CBN approves naira stablecoin – business news on 9ja2nice media on the news CBN approves naira stablecoin to launch February 27.
The Central Bank of Nigeria (CBN) has approved the launch of the Nigerian naira (cNGN) stablecoin.
The cNGN, which will be launched on February 27, 2024, is powered by the Africa Stablecoin Consortium (ASC), a consortium of Nigerian financial institutions, fintechs, and blockchain experts.
Stablecoins are cryptocurrencies specifically designed to maintain a constant value. They are often pegged or tied to another currency, commodity or financial instrument.
In a statement on its website on Thursday, the ASC said the cNGN stablecoin has met the regulatory standards and requirements as established by the CBN, the Nigerian Securities and Exchange Commission (SEC), and the Nigerian Financial Intelligence Unit (NFIU).
The ASC said it is committed to enhancing secure and compliant financial interactions, revolutionising the way people transact and engage with their money securely and seamlessly.
“This ushers in a new era of financial fluidity, bridging the Nigerian Naira with the global market through blockchain technology,” the statement reads.
“Backed 1:1 by Naira reserves held in designated commercial banks, the cNGN Stablecoin transforms the Naira into a dynamic tool for worldwide remittances, commerce, trade, and investment.
“More than just a currency, cNGN shortens settlement times, enabling payments that traverse the globe swiftly, mirroring the speed of a text message and at a fraction of the cost.
“This breakthrough paves the way for instantaneous financial transactions, seamlessly connecting Nigeria’s vibrant economy with international markets and offering unprecedented efficiency in both domestic and global financial interactions.”
WHAT CAN BE DONE WITH THE NAIRA STABLECOIN
According to the ASC, people can pay for anything, anywhere, and at any time. With a seamless tap, users can shop the world and pay in naira without the traditional challenges of currency conversion and hefty international transaction fees.
The consortium also said “supporting your loved ones back home becomes as simple as a quick tap on your phone” with the new innovation.
“No more standing in lines. With cNGN, funds land directly in their wallets within seconds, ready to fuel their dreams and brighten their days. No more distance, no more delays, just the magic of compliant virtual assets bridging the gap between hearts,” the ASC added.
“Cut out the red tape and sky-high fees of traditional international trade. With cNGN you can send and receive payments across the globe instantly enabling you to transact with national & international partners in any stablecoin currency, fueling economic growth and global success.
“Get paid, anywhere, instantly. Ditch the limitations of location and outdated payment systems. With cNGN, you can freelance for the world, right from your desk in Nigeria. Your talent knows no borders, so why should your income? Skip the bank queues and paperwork.”
The unveiling of the cNGN is coming over two years after digital currency transactions were banned by the apex bank.
In February 2021, CBN directed deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) to close accounts of persons or entities involved in cryptocurrency transactions within their systems.
The regulator further warned local financial institutions against dealing in crypto assets or facilitating payments for crypto exchanges, citing money laundering (ML), terrorism financing (TF), cybercrime, and the volatility of cryptocurrencies as reasons for the ban.
However, the apex bank on December 22, 2023, issued fresh operational guidelines on virtual assets service providers (VASPs) to all banks and OFIs – signalling a shift from its initial position which restricts crypto transactions.
VASPs are entities that conduct exchanges between virtual assets (cryptocurrencies) and fiat currencies and transfers of virtual assets.
Guide to Instagram Growth in 2023 fully ready for your fast info on Guide to Instagram Growth in 2023 as published on 9ja2nice web for the article on Guide to Instagram Growth in 2023.
Instagram is one of the most famous social media sites, and this comprehensive guide will elaborate on the Instagram growth strategies you should adopt in 2023.
Businesses worldwide use Instagram to reach out to their customers with proven success. Everyone, brand or a small business owner, uses Instagram to grow their customer base. Why is it so? It’s because Instagram is a versatile and effective marketing tool, and we’re not the only ones that think so. All businesses agree and prefer using Instagram for marketing.
Instagram has come a long way from being a mere photo-sharing social media platform. It has transformed into something much bigger and is amongst the top four social networks in terms of popularity.
The platform’s user-friendliness keeps users hooked for a long time and increases your chances of getting more engagement. This proves Instagram to be the best platform for businesses and influencers to capture the attention of their followers and expand their customer base easily.
Your customer will be compelled to follow you on Instagram if you provide them with something they can stay hooked on. Instagram is an app that supports varied content forms like posts, stories, highlights, reels, and IGTV. You can add hashtags, brand names, and locations to propound your presence.
If you are a brand or an influencer wanting to thrive your presence on Instagram, read on to garner some valuable advice that will go a long way to help you in this regard.
Growing an Instagram Account: Benefits
Undoubtedly, Instagram is no longer an ordinary photo-sharing app. It has a heap of value to offer, not only to the users but also to businesses. Instagram keeps introducing interesting features that significantly aid companies in marketing and selling their goods.
Growing your brand’s presence or your brand as an influencer offers several benefits, such as the following:
Reach out to more people
Instagram has over 2 billion active users, and the number is increasing daily. There is no limit to how far a business can go with an effective Instagram strategy when there are that many pairs of eyes watching your content.
Favored by Influencers
Collaboration with reputable influencers can provide a better return on investment and expose your content to audiences that were not possible otherwise. Therefore, growing your brand on a platform favored by most influencers makes sense.
Your business grows irrespective of size
If you are starting and want to highlight your offerings, Instagram is the ideal platform. You can use Instagram to gain exposure and engagement regardless of whether your business is well-known or gaining pace.
Engage with customers
Instagram is a platform where you can regularly engage with your customers by direct messaging, adding insightful comments, or answering their queries. It adds to your brand’s credibility.
Help you discover your clients’ preferences
By observing the Instagram posts your clients share, you can learn a lot about their choices. By reading their postings and responses, you can learn about their tastes and find out what they enjoy. These suggestions aid in developing new content and upcoming marketing plans.
Advertise your content
While implementing the organic ways of Instagram growth provides tremendous value, the paid advertising feature of the platform offers immense help if you want to target users based on behavior, demographics, and location.
From everything you’ve seen, it’s clear that nurturing your brand on Instagram will help your business generate a lot of revenue. Instagram increases brand recognition, generating leads, cultivating client loyalty, and boosting sales.
How to Gain More Instagram Followers
The trick is to optimize your Instagram account and treat it like a landing page to increase traffic and followers. This is how you can go about it.
#1. Create an Instagram Marketing Strategy
Understand your audience: What platforms they use, when and why they visit them, what material they enjoy, who else they follow, and more.
Brand identity: What news do you want to bring to your audience? What emotions do you want them to have after watching your content?
Content strategy: While there is some spontaneity on Instagram, you’ll need a defined content strategy to have a consistent voice and produce high-quality content regularly.
Analytics: Quantifiable information can help you plan your approach, including who you’re trying to target, what material to provide, when to post, and more.
Regular activity: Instagram is a real-time platform. You must repeatedly post if you want to use it to grow your business.
#2. Analyze competitors
Do you have a rival that you find difficult to surpass? Find out what they post, how frequently, when, and in what forms by performing a little competitive analysis on Instagram.
For a week, keep a careful eye on them so you can spot any subtle tactics they may use to grow Instagram followers. You might pick up tips on what, when, and how to post on Instagram to get more followers.
#3. Identify your target audience
On Instagram, it’s vital to determine the users you want to target. You may define your customers in a variety of ways. To identify patterns between your followers’ online purchasing behavior and that of your followers, we advise analyzing your website’s and Instagram’s analytics.
You should investigate their online behavior on your website and their Instagram usage. The more time you invest in researching the demographics of your target audience, the higher your chances are of producing related content that encourages clicks and conversions.
#4. Optimize your Instagram bio
You must ensure that your Instagram bio stands out from the competition because it will likely be the first thing people will go through regarding your brand. You need more than just your Instagram handle.
Since you get limited words to write a bio, it is crucial to be clear and concise about what your company does, and yes. Don’t forget to include the keywords defining your brand so that readers can precisely understand what you stand for.
#5. Stay Consistent
Consistency is the key to gaining momentum on any social media platform, including Instagram. Nobody will want to follow any Instagram profile that posts randomly, maybe once a week. While creating, content may attract new followers, doing so regularly stops them from swaying away.
Creating a content calendar will help you plan the content and show consistent behavior. Furthermore, you can identify the best times to post the content on your Instagram profile. It is when most of your followers are active.
#6. Opt for Instagram Ads
Implementing organic growth methods will increase Instagram followers at a slow pace. But if you wish to accelerate the growth rate, Instagram advertising is the right option. The paid substitute for organic strategies lets you choose your target audience and promote your posts.
Instagram supports an array of ad types, viz. Image ads, Carousel ads, Video ads, Story ads, Reels ads, Shopping ads, and Explore ads. You can decide your ad budget and get started with Instagram ads.
Tools to Get more Instagram followers
Instagram is a photo and video-sharing social networking platform, so creating and posting scroll-stopping content is of utmost importance. This works two ways. It aptly delivers the message you wish to convey and prevents your idea from getting lost in the sea of posts in your user’s news feed.
Whether a newbie or a seasoned business, you will want to post exceptional photos and videos that attract your audience’s attention. Interestingly, there are several platforms that will help you do so. You can check out the best design solutions to meet the demand for photos and infographics to engage your followers and tell your stories.
Likewise, these social media management tools will offer immense help in managing, overseeing, and scheduling the content for multiple Instagram accounts from one place.
Frequently Asked Questions
Should I buy Instagram Followers?
What are the Different Types of Instagram Content?
How to get on the Instagram Explore Page?
Last Words
Well, those were proven tactics you can implement to experience exceptional growth on Instagram. Remember, content is the kind, so always try to bring something new. Quality media coupled with thoughtful captions and relevant hashtags will surely do wonders.
Lastly, stay consistent and creative to witness a slow and steady increase in the number of followers on Instagram.
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