* NGNT is a stablecoin pegged to the Nigerian Naira. It is not legal tender.
NGNT is an ERC-20 token on the Ethereum blockchain that you can buy through an issuer. Issuers mint and validate the tokens which can be transferred to any ERC-20 compatible wallet. Issuers also redeem NGNT tokens for naira, after which the tokens are removed from circulation.
NGNT is issued by Token Mint, an independent organization of exchanges, wallets and payment processors. Our goal is to facilitate easy and speedy cross-border transactions and increase the scope of trading across the continent.
You should use NGNT if you're a cryptocurrency trader or investor who wants a hassle-free and fast way of trading crypto for Naira and vice versa. All NGNT transactions are done on the blockchain so there are no transfer limits or banking delays. Confirmation is done within 10-20 seconds.
An independent firm audits and publishes monthly attestation reports of all NGNT reserves for every issuer. These attestations shall be carried out in line with the provisions of the International Standards on Assurance Engagement (ISAE), Companies and Allied Matters Act (CAMA) and Financial Reporting Council of Nigeria Act (FRCONA). These attestations are publicly published to this site and as such, everybody will be able to see that for every NGNT on the network, there's an equivalent Naira sitting in a bank account.
It is not legal tender. NGNT is not the Nigerian Naira. It is a cryptocurrency token with it's value pegged to the Naira with actual money in the bank.
NGNT is an independently managed open-source project that runs on Ethereum via smart contracts.
We use Gas Station Network (GSN), a decentralized network of relayers, to allow people send and receive NGNT without having to pay for gas in ETH. This means NGNT transfer fees can be paid in NGNT.
The NGNT token contract will be upgradeable just once. This is achieved by restrictions in the LimitedUpgradesProxyAdmin.sol contract
The motivation for this decision is to provide an opportunity to effect any of these potential changes:
Join our Telegram community of traders, developers, enthusiasts and stakeholders to discuss the future of NGNT and digital money in Africa.
If you’ll like to contribute to NGNT and change the financial landscape in Africa by minting, issuing and redeeming the token, send us an email at info@ngnt.org.