cNGN Stablecoin Gains Traction in Nigeria's Crypto Scene
cNGN, a 1:1 Naira-pegged stablecoin, launched in February 2025, is making waves in Nigeria's crypto scene. Despite its early stage, with only 121.3 million tokens and 127 wallet addresses, it's gaining traction on multiple blockchain networks and licensed exchanges like Busha and Quidax.
cNGN serves as a bridge between Nigeria's traditional finance and the global blockchain ecosystem. It's fully backed by reserves in cash, government bonds, and treasury bills, designed for real-world use. Benefits include low-cost remittances, instant payments, and programmable finance for freelancers, businesses, and fintechs.
The development of cNGN involved key firms such as DeFi Technologies, Continental Stablecoin Inc. (CSI), Coinbase Ventures, and Adaverse. They formed a strategic alliance to promote regulated digital currencies in Africa. cNGN aims to become the de facto stablecoin for Nigeria's crypto economy, complementing the eNaira.
Unlike the eNaira, cNGN is decentralized, privately-issued, and runs on public blockchains. It opens doors to decentralized trading, liquidity pools, and lending protocols without relying on USD-pegged stablecoins.
To fulfill its potential, cNGN needs education, ecosystem partnerships, developer incentives, and regulatory expansion. Despite its early stage, it's well-positioned to transform Nigeria's crypto landscape, offering a viable alternative to the eNaira and USD-pegged stablecoins.
