend Onions Man, please request to be, if you can put your hand up, I can
make you, let me see, I see you here.
Perfect.
So I've got a Namdi.
I'm going to add a Namdi as a speaker.
And the other guys can just request a speaker.
I've got CNG.
Let me see if I can add them also as a speaker as well.
Onions man, I'm gonna add you as a speaker
and also make you a host because you know all your folks
and you guys are the experts.
You can add in your folks.
I have tons of questions.
I don't know really about this. So once I've got Yo-Yo here I'm gonna add
him as well thank you so much guys for work yep just give us a second to add
those yourself so now I'm gonna make you a host I've sent you an invite so now
you can physically add the other folks that are going to be our speakers and then we'll just take it from there
but Uyoyo let me see before as we're getting ourselves I don't let me just have you
on mute and I've got Chima as well so Chima I'm adding you as well
There we go. Cloud engineer Chima.
Uyoyo, hi. Do you want to unmute?
I have a question for you.
Yeah. Hi, Khalou.
How are you doing?
You want to go ahead and introduce yourself?
Good, sir. Thank you.
I'm Uyoyo. I'm currently serving as the managing director of the entity that sort of issues the CNGN
stablecoin, Nigeria's first regulated stablecoin.
So we're very, very happy that I've taken this initiative to really shed more light
on this space and yeah, we're happy to contribute in any way we can.
Gotcha. shed more light on this space and yeah, we'll have it contribute in any way we can. Got you. Just to overview,
we've got CNGN.
Is that how to say it?
Do I say CNGN? Is that how I say it?
Yes. It's basically the NGN,
but like a C.
What a C? Got you. CNGN is Nigeria's first regulator stable coin.
It's pegged one-to-one to the Naira.
You guys launched this in February of 2025, developed by Warped CBDC
Limited in collaboration with fintech partners such as Convexity, Interstellar, Alpha, Geekstex.
Now unlike the traditional cryptocurrencies, the CNGN maintains stability as fully backed by Nigerian reserves held in
licensed financial institutions. And the most important thing I saw here, it is regulated
under the Nigerian Secrets and Exchange Commission's regulatory incubation program. So number one,
you guys have got the reserves to back whatever it's issued on the stable coin space.
And number two, it's also regulated
by the Secrets and Exchange Commission.
So take it from there.
Talk to us about what is,
why do we need a Nigerian stable coin?
I know we have dollar stable coins,
why do we need a Nigerian stable coin?
Yeah, thanks, Khalil.
Really everything checks out.
Look how stable coin, specifically for,
I think we can start with Web3 crypto users.
I'm not sure what the crowd here is.
Just speak English like we don't know anything about crypto.
Yeah.
Okay.
Okay, I'll say this.
Stablecoins in general,
really like Patrick,
Patrick, the CEO of Stripe, right?
As many of us here know,
Stripe recently acquired Bridge, right?
So Bridge is a stablecoin platform, right?
So they basically,
Bridge basically allows you to go from
different countries stablecoins, right?
So you can go from, you know,
Nigerian Naira stablecoin to a USD stablecoin,
to Kenyan Shilin stablecoin,
just really going from stablecoin to stablecoin.
And yeah, Patrick has this quote I love, trying to look for it, but it's basically really
just stating sentiments that stablecoins are going to supercharge payments, right?
Stablecoins are really the future of payments. Because with stable coins,
you materially improve the flow of capital rates.
Yeah. What does that mean?
What does that mean?
Improve the flow of capital?
Yeah, so it basically removes a lot of the friction.
So for example, you can, I can, if I'm an acquirer,
so if, you know, you have two financial institutions, right?
You have an issuer and you have an acquirer.
So the issuer is basically, think of your bank
when you're making payments.
Let's say, Grantee Trust Bank, right?
Your juice bank.
So you have your bank card as a regular customer of your bank, and then you're making payments, let's say Grantee Trust Bank, your juice bank. So you have your bank card as regular customer of your bank
and then you're making payments to a third party.
So maybe you're paying through an OPE terminal, right?
Or you're paying through a money point terminal.
Or even more interesting,
you're trying to buy something on AliExpress, right?
On Amazon and you're trying to buy something on aliexpress right on amazon and you're paying for
something you know in another bank in another country right for example so normally normally
i would do naira to dollar paper then do my dollar paper to go online to gt bank and transfer that
bank and transfer that dollar, i.e. the transfer to the vendor. That's how I would pay normally.
I'll go Naira paper, dollar paper, then take my dollar paper to the bank, put it in bank account,
then transfer that dollar electronically to pay that vendor in say in the US. That's what I would
do normally. Yes. Okay. So how will this change now with this CNG and what changes?
So mostly for the institutions,
sort of doing those settlements.
So typically, when those payments happen,
it could take like three to five days for the actual dollars to
land with the acquirer and you match out your pay right
just because there are all these processes there are several financial institutions in the middle
your money has to go really slowly across board but with stable coins for example um it can go
from you in Nigeria right to your acquir anywhere you go to your merchant and they are
settled instantly for you know almost zero fees basically so instead of having to pay
i don't know 5 000 naira for a transaction of 1500 for a transaction whatever um yeah they are
basically settled near instantly and there's fin. So what that means is in real time,
that value is moving from you
to the end recipient in real time.
Instantly.
So it really changes a lot.
Okay, the question I'm already getting now is this,
if I'm paying the guy in the US,
am I paying him Naira or dollar?
So I know we have a few other guys here.
What am I paying him? So I'm taking the Naira to, normally I do Naira, Dollar, then electronic
Dollar, then pay him. With this, am I paying him Naira or Dollar? Yeah, you're paying him Naira.
You're paying him Naira. So what this really does in that is it enhances the flow for the
financial institutions involved.
It makes it easier for them to
settle their own liabilities internationally.
That's where this really improves.
I've got Chima here.
I had a question for Chima.
Chima, how are you doing?
Hi, Chima.
Yeah, I'm good. Thank you. Chima. Good evening, everyone. Yeah, I'm good. Thank you. Yeah, Chima. Good evening, everyone.
Yeah, hi.
Great.
So I wanted to get your insight in terms of just the structure, the technical side of
it, right?
I'm not sure if you can speak on that.
I see SEC regulation.
Is that you?
Just for me, I'm a guy in a laba
and I buy goods from Onitsha, I sell in Lagos.
How does this work for me?
Okay.
So say this way, we have a real,
that's the blockchain real, that's those payments.
So you have your CNGM.
It makes it easier for you to do settlements. So say your supplier is kind of like that, accepting digital
currencies as well. Let's say USDT or USDC. Now in doing that, you need to go through a match-and-t,
like say for example, now,
without Bush or some of the decks,
we're going to do some match-and-t actually creating a pair,
CNGN, USDT, USDC, and all that.
Now, you go through them,
you have your CNGN,
and then you get USDT or USDC with that instant.
And then you do the set up.
That's one way.
Then another way is there are some,
there are some innovative solutions
that are currently being tested
by some solution providers now that they create a rule
whereby you don't even need to go look for where to do
to even switch CNGN to USDT or USDC.
You just simply go there, make your payment
and then they do the whole switching and settlement for you
with the merchant or the supplier that you want to do in USDT or USDC real time.
If I'm hearing you correctly, right?
So if I'm a guy in Alaba and I want to import maybe compressors from China, I will simply
get CN, take my raw Naira from my bank in Nigeria because it's regulated.
So I debit my Nigerian bank and I buy CNGN.
That takes me digital.
Then I then go from CNGN and I buy dollar or yuan or whatever it is I want to trade.
I buy digitally online as well.
Yeah. That would be equivalent of their own stable coin. Right. So
you have you have stable coin. You have others that are also coming up. So it's just you trading
digitally without going to look for happen. Dollar or foreign currency. So am I doing it's only
stable to stable or I can go from CNGN to say Bitcoin or any other
it doesn't have to be a stable currency because this is a case of money market.
Do you want to get my question?
Yeah. Yeah. Yeah. So that is not for us to control, right? It's now for people that are
the market makers or those that are actually into the half platform
will do those peering. Gotcha. With CNGN, UTC and all that. Ours is just to issue and then we have
those that are the solution providers. Okay. Do all that which is possible. Okay, hang on there.
Let me get Victor into this discussion. Victor, in terms of, so Nigeria, Ghana, Kenya, South Africa,
these are all the places where Nigerians
are doing a lot of trading.
If you look at the Nigerian West African sub region,
Nigerians are doing a lot of trade in Togo,
Benne, you know Ghana, Ivory Coast.
We use Cepha, we use Naira, we use Dollar.
In terms of just the African strategy we have Nigerian banks
already in all these countries. We do commerce already in all these countries.
There's already talk of a West African digital, West African currency not
digital in this, in West Africa. Just leave for me out how this helps Nigeria
or Africa in terms of trade,
you know, that we have the African corner of free trade.
Does this plug in, does it enhance it?
How?
Okay, thank you very much.
Am I audible?
Yes, you are.
All right, thank you very much, Eikali.
It's a pleasure to meet you, my brother.
And that's a very good, good question. ʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻ� And the fact that we are now going beyond just Nigeria, with what the African Free Trade
Zone started, led by the team by Wampkele, we are also working very closely with Afrexin
Bank, working very closely with Afrexin Bank,
working very closely with PAPS. What is PAPS?
PAPS in short is the Pan-African Payment Settlement System
in full.
If you all probably look at your,
what's it called now,
you look at the internet or around,
you probably might be seeing flickers of things ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻ� Ghana, Kenya, dan wala wala kamerun Kami wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala wala yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja yonja ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻ� yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwenye yon, yon mwen ʻ� Kenya Airways is able to move ticket sales from Nigeria and repatriate it back to Kenya
in a matter of probably just 10 minutes, sir.
Interesting.
Now, before now, they have had massive, massive issues like the sale tickets in Nigeria and ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻɪsʰuʻ ʻ� bank, kwa mwengi usdola, kwa mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye mwenye yunye yunye
yunye
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at the other end will i receive or in the
other country
will i receive the currency
i initiated it from say i was from
nigeria and i'm giving it to somebody in
kenya will they receive nigerian naira
or they will receive the kenyan shillings
in stable coin
if there is a stable coin in kenya which
we are almost
also rap cvdc almost done with the
approvals
ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻŋ ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻɪsə ʻ I'm using a wallet system that is still approved and supervised by the bank in a regulatory fashion. That is what makes C&J unique It is regulated monitored and compliance
So we're still doing all the rules that the bank would want but we are only following an approach that is much more efficient
I'm much more effective for the financial ecosystem
Okay, so in essence, right let's let's always use the example of what's happening today
and then what you guys want to change. So today, KNWA is remitting in foreign currency because they
need dollars. They don't use Naira in Kenya. That's what we have. But what you're saying is that
yeah, what you're saying that with this, KNWA can remit Naira or hold that Naira in stable coins.
It's instantaneous. It gives them value and they can use that same stable coins to say buy
fuel at the airport for their planes that land in Lagos. Am I getting you right?
100%
Without them going through the dollar, we don't have to request for dollar from the CBN and all
that. Is that what you're saying?
Spot on sir. Correct. That that what we're saying spot on sir correct that's what's
what's in sir yes got you i'm letting i'm letting this stuff let me talk to victor
just in terms of just give me another example how i can use this you know what nigerians
the greatest use for dollar is to pay school fees abroad right i know school fees is not Naira, but just to give me an, my mind is
thinking to itself, how else can the guy listening to this space that has a
shop or has a school, again, I think what I'm asking is why do we need a stable
coin in Naira? Because is Naira itself stable? What does this do?
Can you balance that conflicting to where the Naira is not stable, but have a stable
coin?
Can you help me out with that, Vito?
Yeah, thank you.
Can you hear me?
I can hear you, yes.
Awesome.
Cool, cool.
It's a pleasure to be here, Kalu.
Why do we need a stable coin?
I think my colleagues already discussed some of the use cases. But something else that we should consider when we're talking stable coins is there's
so many phrases that would explain what a stable coin is, but think about programmable
money, right?
Someone had said currency on steroids.
That is also, you know, a very close description of what stable coins are. Your money is no longer limited,
so to speak. And I'm going to present a couple of a few use cases. Let's start with remittances.
And again, by the way, just know that what we've just done is provided infrastructure and people
are able to, creative people are able to build innovative solutions, just like they've done is provided infrastructure and people are able to build innovative solutions
just like they've done for other popular stable coins in other parts of the world.
But before I mention use cases, you said something about Naira not being stable.
It's called a stable coin simply because it's not as volatile as the other cryptos, right? But it's
only stable relative to its currency. If something happens, if a Black Swan
event happens to the USD, which probably is on you, maybe something that we might not expect to
happen, then the USDTs and USDCs are only stable relative to the stability of the USD as well.
So it's the same thing with Naira. But CNGN's selling point is not necessarily
trying to compete with the US, but trying
to activate what Naira is able to do in a digital economy.
Today, someone in the US or Denmark or Scandinavia
can literally acquire CNGN from decentralized marketplaces
directly and send it back home directly.
And someone at home can decide to convert that into Naira.
And as the ecosystem, you know, grows bigger, you know,
and we have interesting people coming to build things here,
you might not even decide,
you might not even need to convert back into fiat
because you may be able to spend it.
And you wonder why you want to spend fiat,
you know, where you can spend your fiat. But imagine that you could provide payments per minutes.
You probably couldn't do this, you know, with the Naira when you consider, you know, banking
fees and things like that. You can now, you know, with the Power of Stablecoins program,
you know, payments to happen per minute. So maybe someone is streaming your song,
maybe you're a musician, for example,
you can chat them per second.
Do you get what I mean?
So those are some of the possibilities
that people can build with the power,
with the technology of stablecoins.
Yeah, maybe I should just stop there for now.
Fantastic. Let me ask you a question.
So when we did the Naira changeover,
when we changed Naira, from when Buhari was leaving
and we tried to change to go to a digital,
we held Naira down.
I don't know what the name to use, but the Naira color change.
If we had this back then, would this have helped?
Because I think at that point, the banks were overwhelmed.
Transfers were not working.
The infrastructure could
not take the huge volume. Would they have helped in any way? Does this help anyway?
I'll tell you for free. The very short answer is yes. Those who are Web3 natives here, they
know the ease at which you can send assets from one part of the world to the other. You know? Yeah. So the short and simple answer is yes. And think about it. No delays, no bank
delays, nothing gets stuck. You're not worrying about crazy fees. So you're not even, you remember
that period, you know what was happening now. People were, you know, fueling station attendants
were colluding with POS merchants and people were literally selling
the naira you know at a premium such a thing would not have happened because we just and think
about it a lot of people now have to switch to doing transfers but this was already like a low
hanging fruit where you can you can send one naira you can send two naira and not get charged five
naira as a fee do Do you get what I mean?
You know, so this would have been a perfect solution if we had it.
But can you explain that I can send one Naira and not get charged a fee?
Can you can you expand on that please?
And I have a lot of questions.
Lots of folks want to ask the question.
I'm going to ask them pretty soon.
But so I can send one Naira.
What does that mean?
Yeah, I can send you um one cng and you know we said
we already established is backed one to one you know so i can literally send you kalu uh if i wanted
to send you one there on a tradition on a regular bank maybe with etc of some of the banks who
i use maybe for marketing uh money to sort of do some soft landing, you know, for lower fees, etc.
If I wanted to send you money with a regular big banks, there's a transaction fee involved,
right?
But if I wanted to send you a stable coin, five, let's say five Naira, for example, it's,
it will cost me a fraction, especially maybe on some blockchains like Bantu, for example,
it will cost you like a fraction of a fraction of an hour it's almost negligible so that's why I said without transaction fees like you don't even
know that anything has happened so what is the value of a fraction of a fraction of an hour
those things are just happening on chain ensuring that the money value can move from one person to
the other with no uh yeah without any doubts know, when you see things that happen with banking,
you send money and maybe it's,
I'll give you an example.
I ordered something on one of the food vendors,
you know, back in Nigeria,
and the food did not arrive.
My money did not come back to me,
and I kept falling back.
And oh, wait, yeah, if I, at some point,
it just became cruise, like I just tell them,
oh, you put promise next week, it's now six months.
And I kept going until I eventually forgot about it. If we have an ecosystem that already leverages stable
coins like this, it will be instantaneous refund. It will be, do you get what I mean? It's just a
matter of, okay, releasing back to the owner and it just goes back. No issues. None of that stuff.
Instantaneous. You cannot, you cannot even argue and say the money's not in my account because the
power of stable coins is we can tell where the money is at every point in time.
So there's nothing like it, I've not hit my account.
It's we can see that it has hit the account
and it has hit it instantaneously.
So I'll just keep quiet here so that I don't take over
the call.
This is one of the things.
Let me ask, we have about five guys on the space
and they have questions.
Let's take their questions.
We'll come back to my,
I want to really talk about the regulatory space again,
your circulation ship,
but let me get stock bubbles in here.
We've got stock bubbles, Mohamed,
we've got Funchal, Michael and James.
So stock bubbles, please go ahead with your question.
How are you doing today, sir?
I'm doing very fine. Can you hear me, please?
Yes, I can. If you speak up, that would be perfect. Go ahead, sir.
Okay. Thank you very much. I think the CNJ guys are doing a very great job, but I wanted
to ask about the capital markets angle now. Maybe I'm jumping the gun why I actually got a little bit late but maybe this has been discussed
previously but just to recap if it has for my sake please
can cnjn that's a fantastic question so I mean how does this plug into if I
want to buy shares and all that if I'm in New York
and I want to invest in, yeah.
I don't know who wants to take the question, right?
How does this plug in?
We know how we can buy from the market,
but is it really, SEC is involved.
So clearly there has to be a leg in the stock
and capital market space, right?
So if I was to take that answer, please.
Thank you very much, Stag.
Okay, okay. Thank you very much, Stav. OK. OK.
Thank you very much.
I think I can come in here.
Is that Deji?
This is Deji, yes.
Deji, before you agree.
I use Putama regulation.
Yes, yes.
Yeah, good, Deji.
I was going to ask you a question,
and you can use my question to basically give you
an answer as well.
Just give us the lay of the land,
how you guys got this SEC to more or less approve.
Give us that SEC relationship.
I only use words that are not from your tip.
Give us the SEC relationship.
Define to us how you are different from the bank relationship.
Banks, I'm not sure they are still doing crypto for now.
I'm not sure. But you guys are SEC.
Explain that relationship to us.
Then if you can please answer the question about
the capital market space,
that would be wonderful. Did you go ahead, Sue?
Yeah. Thank you, Kalu.
Stablecoin is a highly regulated instrument,
and is an innovation,
but it's completely regulated in most countries.
Yes, other people play with it without relevant regulation.
We chose to do otherwise.
We chose to actually make sure that we'll follow
through the regulatory requirements.
And Kalu, this idea and this whole innovation
started since 2021.
And that will tell you that it's been a long journey coming.
And the simple reason why we're following that trajectory is because we somehow within
the consortium that form and the company that is in CNGN, we are very strong around crypto
compliance, crypto risk, crypto risk mitigation and all those issues.
And we also therefore felt we cannot take any step without getting the regulators
not for them to understand it. So our journey started actually with the central bank
and we went through different rigors since 2021. We're doing education upon education,
you know, we're sharing notes, we're being asked questions on how this will impact. We're still doing that currently.
The monetary policy, how is it going
to affect the current activities within the country
and all that.
And then comes in-era in 2021.
So when in-era came, we also felt, OK, I
think the country is speaking digitally,
like we're trying to push.
But the only difference here that we saw, because again, we are more of technology
entrepreneurs, we are blockchain enthusiasts, we are building things around web 3, which is
blockchain enabled. And we believe that, okay, as great as the NRI is, our own is a bit different.
So we're speaking to different audience, but we can complement each other.
And so for Inara is to make settlements,
we make payments easily within Nigeria
and make it fluid based on what they planned
at the central bank.
And we said, okay, I think it is great.
We are doing ours, ours is just a regulator stable coin,
but we are going to be on public blockchain. So today,
for example, we are on asset chain, we are on Bantoo blockchain, we are on Polygon, we are on
Bayes network. So all these, we are on Ethereum, these are all public blockchain. So a way to
distinguish the two, because again, I've seen a lot of questions saying, oh, these are not a
version of Inera. And I say, look, they don't have any similarity they're dwelling the different
ecosystem where they can complement each other so and in giving that example I just I will take
you back to those days where when you're working you possibly in your corporate company wherever
it is you are not allowed to touch the internet. For some of us that are old enough, those days, you only work within the intranet of the company that's set up. By any
chance you go touch the internet, you could be queried, you know, because they don't believe that
the internet is what is good for any corporate information to go on the internet and is public.
And I think we're back to that cycle. And that is why we're getting a lot of central banks rolling
out what they call the CBDC, central bank digital currencies, to make sure that hey, don't touch this public blockchain,
Bitcoin, Ethereum, all those ones, because we don't know what happens there. We don't want
people's information and everything to be on chain and all that, all those issues. So we rather would
do what we call a private permission blockchain, which I may make to say
it's like intranet of those days.
So what it means is that the general public cannot interact
with it.
The crypto natives, the cryptocurrency,
and to say the people that are trading,
we're not able to interact with those CBDC
because it is only known, issued, and controlled
by the central bank.
And so we think if we have a handshake,
so we can use the INERA to back the issuance of our stablecoin that will go public. So it's this
complementary relationship. As this grows, the INERA will grow. And that's where we were at that
time. But now that the INERA actually is a bit slow, we again, we're a private company, we moved on
with our innovation. But albeit, we need to carry them along. And of course, we, again, we're a private company. We moved on with our innovation.
But albeit, we need to carry them along.
And of course, we carried them along and everything.
And we had this understanding to say,
we think the country should allow the banks to actually
interact with digital asset, because that
is where we are headed.
So if you take, for example, now, a US-backed stablecoin has been there since more than
10 years now.
And so they've learned, they've done a lot of activities, they've done some mistakes,
they've learned, they've captured, they've also been very successful in dollarizing the
global economy, furthermore, in the cryptocurrency ecosystem.
But what the African regulators have done
is to shut us around, stopping us from that race, right?
So it is a race and imagine all of us globally,
we are on the mark, on your mark, set,
and then they blew the whistle and everybody went off
and the African regulator held the leg
of every other
person on that on that race and we're still here 10 years after we're the first maybe
if i'm not mistaken that is rolling out a national stable coin so uh central bank say hey okay we
think it's okay we think it makes sense but we will refer you to sec and that's after three
years journey last year they refer us to sec to say, go to SEC and continue your journey.
But we understand and we will be working with you
to see what happens.
I went to SEC.
And SEC also of course, looked at it.
We defended what we're trying to do.
And say we're gonna have different features
depending on the use cases.
And I like the question that will ask about
how do you see the interplay in the capital market,
for example. So in capital market, if money is digital, it makes that demand very fluid.
And it will open up the capital market to everybody outside Nigeria. So today I can't buy any shares.
I need a broker in between. And the broker will ask you, if you have a bank account,
you have to transfer the money to him.
You cannot just buy shares.
But today on different global platforms,
with a digital currency, with a US dollar data currency,
you could buy shares of different companies in the US.
So we believe that is going to be a kind of a step.
We will get there.
I think we will get there.
We're starting out with just trading
on digital asset exchanges licensed in Nigeria.
So meaning what we're trying to change there is that
you should be able to buy your Bitcoin, buy your Ethereum
without necessarily touching any dollar if you have an IRA
because you have a CNGN.
So it's going to be CNGN,
paired to Bitcoin, CNGN, paired to Ethereum, CNGN, paired to Ethereum, CNGN,
paired to Polygon,
all those issues to your Matic and all that.
So you could be able to completely just transact
on those things with your Naira.
So if you may,
what we're doing is Naira globalize.
Your Naira becoming global.
So I can be in Pakistan, for example,
I can be in Canada,
and I have Naira in my wallet, and can still do exactly what I can, I can be in Canada. And I have NERA in my wallet and can still do exactly
what I can, I will be able to do with NERA in Nigeria.
You know, so, and those are the, those are the,
those are the things.
And there are different use cases.
My colleague has spoken on different use cases.
So imagine people doing international trade,
business to business payment, treasury management properly,
which I believe Victor
spoke to, with a lot of big conglomerates and corporates able to repatriate their funds and
it's difficult. So if we use those digital Naira to handshake whichever other stablecoin is that
we have elsewhere, and that those issues can be very similar. So there are a lot of use cases and there's a lot of efficiency that is brought in.
There's a lot of complexity that is involved
with this current system are going to be a thing of the past
if this is completely unwell.
But just to be direct, right?
So if I want to buy shares today, right?
Again, what I do is I take my Naira,
either I write a check or I transfer
money to the stockbroker. So is there going to be a way that I can do this by just getting
money in stablecoins and paying the broker? Is SIRC involved in this in any way?
Yes. So, so, Carlos, so this is it. So we're talking to two different rails. So what we
are having now is a new rail, a new technology that will power
the next generation of payments and finance, which is the blockchain. So what we have today
is the traditional rail of the normal banking swift system that has been there donkey years,
right? So it's not going to be a complete shift. So one thing we have to be able to see, which I
think I think the the stock market is talking about
it, is to digitize that.
So you digitize all those stock market and make sure that all shares are digitized.
If you may, maybe I use the word in the blockchain, it's tokenized.
So you have tokenized shares.
So when those whole things are tokenized and you have a digital stock market trading platforms, then digital currency is naturally
the money that have to play that role
and not the normal traditional fiat, if you get that.
Gotcha.
Stock bubble, did I answer your question
or you have a follow up?
Stock bubble?
Well, from what I understand, I think it's ongoing.
So there's no structure yet on that part.
I was thinking it would be like a payment option that would just enable buying shares
and engaging with the capital markets in general, having this in mind. But from what I understand,
I think it's saying that CNGN helps to deepen financial inclusion, and it leans towards the
crypto savvy crowd. If I understand it, that's the current state for now. Am I correct?
What I'm hearing him say is that for now, that's where they are for now, but you know
they've got this sex behind them if you want to use it that way and for now they are starting
like this and hopefully they can expand and get more adoption. That's what I hear him saying,
which for now I will take that from him. Muhammad, you've got the floor sir.
I will just phrase them in the form of statement so you know, these speakers would know where I stand you so I'm
They're like
five in number
Okay, can I just make it three
Go for it.
Thank you, um
We're seeing similar endeavors in the inner.
Although the last speaker explained
why they're not exactly the same thing
and they could be complementary.
But if that didn't lie, are you saying
that the tech has changed so much and you know
like and CNGN once before the
same fit that's the first one
second one um if what happens
to the Naira because except you're going to
peg CNGN
what happens to the Naira against the dollar in
terms of value
and or exchange rate if you will
exchange rate if you will, happens to CNG and then it goes to, it doesn't have
happens to CNGN then
followed that only full adaptation but locally and internationally you know
can make the coin fly and if so how can this be achieved then about the
transaction fees no one transfers one to anyone. People hadn't
even transferred one to you these days. And the larger the amount, the more negligible
the charge would be. And banks have an edge in the sense that they have customer relations. How can the CNGN penetrate this?
You're going to have a scenario where you can see access bank issuing
LCs and issuing trade finance loans or whatever and the rate they are using is CNGN rates
you know and basically is bent back in CNGN or you have um
versatility by giving SME loans in CNGN you know so are you saying this is a
possibility this level of penetration as a
thought question thank you Those are great questions.
Yeah.
Again, who wants to take it up?
I mean, he asked the three, I mean, the one-air transfer, the efficiency
of the whole system, who wants to take it up?
If you guys can break it up, that's fine.
But those are great questions.
Are you able to do like a recap?
Cause I don't know, maybe it's just from my end.
I couldn't really hear anything
it was the voice was clipping so if you're able to help so a recap that would be nice
I can hear you very well I heard him ask number one about the one-air transp I'm very curious
about that he said that no one transpires one-air because I think it defeats also oh
yeah then he talked about the stability i.e. it's one for one if naira because I think it defeats also the catch up then he talked about the stability i.e.
it's one for one if naira is not stable the same question I asked and what happens to the other leg
because it's two legs then the third question was Mohamed you want to go over it again?
your audio was being broken. Okay, hope is better than one. Yeah go for it. The first one
is like I said we've seen similar endeavors with the e-Naira.
And although the last speaker explained
why they're not the same, the question now
is, has the tech changed that much
that we are certain that it won't suffer the same fate?
That's the first question.
The second question is, if what happens
in the Naira happens to the disability issue, happens to CNGN,
then obviously only a full adaptation locally
and internationally would basically
lead to the success of the scheme.
Else, why wouldn't traders just rely back on the Naira?
And the third question is about the transaction fees and all.
Because someone said, yeah, you can transfer as low as one
Naira and not get charged.
But no one transfers one Naira.
And the higher the transfer, the more negligible the charge.
And in this regard, banks have or seem
to have an edge in the way of customer relations.
So can CNG change this in terms that
you know you see access bank you know giving loans to their customers in CNGN and quoting
you know LC fees in CNGN as opposed to the Nera. Is that level of penetration in the financial
sector possible in addition to stocks being priced in CNGN. Thank you. All right, did you get that?
I hope that was good. Unfortunately, still not. If any of my colleagues got it, I think they can take a stab at it.
Yeah, I think I got some. I got some. So, I'll go with the tech. So, there's this difference between private blockchain. I think it's education and
we're just starting up and I think with time we get it. So there's a difference between what we
call a private blockchain and a public blockchain. So a private blockchain is a blockchain that is
controlled by an entity. They all see it themselves and they control it themselves.
And so again, depending on the crypto natives
and they seems not to trust it that much
because they wanna see what public blockchain offers
is that openness, that transparency,
people ability to actually see transactions
as they are happening.
So there's no similarity, like I said, people's ability to actually see transactions as they are happening.
So there's no similarity, like I said, between, they are actually completely different.
So one, the difference here is one, the issuer, the issuer one is by the central bank, the
other one is by private company.
Secondly, the technology that backstays are not the same thing. One is public. I mean, one is by private company. Secondly, the technology that boxes are not the same thing.
One is public, I mean, the private blockchain.
One is public that have a lot of developers
on his contributing to his robustness and all that.
So coming to technology, like you asked
whether the technology is different, yes, it is different.
Will you suffer the same fate?
The promoters are completely different
depending on the trust and how we are able to push.
So that's, and it's part of this to make sure that people just understand what we're doing.
I think Victor was trying to talk about people can easily transfer one error, not in that
context, in the context that you can actually do transfer with completely low or negligible
fee, you know, at the end of the day.
So that's why just trying to explain why talking one era.
It's not literally saying people will transfer one era.
Can bank actually use it to deepen?
Maybe their loans and whatever.
So today we have the equivalence of banks on chain
and they are called decentralized finance.
And so for people that are crypto natives,
that are people that understand crypto properly,
we hardly go to bank to borrow money. They'll actually go to decentralized finance platform to borrow their money. So banks
will come there and the money to use there is not the Naira, it's not the banks, it's not the units,
you know the M2 money, it's actually the cryptocurrencies and the only Naira that
will be residing in their real is going to be CNG for now. And so that's why we're saying it's
complementary, depending as the time and space evolves,
we'll see a lot of these activities
get in a crucial moment.
Thank you so much.
Thank you so much.
Thank you so much.
You answered all my questions.
Perfect.
Yeah.
That's a fantastic answer.
Let me get Michael.
Michael, I have you in here.
Once you ask, I'll just drop you so I can add us folks.
Michael, you're there.
Then of course, we'll come back.
I do have a question for Michael.
Go for it.
Okay. Thank you very much.
Hope you guys can hear me.
Yes, I can go ahead.
Okay. I have some questions and some remarks
to make our separate remarks and I'll move on.
Just to portray some words
and the other speaker was saying and I'll move on to the questions. Just to portray some words,
if the other speaker was saying earlier
when we talked about being programmable,
is that the CNG, I don't know,
but generally when the blockchain is programmable,
it can be used across the five applications.
So we have five, we have people giving five games.
For example, Redwood.
Michael, your audio has a break in that. Can you fix the audio real quick?
Can you hear me clearly now?
Yes, please go ahead.
So when you were talking about being programmable,
the CNG and being programmable, is
that we can be used across DeFi protocols,
blockchain protocols, in that, for example, I'm
creating a blockchain key.
And maybe in the game, you end currency for performing certain action rewards.
I can use this engine in that regard.
I also use it across, you know, what the other speaker said just now about
having banks on chain, something like that decentralized application.
So you can use it freely.
You don't need to take permission from anyone.
So you can use it.
Permissionlessly if you
are building whatever you're building without just that but my questions i will start with this first
i'll just ask them i'll just ask them step by step first of all how does uh the company behind cng make
money is it the same way as defa not at all the whole um u.s treasury notes and the interest from ʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻ� yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi yi the Nigeria, the Nigerian Naira, right? I trust USD to an extent
rather than above every other currency.
So I would naturally want to move my assets to the,
to you.
Okay, but let me ask you a question.
I'm not a crypto guy, right?
I'm not a crypto guy, but we don't spend dollar in Nigeria.
So if I want to pay, I have a, I sell a book in Nigeria,
the book is sold in Naira. Note that it's not sold in dollars. So if I was gonna buy my book in Nigeria
Do I care if the dollar or Naira is strong? What I want to get is the book and I want to pay and I have Naira
So usually I would do Naira Naira
To a digital maybe dollar like you said or dollar paper
These guys are saying that
I can simply do naira, digital naira and buy the book is that not what I want just
the book I can pay NEPA bill in naira I can transfer money to someone to enter
Okada and come and see me in naira does stability matter if it's dollar if
dollar we know dollar is stronger we know dollar is stronger, we know euro is stronger,
but the efficiency argument does also play, doesn't it? Yeah, my main point is, like, if
I'm someone in Nigeria, right, I really don't want to use the NG, I can just use my, I won't,
for example, I'm not a crypto native person, right right i would prefer using my naira and go through the whole stress of you know trying to get education and also use the crypto a crypto
product for example when i can easily use my naira and i'm even coming on the fee side because when
he said the fees are negligible i think it's from a dollar perspective if i'm spending like
ʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻ� multiply that with the price of this dollar right now.
That's about 100 Naira approximately or thereabouts. So imagine I want to spend something like 2000 Naira
and I'm paying fees of 500 Naira
when my bank will charge me like 20 Naira or 30 Naira.
So I think the fee side will be largely beneficial
for users who are spending millions
because the fees are quite a big constant.
So I think for the Nigerian user side,
I think there's still issues,
except I'm somewhere abroad
and I want to purchase things in Nigeria.
It can help
you in that regard but in terms of traction
I don't know if you can gain traction in
like globally because
let them answer the question Michael so
yeah I think I think that your point is valid
so let me let me hop in who are home Deji
Who are they?
Deji, Chima, you know.
yeah yeah yeah let me let me just quickly
Michael, yeah, yeah, yeah.
Let me just quickly go in.
So Michael, so two things.
And thank you for your questions.
And I think you have fixated on the fact
that maybe you're used to Tron.
We have local blockchain ecosystem.
So we're talking like Africa now, for example.
We have Asset Chain.
We have Bantoo blockchain.
We put our fees. Because we are using the wide guise
innovation to define everything.
We are changing the status quo,
and we need to work to change the status quo.
So we have blockchains that are completely robust.
So you check a Bantoo blockchain,
of course they are not as popular as the ones you know,
but we are thinking they are moving rails.
We have the asset chain network
that is also a layer two
of Ethereum that you know, and it's by Nigerians.
The innovators are Nigerians.
The creators are Nigerians.
And those people diffuse your talking
is actually completely negligible on those blockchains.
So that possibly will answer that.
Secondly, you trust the dollar.
No problem is general thing.
But we just are saying that we have Naira, you know,
globalized.
So if you have your Naira now,
just take for example, a card,
let's say you are in Nigeria and you have a card,
and you have maybe a VAT card,
and you want to travel to, maybe say Italy or anywhere,
the moment you step out, no matter how rich you are,
in Nigeria, in Naira, you discover
that you're just caught off from global finance.
And what we're trying to say is, no, this cannot happen.
If you have a USDT like the one you trust, and the USDT that you trust, is it a sin to
have a handshake with the digital Naira to enable orchestration of these payments globally,
so that your Naira can be more valuable than being locked up in your pocket or in your bank
when you are out of Nigeria.
And those are the things we are talking.
We are actually not comparing.
Of course, it would be somebody that is not thinking
right now begin to compare Naira, Lira,
or a Brazilian money with US dollar.
They have mastered again for a long time.
So there's no issue of comparing.
No, it's dollar, it's more, it's higher.
So there's another thing happening quietly,
and that is why it's great that we're on this call.
The dollar stablecoin just decided,
and they saw themselves being isolated from global trades.
So people are using it, people are holding it.
But they now see that there's a need completely now
for the dollar stablecoin to have
a handshake with different local stablecoin
issued in different countries.
Because the last mile is always headache
for the dollar transactions.
And so now they are in bed with everybody issuing
local currencies stablecoin.
So the idea that, oh, dollar is the global one
that is dominating, yes, but the narrative is changing with local
stable coins. So Lira has come up. If you are checking the Twitter of the CEO of Coinbase,
he listed, he said we're glad now that on bids, you know, some local stable coins are coming.
And the reason why he's praising that is not because he thinks their own is powerful,
it's to make sure that they're able to do a kind of a handshake to do last mile settlement across countries to the bank accounts.
And so that they are happy, there's the Lira one, they are happy Brazil has come up, they are happy the CNGM from Nigeria is on the rail.
And what it's doing is that we are now neither on steroids, neither on globalized, neither on the international rail, on the blockchain.
They can do whatever other digital money can do. So it's not competition really.
So it's more of efficiency, not competition. All right, I got you. Okay, let's get everything. Let's
get everything Satoshi. Everything Satch. Everything, go ahead. I need just add more people. So I
apologize if you spoke and I was going to drop you. Lots of folks have want to have a sense. So I've
got everything Satch and I'll do the crypto and let's go for it Michael. Thanks so much for your question everything quite
Hi guys
Everything is breaking. Yes, could you Mike the audience not that loud if you could just pick up a place
Hey, I mean, that's what I'm saying
Twitter app for me.
Am I audible?
Yes, please go ahead.
So for me, this is quite an interesting time in the cryptocurrency Bitcoin slash stablecoin space. that we are sort of having these types of conversations as to how to move value within the space
and do so in a regulated manner.
However, I have some very, very important questions
because there are some things that,
while I understand the need for promoting this space
and do not factually tally with the technicals
of how the technology actually works.
Right?
I understand everybody is trying to do their own thing,
but I wouldn't really devolve into that because of time.
I'll just keep it short and ask my very few questions.
Hopefully I get adequate answers.
So there are some Nigerians who want to move value
in a discrete manner because they fear that
the normal banking system does not respect
financial privacy and they can be debarred for arbitrary reasons, maybe going
to the wrong protest and whatnot. Does this same system give that same sort of leeway to the issuers of this token, should people be worried that they might be,
this might just be another surveillance tool by the government to punish people
or confiscate people's savings? Can people be comfortable in saving in the CNGN.
I believe that's a fantastic question.
That's a fantastic question. I mean,
because I know why that's a fantastic question again,
because it's all over again on my DM.
So let's answer that. Everything.
I appreciate that question.
I'm very, very valid.
So who wants to take that up? Can we trust this?
If we use this,
I need to be taken down somewhere.
Can someone come tomorrow and send folks after us?
Who wants to take it on?
Let me speak last, and then my colleagues, I yield you mic.
So, just, and I think that's the distinction that I did earlier.
To say one is built by government.
And again, most of the concern globally
when CBDC came out is actually the surveillance
like the speaker mentioned.
And so what we build is on public blockchain.
So today, if you have, I have CNGN in my MetaMax,
for example, today.
MetaMax, like you know, is your wallet, is decentralized.
I have CNGN on my Trust Wallet, for example.
And like you know, it's also completely under your control.
So it is decentralized, meaning you control your money.
So that is what one thing CNGN on public blockchain
does for you.
So if it's your money, it's your money.
Except if there are criminality involved.
If you say, maybe for example, you stole that CNGN
from somebody, of course, they will be able to,
because it's on a public blockchain, we should be able to
follow it. Different companies globally, you know, are there the likes of chain analysis,
analysis companies, and all those issues will be able to track down. Even the hackers that stole
1.5 billion were able to track down. The only thing is, I don't know who is behind it. But
whenever they spend it in a very compliance manner, I should be able to know who did that. But aside that, I think your money is your money. Nobody can debank you. You
are actually your own bank. If you are in those wallets, you have this money in those wallets.
You are on your own bank, coming with the attendant rigs of you managing your private key yourself.
And so it's as good as you are having Bitcoin in your wallet in my view.
Okay. Is that the final answer on that? I like the answer
because I think that's the final answer before we move on to next question and
guys yeah okay let's get the crypto we've got the crypto preacher then I'll get Lola
in here so crypto preacher I have you an also phone show that I have dropped off
crypto preacher you got the floor ask your. We've got a full branch.
And again, lots of folks here have different,
they are answering different spaces
or different teams of this.
But go ahead and ask your question.
Thank you very much, Kalu, for the opportunity to speak.
Also, a very big thanks to you guys behind the CNGN team
and the rest of the crew right here on the on this space.
So my question is, considering the fact that over this particular period of time, let's
say 2021 down to now with all of the front and back and all of the name calling of this ʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻ� పరిందికిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిందిదిందిందిందిదిందిందిదిందిందిదిందిందిదిందిందిందిదిందిందిదిందిందిిందిదిం� of trust which government actually initiated for making the industry look terribly bad.
Right. But what is what are the team is this current team doing to make it look like? No,
this is not a government initiative. This is a private company trying to make sure that
things work out more like the USDT theta and circle USDC kind of thing. Thank you very much.
FETA and Seco USDC kind of thing. Thank you very much.
Okay. Perfect.
I mean, it's almost like the last question,
I think is for folks asking for due diligence and all that kind of stuff.
So who wants to take that up?
I know DJ has spoken a lot,
but who wants to jump in?
Yeah, I can chime in.
I think any other person can also. Thank you, CryptoPitcher, for that. So one of the things we are doing is just what we are doing now to clear that, which
is this space.
We've heard about that, and that is why we are coming out to reach the public's right to say there's a clear distinction between the in-era and the CNGN.
The in-era is...
Hello, can you hear me?
Yes, it broke up a bit, but go ahead. You can speak up. Wonderful.
Okay. Okay, so the NRI specifically, or basically the government's endeavor, right?
It's by the central bank or the country itself
on the private blockchain.
But the CNGN is a stable coin
that is on a public blockchain by a private company.
So that is a clear distinction.
They both have the markets they are serving.
Then the CNGN, our model currently is,
it's more of like a wholesale, right, to businesses.
That is why we are focused more on companies or organizations of digital exchanges to take
this CNGN from us.
That's why it's not everybody that can go to the platform and you register and then
you start getting the CNGN.
So based on the fact that these are regulators stablecoin, we are compliant, we have our rules in order for the CNGN. So based on the fact that it's a regulated stable coin, we are compliant, we have our rules
in order for the CNGN to be issued.
Then it goes out to the public.
Now the public makes use of it,
the retailers or the individuals that want to make use of it
for to create solutions that will have to do with maybe
payment or people that want to create solution
has to do with paying utility bills and all that.
That is fine.
There's a whole lot of possibilities.
In short, we've not even started scratching
the surface of the possibilities.
Although that will not come from us as the issuer,
but we believe there are lots of companies out there
that have been waiting for solutions like this
to create solutions that people can easily start using.
to create solutions that people can easily start using.
I think he's dropped off.
Sorry, we're cycling.
But I think it's just more or less knowing
the safety mechanism that I guess that's what folks are asking about.
But I think good answer so far.
Let's get Funchal. Funch show was asked a question. Wait, wait back. Oh, I see you
I'll add you know where is why just going mythological. Let's get food short then we'll come back to the crypto boys
I know when you guys come you guys are gonna so for sure you got a question
Funchal, Jimo, you got a question?
For sure Jim. Oh, you've got a question
Okay. Oluwasegu, my friend, Kosimane, how are you doing?
This is your space. We've got the guys with one of the Nigerian stablecoins here.
Do you have a question for them, sir?
Oluwasegu?
Yeah.
I want to think for sure he's
having a natural problem. What's
up? How are you doing my brother?
You eventually brought
Digi and Charlie
to this place
for about two years. I mean, how
many should bring them here?
Yeah.
Yeah. Thank you very much. Well done May God bless the work of your hand.
Amen, sir.
Keep it up.
Today is not the day for me to express
my Bitcoin maximalism because these are my brothers.
But I just want to say a few things before I ask my question
before I give the mic to other people
because it's very, very important.
Digi, Charles and the rest of them,
we all have spoken, they've done well.
But one thing I want to call your attention to
is you can hear how people truly want to support you.
And they have already started their due diligence
trying to scrutinize you.
As wonderfully well as you guys have done,
as I would love to really hype,
give a round of applause and say some positive things,
and then ask you crucial questions that can help grow.
Because of course, I may not be on the board,
but I've been a part of this from day one,
day zero, glory be to God.
I would like to say Charles,
Deji, and all the representatives of CNGN here,
please go to your ex-profile and go and see how you have not represented CNGN here, please go to your ex-profile
and go and see how you have not represented CNGN well first.
Go and put hashtag CNGN or at CNGN handle
on your profile first, because as a Bitcoiner,
I don't trust, I verify.
And I love you guys as my brothers.
Charles, we spent the year together, 2021,
and we spent it too, so me and you, we are family.
Digi is my guy, Anytime I go to Abuja,
I got to check him out. Shout out to Dania, my friend down there, and everybody on CNGN board.
You cannot be representing the first ever stablecoin in Nigeria. And all of you speaking
about CNGN don't even have that CNGN or hashtag CNGN on your profile. I speak truth to power and walk away from billions.
You know, so I'm not gonna say because I'm not my friend,
make I not tell you the truth.
So I'll keep quiet for now.
That's what I want to quickly call your attention to
because I'm getting DMs,
people that don't want to write under Carlos comments
so they don't mess this all up for you guys
and don't start to unnecessarily cause due diligence that is too timely.
I think it's too timely for now to start over scrutinizing CNGN.
Paulu Adweno of Teda, the co-founder of USDT, went through a lot of scrutinization from
the entire crypto community, Bitcoin community on top of the future.
And that's why he represents a Bitcoiner even more than the Teder co-founder that he is.
So please, my guys, all of you, all of you representing CNGN, you cannot be profiling
yourself without carrying the flag of CNGN because CNGN is not an automated machine.
CNGN is backed by human beings, right? You guys are the ones in charge
of CNGN. So put the flag of CNGN on your profile first, the website, the hashtag, so we can
know who to pick, who to find, who to blame, who to applaud. First of all, I'll use my mic.
What I want to call your attention to first, so that everybody who follows you here will be able
to know how
to ask you for that question. It's not every time you'll be on Kaloo Space and thank you
all for coming to my space the other day. We'll host another space. If I get another opportunity
I'll ask some. But Kaloo, these are my guys. I trust them until they fail. They say don't
trust but verify. I'm not going to scrutinize them too much until billions and billions
and billions of transactions would have been done. My fear is fractional reserve banking.
But these are my guys who I trust.
You know, I've exchanged money with Deji before.
Deji has been there for me before.
That's my guy, guy, guy.
Charles is my guy, guy, guy.
So these guys are not they run a forensic company.
They run a software development company.
Until they prove to us that they are scammers before we start to condemn them.
But for now, if we have accepted USDT worldwide, there is no reason to throw away our own Naira.
I don't care about eNaira, but shout out to CNGN. There's a lot of possibilities.
And as a Bitcoiner, I will carry them for my head everywhere.
But my guys, don't run away from questions.
Start by representing CNGN well and putting up all of your profile.
Then we will continue with the due diligence. I hope that's fair
Okay, perfect. Thanks. I'm not sure. I'm just a comment for the for the folks here your inside baseball thing
I appreciate the comments. I had a question though, and I know who's gonna answer
So it's a stable coin, right and I know at the very beginning
I did read out that that's sort of the the text from CNG from the CNGN back to one to one and all that so
I just want to ask can you name the bank you don't have to name the bank per se but
how much treasury bills or bonds how are you guys what's backing the stable quote
unquote side of the CNNG?
Is it cash? Is it bonds? Is it held in the bank? Who can give us more insight on the
other side now on what's backing the one for one? Do you guys have these funds already
curated? Is it in the CBN? Is it in individual banks? Who wants to be talking around that?
Okay, thank you, Kahlu.
Shaghu, I think you
have to give me, I will send my CNGN wallet for you to send me money because
I think when we launch I have a hashtag CNGN
on my Twitter. I don't know maybe you didn't check mine. So yeah, but it's
taking, I think we love those questions. Just keep them coming.
If you're spending us, we're just starting.
And of course, we know that a lot of journey.
But of course, so I can't do this.
The stablecoin is backed by normal era.
So I give you a simple example.
So today you have a Quick Access.
Deji, I'm not sure if it's me, Deji,
but your audio is kind of cracky.
Yes.
I'm not sure if it's me.
I noticed that.
I noticed that.
I can't hear you.
I was thinking it's from your side.
So you want to go ahead?
So maybe we'll take that.
OK, no, I can't.
OK, I can.
I can take this down. Yeah. Okay, no, I can't. Okay, I can't. I can't take this down.
Yeah, thanks for the question, Carlo.
And thanks for the guidance to the last speaker.
So the CNGN is fully backed by Naira and government debt instruments, right?
And we have an auditor, we have an appointed custodian from one of
the largest banks in Nigeria, and we report monthly, right, to the SEC. Our reserves and
everything are audited monthly, and it's displayed in real time, live on dashboard on our websites.
So sort of everybody can see what our reserve positions are,
but for the reserve assets,
we are assets are managed by,
like a grade AA assets manager by Augusto and Co.
And we have an auditor and custodian.
I don't know if that answers the question. Thanks.
It does a lot. You have the assets there,
it's regulated, it's audited monthly,
and it's backed really one-for-one,
and you guys are holding
Nigerian or Naira assets to back it up one-for-one.
Yeah, 100 percent.
Perfect. Let's get to Chimezie Truta. Chimezie Truta, you've got the floor.
Hey, Chimezie, you've got the floor. If you're not ready, let's get Cryptonomics.
Cryptonomics. Thank you for hopping in here, Cryptonomics.
yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye mwengi yonye ʻɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰɪtʰ� when I do make a Naira bank to bank transfer. So would there be any benefit of using CNGN in terms of reduced transaction fees
if I'm sending CNGN to another CNGN wallet?
Like if I want to transfer US dollars,
I usually do that using a transferring USDT.
I know how much I save in transferring USDT
to my family in Nigeria
and they sell and convert it to Naira.
So that's the only one I want to ask now.
No, thank you very much for that fantastic question.
So really our job in the end,
in the end, everything we're doing is about regular, everyday Nigerians.
Even when we say our focus is on businesses, it's still those transactions are done by
everyday users, using those businesses, if that makes sense.
Our job here is to make sure that businesses, fintechs, everybody that can, right, FinTechs, you know, everybody that can, you know,
that sort of manages these systems
can get and, you know,
distribute CNGN as cheaply, as easily,
and as fast as possible.
And that's really the, you know,
the tall tax we have to do right now.
Really every day our job for the next few months is figuring out how to make
sure that when you in maybe you're in Canada, in UK, wherever you are,
you're even in Nigeria and you're trying to, you know, buy regular digital assets
in Nigeria, or you want to send, you know, money to your, you know money to your family or friends,
whatever it is. Our job is really to make sure that end
users are able to access CNGN,
obviously working closely with our business partners,
but making sure that end users are able to access
CNGN and end user transactions as
cheaply, as easily, and as quickly as possible.
So for us here, that's really our focus.
Right now, I'm aware that there are
some people building in the community,
because CNGN is starting to have an interesting community.
There's no blocks.
I see some of the stuff they are doing.
You can basically now go from your blockchain wallets
into Naira in like two, three seconds for like two Naira,
three Naira, five Naira, those sort of things.
So there's a lot of work going on.
I am aware that some people are building, you know, systems to
enable you go from, you know, CNGN to in Pesa wallet in Kenya, for example. So what that means
is you can then functionally be spending Naira, you know, anywhere. You don't have to, if you're
traveling to Kenya, you don't have to go and hoard, you know, $10,000, US dollars, $5,000 US
dollars because you want to travel.
You can just go to your regular bank with
your normal Nair and you can spend it there in real time.
Those transactions are going two seconds,
three seconds for like 10-year transaction fees.
That's really a lot of the work we are doing,
is making sure that end users can ultimately access
and use this product as cheaply, as quickly,
and as easily as possible.
I don't know if that answers your question.
It does, Yo-Yo, it does a lot.
I just want to just add again.
Thank you very much.
Yeah, it does.
And just, Yo-Yo, just getting some questions again.
Can you just go over that question
I asked at the very beginning?
How does this help the average Nigerian business?
Like think of a woman selling soap in Jankara
or someone selling textiles in Kano.
How does this really help the efficiency, the cashless?
Just give us an example, make it local.
How does it really help businesses in Nigeria,
this C and G, if you you may just go over that.
I know you give it at the beginning.
Just go over it again, please.
Thank you very much.
I'd say it would happen in phases.
I think that's a point that is necessary to make.
It would happen in phases.
Right now, we are in a regulator sandbox, right?
And the immediate focus is really proving
setting use cases, proving certain functionalities, right?
So a lot of the specific use cases
for financial inclusion,
a lot of those things would come naturally over time.
But what CNGEN is and what stable coins are in general,
it's basically a technology that makes the use
and distribution of money as cheap,
as efficient, as quick as possible.
So what that means in practices,
you no longer need, for example,
three, four, five intermediaries
to settle a transaction between two banks. Like in Nigeria
today, to settle a transaction between two banks or two financial institutions. Again,
sorry, I just want to be very clear that CNGEN is not, as a stablecoin, is not yet used by
banks or anything. And these things will happen in phases. I'm just making the point stable coins in general, right?
Like in the US or other markets where their regulations are more, you know,
developed in some of these payments use cases,
you no longer need three, four, five,
you don't need to pay four, five, six intermediaries
to settle a transaction.
So you can pretty much directly go from the end from the woman in the market paying to
the person she wants to pay.
At the most minimal possible phase, like in ways that the regular system may not be able to accommodate. ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻ� and faster than any other thing we currently have today, anywhere in this world.
So what that means in practice is ultimately,
everybody's going to be getting access
to easier, cheaper, weaker systems
to move their local value and payments around,
if that makes sense. So yeah, it's ultimately
get to the woman in Alabama. Eventually. So Westland, eventually.
Can I chip in here, if you don't mind? Yeah, thanks so much for pointing that out.
Yeah, thanks so much for pointing that out.
I think, again, this is a very good point in the space to speak to developers.
If you remember the last time I made a comment about programmable money, right?
I for one know that there's a lot of innovators in Nigeria, in FinTech space,
even generally.
What CNGN can do is almost limited by the creativity
and innovative mindset of this Nigeria itself
and even Africa.
When you talked about the person, the market woman
and stuff like that, someone can build something, a wallet or something that has some escrow system stuff built into it.
You can revolutionize how Esusu is currently done, for example.
Right?
You can revolutionize how...
I like what you just said now.
So if I have 10 people and want to do Esusu, we can do Esusu with eNiraRabi.
Not eNira.
Sorry, sorry, cNGN. 10 people and want to do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do as soon as we can do when it's time to pay. You know, we really want developers to come on board and think about what
they're able to do. I mean, I think I've been in the Tech Space in Nigeria, which you know,
that people are super creative. People talk about tokenization, you know, tokenization of stocks,
tokenization of assets, you know, what if, let me, I'm bound by NDA,
so I can say some things,
but think about what you are able to create.
If you want people that order things,
from other markets that maybe erstwhile,
they needed the USD to do that,
we have stable coins at the same point
in some of those markets.
Now you don't need USD, you can just buy the CNGN
and if people build more intuitive market-human-friendly solutions,
you literally can use your Naira to make orders in those particular places.
The issues that you have paying some of your subscription bills because of limitations
on your Naira, someone can easily build a proper Naira virtual tide in which all you
just need to do is to fund your Naira.
You don't know what happens under the rails, right? And then you're able to make those settlements. And then the
reverse, the reverse. There's a lot of smart people in Nigeria who can't even get, you know,
gigs abroad because of settlement issues or because, you know, sometimes it's a bit complex.
Now we can expand our gig economy, so to speak, because now, like you said,
we're in different phases where people
from different parts of the world
can literally acquire CNG and just be the same ease
that we currently acquire USDT, et cetera.
And they can use that to make payments.
Think about a situation where companies cannot,
you know, do the, what do you call it, payroll.
You know, they can do that so easily now because, you know, at a particular time of the day, companies cannot do their payroll.
They can do that so easily now because at a particular time
of the day, as long as the money is available,
you can go to everybody.
And you can pay people by hour.
You can program over time, hours, and things like that.
We just need creative developers to come on board
and speak to us and try to build innovative
solutions on this. We can do everything. The guys at CNGN, they made the infrastructure available
and many of the things that you have, many of the products that you have today that are built on CNGN
are built by people who are creative and are trying to make things happen. So I guess maybe that's my addition to what my colleague Yo-Yo has already said.
Is there a use for this music in Nigeria? We have copyright issues, someone releases an album,
it's copyrighted. Is there a way we can tie this into downloading music where musicians are able
to get paid digitally via this this CNNG, is there something
around that we can build?
Again, remember what I said before that we are not the ones who are going to build this,
but imagine a situation where you're able to scream and pay per second, right?
This is just me imagining things.
I've not thought about all the nuances.
I've not thought about the cons or the ineffic that that may bring. But I'm just saying that we just have to apply our imagination
here. Regardless of what you build, people, you know that people will always still want to game
whatever system or platform you build. So again, the owner is not on us to innovate on behalf of
people. We have just created this particular tool or infrastructure, so to speak, to say, here you are, here you go.
This is programmable.
Naira make it work for the average Joe on the streets.
The crypto net is already kind of know what they can do with it.
Right.
Some of them already can swap digital assets directly into CNGN and off from,
you know, that is already happening.
But for the average girl on the streets,
the market woman, like you said, the product manager here
looking for gigs in Mauritius or the US or somewhere,
all of those people build solutions
that would enable them to be able to receive payments
instantly for their service so that we can even be more
export-driven, so to speak.
I mean, export service- driven. I know we have limitations
and challenges with exporting actual products and companies but at least we can export services
not only that you can get instant settlements and stuff like that. So for us, we're not going to
be the ones building these things that you said. There might be some of us, you know, that may end up innovating as well and building on top of this, but the mandate of RAPCBDC is to
ensure that we're doing this in a consistent and compliant manner. We're making this particular
platform available for businesses and technological partners to build on, you know, to change how
business is done in Nigeria and Africa as a whole. Gotcha. Okay,
excellent response. Let's get Moni, Moni Hinn. Hi, Moni Hinn. Yeah, please go ahead, sir.
Yeah, okay. So first of all, I'd like to thank the creators of CNGN for the awesome work they
are doing. I think this is definitely a way forward for Nigeria
and for the blockchain community.
One question I just want to ask is regarding the aspect
of trust and transparency.
I know bits of this has been touched in previous answers
to the questions asked before,
but I think this is very important because as we all know,
Nigeria and every Nigeria has trust issue.
I think the responsibility falls on CNGN to make sure that they're able to help
people understand that this platform is going to help them solve a lot of problems in the future,
and this applies to developers developers and end users eventually.
Now, to give example why I'm asking this question,
on your site, you mentioned that you have
all these reports being delivered on a daily basis,
but I can't really touch on or see anything in that area.
The photos seems to be empty for some reason.
But I think these are examples where I think it's important
for you to be on your A game regarding
like giving accurate informations.
Now the numbers with regards to circulations,
orders, they're just numbers.
Like for the auditors, if I can get like all these reports,
that's in a way kind way helps me trust the platform.
I can make maybe for furthering investigation and see how I can
maybe start working with teams to build something around this.
But these four steps are not even made available to me.
Then how do I, and this is just me who understand a bit of blockchain.
Please, how do you address the issue
of trust and transparency?
And then you've mentioned the word compliance
quite a number of times.
What does that mean?
Like CNG's compliant?
Like what does that entail?
entails like can you break that down a bit and yeah so that's those are my questions
Can you break that down a bit?
And yeah, so those are my questions.
all right again open question guys did you go yeah i will take that yeah i'll take that so thank
you very much um again we are barely a month so normal traditional stable coins do uh where
they started off with a quarterly report but we are going to be
doing monthly report in fact the auditor is working on it now we're
barely a month always saying is that all these structures have been put in place
for transparency if you check on our page those numbers are not merely
numbers they are picking them from blockchain and since you say you
understand blockchain those numbers are immutable it means they actually
happened and they're pulling it from the blockchain.
And if you inquire deeper on that same page, you will see the numbers on each of the protocols that we support.
From asset chain to base to every transaction that's happened is that open on those areas.
So we are completely committed to transparency and we will attend now we're about clocking one month and we don't want to go with the style of
releasing quarterly auditory report. We want to do it monthly. In fact, we just did the meeting with the auditor today
to make sure that that goes out so that you will see it
immediately hung on the website like you did mention.
Secondly, I think the second question is about
trust. I think it's trust. Yeah, trust. I think we addressed that. No, you talk about compliance.
You talk about compliance and what does that mean? Okay, so there have been
people that have attempted to do stable coins, but they didn't go to
regulators.
Again, because it's a bit kind of regulated activities, we do not want to take the route
of just going to the market without going to compliance.
And again, like I mentioned, we are very big in compliance around crypto risk
and all that. And so for us, we are starting off with merchants and merchants that are regulated.
So it means for you to uptake CNGN, you know, you asked what that compliance meant. For you to
uptake CNGN, you have to be one a regulated entity. It means we are distributing it from a regulated entity. So today we have started with entities like Quidax,
who are also set regulated.
We've started with entities like BUSHA,
who are also today regulated.
If we move to FinTechs, we must have a CBN
or one other license that you have to be able to come to us.
We want to know who are the initial uptakers
of these tokens are.
And that's what that compliance meant.
So but of course, retail customers will go on.
You know, there will be a lot of people that will also uptake it,
make it available to every other person.
I need to distribute like that.
But the source is that you have to be a regulated business.
You have to be registered for you to be able to actually uptake it
in that larger wholesale quantity.
OK. All right. all right, all right. Mohing, thanks for that. Let's get James, James Hillary
consult. How are you doing, sir? Thanks for hanging in there.
Thanks, thanks, hello. My name is James Hillary. I'm from Nairobi, Kenya. I work with the Capital Marks Authority.
And I have to say that I'm pretty excited with CNGN.
Going to the fact that right now,
as a jurisdiction, you're looking at having regulations
around virtual assets.
And one of the very pertinent and key issues
that we've been discussing a lot actually is table coins. I was also in a meeting
the other week
Rwanda is also coming up with a
regulation and stable coins also was a very
Patent issue that was was raised and for this CNGN team. I just want to
To inquire what is the rationale of the Central Bank of Nigeria
to refer you guys to SEC because that will actually go a long way and especially in Kenya
as that will shape our discussion as at now many people are of the opinion that stablecoin should be under
the central bank, while it's evident from these discussions that it falls under the capital market
space. So just a clarification actually for understandability and perspective. Thank you.
Thank you very much sir. Thank you for coming on. So what I will say, hello, Carlo, am I on?
Yes, I can hear you.
Okay, okay, clear. Okay, so what I will say, sir, is I think there's no finality in my view to that. As early as yesterday or so, I was at the central bank on this same discussion.
So they are, I think the central bank is working on a framework.
And I think it's in their wisdom not to hold us down to say, okay, go to the people that
we regulate, that will regulate digital asset so that we can get sort of moving, something
moving.
If you note, we are in the regulatory sandbox to test the
model and again the two regulators are talking to themselves and I want to believe there will be
some kind of handshake before maybe later or maybe not depending and I will say this is not
finality but for now the way it stands is that we are with the SEC and we they are also talking
together but again if there are questions from the CBN,
we also go to attend to those questions
and see if we can help as they do their framework to make
sure that this works properly.
Where most people will have also learned from
will have been the US, but they are still
doing just the framework currently.
So I don't think it's a finality to say obviously is directly
under segbo for today. So it depends even the stablecoin has different variants. So today
we started up with what we call stablecoin that we use the money market fund to back it which is
directly under the SSC to regulate. But we know naturally that
the whole stablecoin journey will metamorphose into payments and rails and cross border and
all those issues that somehow within the purview of central bank. But whatever framework eventually
comes up, we will also key in properly. But today, that's the regulatory your assistance. Yeah, no, thank you very much. But just to kind of-
Go ahead, go ahead.
Okay, so I just wanted to add like a bit.
So our own, our position really,
again, we can't speak for the regulators.
Our position is we are a token issuer, right?
And just like any other token, right?
And that's how different entities
interact with those tokens and use them,
really depends on those entities and their regulators.
But broadly speaking, we are just a token issuer,
and that falls on the second at the moment.
Okay, fantastic. Let me see if Funcho is
available to speak now. Funcho Jimo.
Do we have you? All right.
Funcho, whilst you get that,
so let's get Ugochuku Aronu.
Ugochuku? All right, Ugochuku Aronu. Gochuku.
All right, Gochuku, let's get Shai.
Yeah, hello, can you hear me clearly?
Yes, I can hear you, go ahead.
Okay, great, thanks.
Okay, so my name is Gochuku.
Co-founder of Asset Chain.
I know Dejian, the rest of the CNGN team
that was speaking about blockchain supporting CNGN. AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain, AsadChain Public Maynard should be out in a few weeks. But yeah, something I just really wanted to comment on is
You know when a lot of people talk about adoption, I think the CNGN team has done a fantastic job
Being able to create this
When you look at something like Teta, that the USDT, you see that Teta actually became
really huge from early days of DeFi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi to build very good DeFi protocols that would allow CNG and gain massive adoption. At this point,
I don't really look at it from the perspective of the everyday consumer, maybe like someone
entering bike or something. I think that's still some maybe months away, maybe years away. I think ʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻ� uh, what's it called tokenization of assets, right? There are different things that can be tokenized.
I mean, we have our money market. We have things that any yield, right, at scale in, in, in, with
our CA, with our current Nigerian Naira. I think bringing a lot of these assets on chain is a big
deal. And at this point, you don't necessarily need the regulators that much. I mean, you can
break things with the regulators now come for you. That's okay. But the CNGN guys have done a lot already with breaking or surpassing the first regulatory huddle.
It's now for people to innovate and build around CNGN and create reasons why people should use it.
Some weeks ago, someone was talking about building a system that would convert their USDT to Naira in a couple of minutes, an automated system. ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndn ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ndi ʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻŋmʻe ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻɪ ʻ� ndi wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu wangu they might not convert their entire portfolio but they might convert a few so these are just a few points i wanted to point out but i think what the cngn guys have done is really great and i would
love to call on innovators and developers to build more defi protocols to leverage cngn thank you
i think it's an excellent question before you guys answer i was going to ask that question if
it was possible to stake or if it was too early to talk about staking of the CNNG. If I can
stake, if I can put Naira in the bank and earn interest and it is one for one, should
I also be able to put my CNGN, stake it and also earn interest? Let me let you guys speak.
I've got Yo-Yo, you guys are all here. Please go ahead.
Let me quickly jump in, Cano. So, yes, these are products that can actually be created.
I think we've seen a lot of DeFi products that actually created such solutions with
high yields and all that.
And the beauty about this now is it's more like you taking a loan business online
or on chain.
Say people want to, okay,
people already having digital assets like Bitcoin,
they are storing it or they are holding it
as a store of value and all that.
Now with such digital assets and with a solution like CNGM,
products like loan can actually be created whereby you
deposits the digital asset like Bitcoin or
any other asset that you're holding,
and you collect your loan in even CNGM.
All right, so that is one very big use case that people can actually build on. Then secondly,
one of the things we also need to help developers and help businesses that will be integrating is
we have what we call a library like an SDK where
you as a company that is integrating, that's if you're in Matadu, you can easily
integrate that library, be able to create wallets seamlessly, that's crypto wallets,
you'll be able to swap. So in the crypto space or stable coin, there's what we call liquidity fragmentation.
You have C and JN on one chain and you want to send a user C and JN on another chain.
Now, what we did was to create a bridge system whereby you can easily do the bridging as you send, you can still send your CNGN
that you have on a particular chain to the chain of the recipients, right. So that bridging system. So this is just to make it easier that you are not locked in on just one chain that
just one thing that the CNGN system supports.
You can actually make use of it on all the whole chain
that the CNGN support.
So there are whole lots that can be built around this.
DeFi products can come in and create
whatever they need to create.
There's a whole lot of possibilities.
So this, like Victor said earlier,
is not on steroids that anybody that wants to create innovative products
and I'll follow your comments.
All right. So just wanted to be clear.
So it's possible, it's in the pipeline for staking?
If I want to stake CNGN, it's possible?
If I take my money out of fixed deposits,
I want to make sure I can also earn some money.
Is that also in a pipeline?
Yeah, for us not for us,
but I'm sure I'll have some money.
But yes, I know some other people already.
I'll walk away with some money.
We have it on event finance.
Okay, go on.
Exactly. We already did.
Exactly. That's what I mentioned earlier
on the asset chain minnet coming out in a few weeks.
It's already live.
It's going to be live for everybody
to deposit CNGN and NEO.
So on where again, please?
On Asset Chain.
We're going to announce it on our blockchain, right?
We have DeFi protocols launching on Asset Chain.
Yes, so you can deposit CNGN, yes.
Okay, and get, okay.
Very important to know that.
Perfect. Let's get Shai.
I've got Shai here.
He's work crypt.
Shai, can you hear me?
Oh, Shai is just in.
Calabar Bitcoin Club.
How you guys doing in Calabar?
Calabar Bitcoin Club. Shai just got ready to speak. Calabar Bitcoin club. How you guys doing Calabar?
Calabar Bitcoin club. She's just got ready to speak Calabar Bitcoin club. You got the floor. Go ahead
All right, good evening everyone
My name is Jim Otudo from Calabar. I wish I was here on my hand do
But I'm the founder of Calabar Bitcoin club. However, I say yes, my view actually I'm not start of Colabab Bitcoin Club.
First of all, I would really love to comment
the team behind CNGN.
I've been asking these questions back and forth,
when Bitcoin, I'm a Bitcoiner foremost.
And I would love to ask some specific questions.
And first of all, when are we seeing CNGN or Bitcoin Network?
That's the first question.
Does anybody say anything?
I can hear you. You asked a question.
Go ahead. Is that a question?
I thought someone was saying something.
So to go ahead, we have been saying
this is naira on steroids, right?
Naira on steroids.
For me, I think that's a bad, that's a very, very bad slogan
because practically only patriotic people
want the naira, right?
I have four, only patriotic people want the naira.
So I think we should keep out the naira on steroids because when you say naira, right? For holy patriotic who want the Naira. So I think we should keep
out the Naira on steroids because when you say Naira on steroids, you mean inflation on steroids,
you mean, you know, lots of things on steroids of which we don't want. And also I want somebody
ask this question, but it was not answered explicitly. And I just wish more lights could
be thrown on it. Now, when you see reports, you're reporting back to the SEC.
I will understand, I stand to be corrected
that CNGN is a security because it is single issuer, right?
Which means that there's a lot,
it has a lot to do with the SEC and the CBN and all of that.
We safe.
If I want to do transactions right now on USDT,
I can't touch USDT for my own personal use,
except maybe for compliance reasons,
I want to do stuff for businesses and all of that.
But I can't touch USDT because I know I'm not safe.
And I know my USDT, my forms can be seized.
I know I can be frozen and all of that kind of stuff.
Now, when you guys keep using the word report back,
report back, what is the scope of reporting back to SEC?
Are we safe if I get involved in a protest
against bad governance, in a protest against, you know,
look, I'm still suffering from,
I'm in court with the federal government right now,
a lot of people know, and I'm challenging the government,
you know, reasons for blocking Nigerians having access to a
lot of exchanges and all of that.
I mean, that's not really broke the news.
But the question is, if I use CNGN as a Nigerian, am I safe or do I have to look out for other
things?
That's why I keep asking why on Bitcoin?
And lastly, what are the fees?
I mean, can we know what the fees are?
CNGN to CNGN, CNGN to other blockchains, and all of that. కిందికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికి� But I would love to know who are the founders of CNGN? What's their background story? What's their business?
What are we safe in the whole CNGN stuff
that is coming up right now?
And I'll use my mic for that for now.
Okay, I'm sure they're gonna come
and really give you a good answer.
I've also just shared a little write-up on CNNG,
Nigeria's first regular stablecoin.
There are three developers I see here,
WAPC, BDC Limited in collaboration with Convexity,
Interstellar and Alpha Greeks Tech.
Maybe they'll tell you more,
but I've just shared that in case folks want to also Google
them to know who about it.
But I think those are excellent questions,
even though they've been asked before, but questions so whoever wants to address those concerns can please
okay so I will just go uh thank you Bitcoin
Calabar, please.
Calabar.
Okay, Calabar Bitcoin.
Okay, yes, sir.
So, so great.
Again, just to start, we are all Bitcoiners, right?
Everybody coming to this space, his grandfather is Bitcoin.
And so we are fine.
And we are working with everyone to make sure Bitcoin, actually, we're talking with the
Lightning Lab to see what can happen with CNGN on Lightning Network
and that talk is going on.
Let's see how it goes.
It's just that there's a lot of work to be done and we're just starting, just barely
a month, but I can tell you that the future is bright.
Again, to address the question whether you are safe, I think you're completely safe,
but I will put a caveat that CNGEN is used for legitimate
purposes.
So if CNGEN is involved in money laundering, in terror financing and all those issues,
we will completely also be able to use some other innovative compliance tools to make
sure that, and this is not all the issuers but everybody that is taking it so take for example on a quidax for example if
you are if you're going there you'll be able to do your compliance but people
have it today as I speak to do it to you today you can go swap. So those you are as good as safe in that direction in my view.
Which one is the last question again? Who are the guys behind it? So the companies behind
it are three, Convexity, we started the project and I'm one of the co-founders of Convexity.
At Convexity, we have a lot of things we've been doing within the space.
We are very serious pioneers within a lot of corporate blockchain use.
We have been on the forefront like you, fighting for things that doesn't make any sense to
change for the generality of the young
Nigerians to take opportunity of what the blockchain have got to offer to make some
economy benefit out of it.
I've been in the forefront of educating.
So we've been educating, we've been talking with policymakers.
We are not running away and fighting them from a distance.
We are within and talking to them on why they have to do it because we think that is how it has to work. We've been involved internationally to work to see how the frameworks
globally aligns and we're working to help to make sure that aligns. For us, we are involved with
building technologies around blockchain. We supported companies that are building it and we're building ourselves and changing
a lot of narration.
That's for convexity.
Tastela is currently, they are the builders of Bantu blockchain and also working on the
Pan-African payment settlement system to make sure that the African countries is not
dollarized and they'll be able to trade among ourselves with our local currencies and they're working with
AfriZim on that and so it is the is a company with high reputation.
AlphaGig is a tech company that does a lot of things around WebTree, Buehle
solutions and and all that so we are the one and with a lot of partnership with
few other ones other companies that are supporting in different segments to make sure that the
CNGN stablecoin comes in a very regulated compliance and more serious stablecoin that can be
very confident for people to actually use freely. Let me jump in on the reporting right so you asked
to ask that, what has been reported.
So what, which it's out there in terms of reporting
we have some of it on our site currently,
like well, amount being minted, what is being minted, right?
The exchanges that are off taking an order.
So these are regulated.
These are kind of reports drawn from a project
by the Bank of International Settlement.
I think they call that project the PICS Trial
that states the kind of reporting
that should be going to regulators
when it comes to stable coin.
So we already have that model before the Bank of International Settlement
came up with such a project. So it's not like we don't have data of the individuals, right?
Retailers and all those stuff that is left for the merchants that are taking, but for us, the reporting is, is numbers in circulation,
for us, reading volume and things like that,
is what's that are contained in a report,
which are also visible,
some of them are visible on our site.
If you go to our site.
Fantastic guys.
All right guys, hey, believe it or not guys,
we've spent some time here learning from you folks,
who have done about two hours in
I'm gonna let folks go to bed
So I've got three guys I want to speak to
Dee, Unsatisfied and I believe there is a third one, Bitcoin
We're gonna let all three speak
So we can just take closing remarks
This is a session for us to learn
We've allowed you guys to basically talk
I won't learn more about this because it's all new and the US I heard about the genius act they
also doing their own thing over there to bring about the digital dollar the CNBD
and all that so this is the world is changing and we have to you know adapt
to what is gonna happen we can't stay still we can't say we're gonna use fiat
or bitcoin is a scam we can't just keep on saying that.
We've got to understand what's happening.
We can position our portfolios and even our companies to what is going to happen,
because clearly a change is going to happen the way we settle payments internationally and even locally.
The better we are informed, I think the better it is for us.
Let's just get DNM, DB underscore NMD.
You're going to be first,
then we'll take the other two and then we'll just do
vote of tanks by the folks that have been here.
So go ahead, sir, you've got the floor.
Good evening, everybody. Thank you,
Carlo Aja for the wonderful opportunity to talk.
I want to say very big kudos to the CNGN team,
and most especially to Charles.
I think I met Charles in 2022 in MCBN,
so I'm in our hackathon.
I'm happy that he has come up with
this team and innovative idea that will transform the ecosystem.
I'm very curious because in that hackathon,
we came up with an idea that
the then leadership of MCBM decided to support.
We participated in the Incubation Program,
and we launched our product using the eNARA.
But right now, I can't really say anything about the eNARA.
My question is, how will CNGN co-exist with INARA?
Right?
We know that INARA was meant to address the issues
of financial inclusion,
because then we were building a financial inclusion solution
that will enable anybody to seamlessly provide value
to unbanked people, right?
So you have an auntie in the village,
you could seamlessly use our solution
to transfer value from your Inara wallet
to the person's phone number, a unique idea.
And that's really skilled.
And then we got into that incubation program.
But because of, I don't really know what happened.
I don't know, I can't really say anything
about the Inara right now.
So I'm curious because this is another stable coin launched by regulated entities.
So what will happen?
How is it going to coexist with the E-Nair?
Then secondly, I think I like Ugochukwu's take on programmable money, how we can actually provide programmatically yield mechanisms for people to utilize the CNGN,
and stick it or put it in
a protocol to yield some earnings from that.
I'm trying to ask,
what are the plans for?
Because we have a lot of chains right now.
We have so many chains coming up apart from asset chain and then base.
I think I heard that at some point.
What are the plans to support more chains and then make it interoperable for
people within one chain bridge to another chain and make it seamless for
people to actually access the possibilities of the inner regardless of the chain they are on.
So these are the questions that I need clarification.
I think anybody can actually throw more light on this.
Thank you so much and kudos especially to the conversative team. Thanks.
Brilliant. You want to first take that? Thank you, Sir, for that.
Thank you very much.
So for that platform you built, I would say all you need is what Charles mentioned,
to just reach out so we can give you a SDK and library for you to make sure that what
INERA does on your application, you can actually enable CNGN to perform that for you.
Whatever the in-error thing, maybe if they come up, if the central bank come up with
it again and all that, it's simply just the same, just residing on different rails.
So you can take CNGN to those DeFi protocols. You cannot take an in-error there because like I mentioned,
that is a private blockchain.
They don't want to operate within those ecosystem.
So it depends on which network you actually want to use to power your solution.
I think most people are moving to Web3,
most people are moving to blockchain,
and I think it's good that you integrate that SDK into the system
I think my other colleague would take the second question
Okay, who's gonna hop on that
Should we move on?
Great should we should we move on? What was the question again?
What was the question again, Carlo?
DMW, did you want to ask a second question?
I was talking about programmable money
and I think he has clarified already.
I think we opened communication channel
with Convercity team, which I also think,
we'll take it off from there because I'm happy
this is live now. I think last'll take it off from there because I'm happy this is kind of like I'm live now.
So I think last year, January, we were in contact with the WhatsApp chat where we were talking about possible integration of CNGN.
But I think we did like now, I think we can actually continue that conversation on that WhatsApp group.
So yeah, so the second question was the possibility of integrating multiple chains so that to
address the issues of liquidity fragmentation, right? So it's on this
chain, it's not on this chain, so this kind of thing. So how do you, I know you guys
started not quite long, so what are the long-term plans to address this issue?
Okay, I think the protocols we have, I think for us we have moved faster and I think it's
because of demands.
Most stablecoin projects will possibly start and they will be on one chain and it takes
longer time for them to integrate because of cost and of course, engineering requirements.
But with the assistance we are on almost seven very popular protocols. And many people are asking, I think in the next few weeks,
we should be also going like on Tron and Solana.
We're currently on Ethereum, Polygon,
Base Network, Binance Smart Chain,
Asset Chain, Band 2, you know,
so there's a lot of chains.
And so again, we have built a multi-chain
transfer protocol to make sure that people can easily work,
I mean, move between chains.
So I think we have done that
within the month that we are launching,
but again, a lot will come
to just answer what you said, yeah.
Perfect, love it.
Okay, let's get unsatisfied.
You've got the floor, so satisfied legend.
All right, GM everybody, GM and my brothers,
my sisters and the undies, I am also a spied legend.
Yeah, indeed I want to give appreciation to the CNGN team
for coming up with something like this.
You know, in the workspace is not like,
people kind of hide their identities
in this workspace mostly.
Some of you in the diaspora,
you guys might have had experiences of racism
and the rest of it.
So you guys coming up and, you know,
proudly coming out to yes, do something for the country,
do something for us is something I really do appreciate.
The stable coin back to Naira is something amazing. There's no difference in Naira and dollar
Just different price that we
Confused ourselves with. So, um, I want to ask a few questions
first of all is
Just as you guys talked about
programmability that is
View that's coming up to you know, build something with, with CNGN.
Um, how programmable is this CNGN? Like, you know, when I want to make an, uh, maybe an app,
a payment system, a lending and borrowing protocol, ETC, or anything, how easily can I be able to
integrate this CNGN on chain? You know, not just like, not just like Pompeo or other banks.
Like how can I, is it the possibility of me doing things
and it is verifiable on chain,
just like the way I can verify a USDT transaction.
And also startups who may not be funded enough to,
you know, run the business or the stores,
the way are they really welcomed or you know,
is it when you want to start your business,
you'll just run on your own.
You are not affiliated to CNG.
Yes, I know that very much.
But then most of us as developers,
we are not so funded as you know,
we might have the product, but we might not have the funding
what are the possible ways of support or integration and then about peer-to-peer if if I should meet a
CNGM token the easy that is the ease I have to reconvert it back to Naira as an if I should mean it
uh after I do whatever I want to do on other things like if I should mean it I want to trade
a coin etc and after I'm done the ability of me bringing it back to Naira again um how
brindin it back to naira again um how feasible is that and then the ultimate just like i have
highlighted highlighted earlier especially about these um trust and security you know some people
come up with a very good project and at the end they get to wreck the those who trusted in them
you know something like these uh audits or stores uh the way we can track and take years that these మాలికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికిక� I'm a developer coming from the stats blockchain, the stats, the limiting Bitcoin layer too.
Hoping to see CNGN on the Bitcoin network,
at least via Stacks.
I know that you guys are working on it,
just like you have highlighted with Tron and Solana very soon.
I will suggest you guys also come to Stacks.
I will really appreciate
bringing CNG, using CNG to get the Stacks token and run my own products. That's the few questions I have.
Thank you very much. So you can see that the chains are unlimited, but again, like we say, we want it to be it should be it should be everywhere every every blockchain we should be able to have
St. John with time but again like I said we're just one month old I will try it
as much as possible to accommodate how how easy can you integrate I will say as
easy as switching off a light bulb you know just click with our SDK with our
libraries a lot of people are doing activities with the people
are integrating very similar. We make it very detailed, very self-explanatory and as developers
you can actually quickly just integrate it. We currently support two chains but we'll be adding
like you know as the time goes on. Do developers don't have funds?
Again, we are also just starting up,
but again, we are open to supporting
very innovative solutions to make sure
that those solutions build fantastic use cases
that will push the adoption further.
For me, I think those are the questions
I was able to pick.
Any other thing that I'm leaving out?
I think last thing was how'd you go from CNGN to NGN?
So basically the off-ramps.
Oh, okay, okay, okay.
So again,
Okay, so yesterday, just for as an example,
yesterday I moved about 50,000 from my trust,
well, CNGN now, CNGN,
and what is the purpose of moving it?
I want to send 50,000 to somebody's first BAMI UBA account.
But the person say, oh, I want you to send me this money.
And what I had with me at that point
was a CNGN in Trust Wallet.
So what I did, if you remember when we were speaking,
he said there are people building a new basic solution to enable seamless few seconds of ramp. ʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻʻ� innovation that just build something some weeks back. Just put in the account number and before you say it,
few seconds, you're going to be honest with the person,
and the person confirmed.
So that's how easy and how seamless it is.
So I want to see a lot of solutions around that line to make it very easy for people to
move from do-see engine in different network in stock,
like you mentioned, to anything,
to bank account in a matter of just few seconds really.
Okay. Looks good. Thanks, looks good, looks good.
Thanks for this fight, I appreciate that.
And the last guy to speak here is gonna be
Bitcoin Blaze Cape Town, go for it.
Yeah, thank you very much, Kazoo.
Thank you, thank you CNGM team.
So I just wanna quickly ask here,
do you, are there any ways where we can transparently verify
if there is in like, what you guys do is
there ways to verify that you guys are not practicing
the fractional reserve policy?
And also I would like to ask like, okay,
are there plans where you, someone can
actually send BTC and a woman in the German market can actually receive CNGN or Naira
equivalent when you send BTC? Like, are there plans for that? So, yes. Thank you. All right, excellent.
So again, being sort of regulated means that they are very, very high reserve standards for us.
So what that means is literally speaking, every single CNGN is back to the last cobble.
We are ditted, we have like custodian, we have assets manager. So it's a whole variable.
Running with regulated products is that they are very, again, I mean this,
it's unbelievably high standards for our reserve backing.
For B2C,
it is a lot of these things really,
really would depend on builders like yourself, right?
Within the B2C ecosystem.
You provide geniuses that understand that ecosystem.
And to the level that CNG is in,
depend on builders like yourself.
For us, we are very open, you know,
to anything that moves the needle forward,
moves Nigeria forward, allows Nigerians,
and just Africans in general to participate in
the digital system.
So if you're looking to view solutions around it.
Your audio is breaking up real bad.
Oh, apologies.
I think he has made all the points, really.
Gotcha.
All right, folks, let me just get you guys to sort of give us like you know
closing remarks. You guys send me very very interesting data points. I have them all here.
I'm going to have to share as much as you guys want me to share but let's have closing remarks
from you folks. I think most of us here are not crypto or even you know IT people but we like what
we're hearing you know, I like
the fact that we're sort of keeping pace with what's happening.
Like it or not, if INERA had worked, this would have been a better, you know, pill to
swallow.
INERA didn't really work.
You guys are doing it a little bit better.
You've gotten the SEC behind you.
I like that a lot.
And you are just starting.
You've done all this and this is just March. Like I said in
February, I have achieved all this. So I would just say keep at it. Keep really at it. We need
this now for the efficiency of payments in Nigeria. We also what happened about two years ago. So
perhaps if this is there and more folks start to build on it, then we can really have some that even Africans can then
take from us and adopt. I hear the comments about exchange from Dollar to Naira, but I think the
real focus really should be on the efficiency locally. If we can stop the use of cash because
it's not safe and we can make this payment via CNNG, we have achieved something. If we can do CNNG and invest in CNNG and get returns,
i.e. staking, we've done something really a lot.
If we can get the market women, the kids out there
that want to pay for jam, want to buy music to use this.
Even taxes, you know, you want to pay your tax.
Can you pay your tax to Lagos state,
RBI state, all those other states using this?
Can we get even allocations, youations, paid fair salaries to folks?
Because if you pay the property payments through this,
you can track it, you can remove the waste and fraud,
because then you can know who is receiving it,
it's going to a specified wallet or phone or whatever.
So it's, you know, you remove waste and fraud
So I like what I'm hearing and I want to tell you guys I'm a friend if you guys have more stuff
You're on the shame after the space, please feel free to come back and do that. I can also
Disadmit that but let me give you guys the floor to give your closing remarks
Whoever wants to do that and then we'll just call it a day. Thank you so much guys
I've really enjoyed the session with you guys. So it's back to you guys now.
No, thank you, Charlie.
Very, very grateful that you picked that interest in this and you set this up for the community.
Even for us, it's been very helpful, you know,
just to listen directly.
And that's really what we're here for.
Again, we actually actually going to Paramarbo
to get as many people as possible to build on this because the success would really depend on
the community and the ingenious of Nigerians and the builders in the ecosystem.
So yeah, we really, really employ everybody.
Please reach out to us.
Let's build together.
Yeah, kind of leave the floor open so anyone does too.
But thank you, please.
Let's build.
Let's build.
Let's build.
Let's build.
Please reach out to us.
All right, guys.
Anyone want to say anything else?
That's more for the experience team. Yeah, go ahead. Anything else? Dr. Musa, yeah, yeah, yeah.
Yeah, go ahead.
Alright, thank you.
Um, I would love to have access to the SDK.
And, you know, I, at least maybe one of the explorer links is the CNGN
transaction, a lot to play around with is I'm making a trade right now.
Okay. CNG and Transaction, a lot of play around with these. I'm making sure right now.
Okay. All right. Got you guys. So guys,
if that's where we are right now,
of course, I'm going to make sure this is recorded.
It's going to be shared out of the space so you guys can go
back and follow up on what we've heard.
The handles are all in there for you guys to follow, Ask, learn, that's the whole idea of the spaces.
We wanna bring in folks that know
what they're talking about, teach us stuff,
and then of course we can become better investors
of our money.
We didn't get to genius act, right?
We didn't get to genius act.
We tried to keep it very, very local,
but that's gonna have a big impact,
I believe, into what we're doing in Nigeria as well.
Once the US basically signs off on crypto, on stable coins,
there's gonna be adoption across the world.
Whether we like it or not, we're now part of the world,
so we also have got to respond.
So this is very, very good.
The young folks in Nigeria stepping up again
to create an industry.
Now, Hollywood was created outside the government.
This is also gonna be something big.
10 years, we're gonna say, wow, remember when we were starting this NGX it and we're creating jobs, efficiency and revenues for
Nigerian state.
So I thank you guys for doing this.
Good job.
Keep at it.
And again, guys, we'll come back here next week to talk again about some of the economy,
personal finance, and of course, investing.
And I hope you guys will join us.
My name is Kyle.
I'm a financial advisor at the National Bank of Nigeria.
I'm a financial advisor at the National Bank of Nigeria. Again, guys, we'll come back here next week to talk again about some nice about the economy, personal finance,
and of course, investing.
I hope you guys will join us. My name is Kalu Aja.
See you guys then. Have a good one and bye.
Bye-bye, Kalu. Bye.
Bye-bye.
You're welcome.
