In a significant step toward merging cryptocurrency with regulatory oversight, Nigerian crypto exchange Quidax has listed cNGN, the country’s first regulated stablecoin pegged to the Naira.

This move, following Busha’s earlier listing, reflects Nigeria’s evolving position on digital currencies, one that seeks to promote innovation while maintaining government oversight.

The March 12, 2025 listing enables Quidax users to send and receive cNGN, with potential future applications in digital payments, remittances, and cross-platform asset transfers.

Under the watchful eye of Nigeria’s Securities and Exchange Commission (SEC), the rollout of cNGN signals a shift from restriction to integration, as regulators aim to bring crypto into the country’s formal financial system.

The Birth of cNGN: From Concept to Exchange Listings

cNGN’s journey began three years ago with the formation of the African Stablecoin Consortium (ASC), a coalition of industry players, including Convexity, Alpha Geek Technologies, Digital Currency Coalition, and Interstellar.

After years of development, the stablecoin officially launched in February 2024, aiming to provide a regulated, blockchain-based alternative to traditional Naira transactions.

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When Nigeria’s SEC introduced the Regulatory Incubation (RI) programme in June 2024, the ASC applied under WrappedCBDC Ltd, a dedicated joint venture for managing blockchain-based currencies.

The consortium received approval in principle by August 2024, granting cNGN a provisional licence to operate legally within Nigeria’s regulatory framework.

Since then, adoption has grown steadily. The cNGN website reports 121.3 million tokens in circulation with 127 holders, and with its listing on Quidax, one of Nigeria’s largest exchanges, the stablecoin’s reach is positioned to expand further.

Why cNGN Matters in Nigeria’s Crypto Ecosystem

The introduction of a regulated stablecoin comes at a time when Nigerians are increasingly turning to digital currencies to navigate economic uncertainty and currency fluctuations.

cNGN offers several unique benefits that distinguish it from traditional Naira in the crypto ecosystem:

1. Regulatory Assurance: With SEC oversight, cNGN provides a compliant and secure alternative for users concerned about the legal status of their digital assets.
2. Improved Access to Global Platforms: Many major decentralised exchanges (DEXs) and global platforms previously delisted the Naira due to regulatory concerns. With cNGN, Nigerians could regain access to these international markets.
3. Stability and Transparency: Through Wrapped CBDC, exchanges seeking to list cNGN must undergo reserve management checks and pay a ₦100,000 verification fee to ensure liquidity and stability.
4. Cross-Border Transactions: As a blockchain-based asset, cNGN could simplify cross-border payments, reducing reliance on third-party intermediaries and cutting transfer costs.

Criticism and Community Concerns

Despite its promise, cNGN has faced scepticism within the Nigerian crypto community. Critics argue that the fiat Naira is already widely available on major platforms, making the need for a Naira-backed stablecoin unclear.

Such concerns highlight a broader challenge: convincing users that cNGN adds practical value beyond what is already available. For the ASC, driving adoption will depend on whether cNGN can deliver convenience, security, and market access unavailable through existing channels.

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The Road Ahead: Challenges and Opportunities

The success of cNGN depends on user adoption and platform expansion. While its listing on Quidax is a crucial milestone, the African Stablecoin Consortium aims to integrate cNGN into more exchanges and position it as a remittance tool for Nigerians seeking low-cost, cross-border transactions.

If successful, cNGN could:

• Reopen access to decentralised exchanges for Nigerian traders.
• Offer a stable, regulated on-ramp for crypto investments.
• Support financial inclusion by providing a secure, digital version of the Naira.

However, the stablecoin faces regulatory complexities and user scepticism. For many, the question remains: Can cNGN differentiate itself from the fiat Naira and provide tangible value in Nigeria’s already vibrant crypto ecosystem?