The compliant Nigerian Naira, cNGN, a naira-pegged stablecoin, is now live and accessible on licensed Nigerian exchanges.
With listings on its own platforms, and local crypto exchange Quidax, cNGN seeks to offer users a smooth and efficient way to trade and exchange digital assets.
[PODCAST] How Quidax, a Nigerian Crypto Exchange, is Looking to Bring Crypto in Africa, the African Way, with Buchi: https://t.co/emMC9u5puG @QuidaxAfrica
— BitKE (@BitcoinKE) September 15, 2020
The Naira-backed stablecoin was officially launched on February 3 2025 making it Africa’s first regulated stablecoin. As of February 4 2025, the website reports that there are 4,400 cNGN in circulation, held by seven users, with a total of 14 on-chain transactions and one supporting country.
According to the team behind it, only licensed users can buy $cNGN directly, while others can obtain it via cryptocurrency exchanges such as Busha and Quidax.
🇳🇬🇳🇬Nigeria Exchange, Busha, Raises $4.2 Million for Grow its 200,000 User Base to 1 Million: https://t.co/fuWV0p6eAT @getBusha
— BitKE (@BitcoinKE) November 26, 2021
The cNGN is authorized to operate under the regulations of the Nigerian Securities and Exchange Commission (SEC Nigeria), following the provisional license awarded in 2024 to its founding entity, Wrapped CBDC.
Wrapped CBDC is part of the Africa Stablecoin Consortium (ASC), which governs the cNGN stablecoin. The consortium is a partnership led by Convexity, with other members including Interstellar, Digital Currency Coalition, and Alpha Geek.
[WATCH] Convexity Hub, the First Fully-Fitted Blockchain and Crypto Forensics Lab in West Africa, Launches in Nigeria: https://t.co/XxUi8WLqm7
— davgit (@DavGit) June 20, 2021
The cNGN was launched in 2024 by the African Stablecoin Consortium (ASC), a coalition of Nigerian financial institutions and blockchain companies. In January 2025, ASC revealed its intention to launch cNGN within a Central Bank of Nigeria-regulated sandbox in the following month (February 2024).
🇳🇬 INTRODUCING | The Central Bank of Nigeria Approves Launch of the Africa Stablecoin Consortium to Pilot the cNGN Naira Stablecoin
A monumental shift in the financial landscape unfolds as the Central Bank of #Nigeria (CBN) greenlights the Africa Stablecoin Consortium (ASC) to… pic.twitter.com/h5RyEOzDlj
— BitKE (@BitcoinKE) January 5, 2024
The stablecoin is interoperable across various blockchains, enabling remittances and enhancing liquidity for on-chain protocols.
The Central Bank of Nigeria’s digital currency, the eNaira, and the cNGN stablecoin, are both digital assets backed by the Naira, maintaining a fixed value pegged to the national currency. However, unlike the eNaira, which is issued and controlled solely by the Central Bank of Nigeria, cNGN is issued and managed by a licensed private entity, Wrapped CBDC.
Its blockchain nodes are distributed among the members of the African Stablecoin Consortium, ensuring a decentralized structure. Additionally, the cNGN is designed for interoperability with multiple blockchains, broadening its potential applications beyond the eNaira’s constraints.
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