The crypto world is no stranger to change, and right now, we’re seeing a fascinating shift in the stablecoin arena.
For the longest time, “stablecoin” pretty much meant ”dollar-backed.”
But the script is flipping. While the giants like USDT and USDC have paved the way, their very dominance has highlighted a crucial need: a more diverse, representative, and decentralised approach to fiat-pegged value in the digital realm.
Enter the contenders: coins like the BRZ (Brazilian Real-backed), TRYB (Turkish Lira-backed), offering a gateway for Brazilians and Turks into the crypto economy without immediate exposure to dollar volatility.
These are assertions of monetary identity in the digital age, and among them, a particularly interesting player is emerging from Africa: the cNGN (Nigerian Naira-backed stablecoin).
It’s not merely an expansion of options; it’s a step toward redefining the digital role of local currencies.
Spotlight on cNGN: Nigeria’s Digital Naira Takes the Stage
Nigeria, a powerhouse of crypto adoption in Africa, is where cNGN is making its debut. This isn’t just another crypto token or digital currency; it’s a concerted effort to bring the Naira into the digital age, compliantly. The cNGN aims to bridge the gap between traditional finance and the fast-paced world of decentralised possibilities for one of Africa’s largest economies.
The Story So Far:
The cNGN, or “Compliant Naira,” emerged from the Consortium formed by a group of Blockchain technology companies, fintechs, and blockchain players called WrappedCBDC Ltd., officially launched in March 2025. Its journey has been marked by a deliberate engagement with regulators, operating within the Nigerian SEC’s sandbox. This focus on compliance is key to building trust for a Naira-backed stablecoin that’s held 1:1 in commercial banks.
For a nation deeply familiar with crypto for remittances and as an inflation hedge, a regulated, Naira-pegged stablecoin sounds promising. It offers a way to tap into DeFi, speed up payments, and transact digitally in the local currency. Adoption is in its early days, but with established financial entities backing it, the groundwork is laid. The real test will be moving beyond crypto traders to everyday users and businesses.
What Can You Do With cNGN?
The potential is broad:
- Cheaper, faster money transfers in and out of Nigeria due to relatively low blockchain fees.
- Smoother payments for online shopping, leveraging the instantaneous and 24/7 uptime of the blockchain.
- A bridge to DeFi and money markets.
- Simpler cross-border trade within Africa and beyond.
- Better and Enhanced E-commerce
The outlook is cautiously optimistic. If cNGN can deliver on usability and build widespread trust, it will be a game-changer for Nigeria’s digital economy and how its teeming tech-savvy citizens position themselves in the digital asset economy.
cNGN Profile
Based on publicly available information:
| Attribute | Details |
|---|---|
| Name | Compliant Naira |
| Ticker | cNGN |
| Website | cngn.co |
| Launched | 01/03/2025 |
| Founders | WrappedCBDC Ltd (a consortium: Convexity, Interstellar, AlphaGeeks Tech) |
| Headquarters | Abuja, Nigeria |
| Industry | Digital Asset, Financial Technology (FinTech) |
| Regulator | Securities and Exchange Commission, Nigeria |
| Key Services | Stablecoin (naira-backed) |
| Native Blockchain | Bantu |
| Other Blockchains | Assetchain, Base, Ethereum, Polygon, Binance Smart Chain (BSC) |
| Token Information | https://github.com/wrappedcbdc/stablecoin-cngn |
| SDK Information | https://docs.cngn.co |
| Whitepaper | https://github.com/wrappedcbdc/stablecoin-cngn/blob/main/cNGN_Fiat_Backed_White_Paper.pdf |
| Audit Report | https://cngn.co/proof-of-funds |
| Proof of Funds | https://cngn.co/proof-of-funds |
| Contact Email | contact@cngn.co |
How to Mint and Redeem cNGN on their Dashboard
cNGN only allow KYC individuals, merchants and Businesses to mint and redeem on its platform. Here is an ideal step you will go through:
- VERIFICATION: You will need to create an account on the cNGN dashboard and complete their Know-Your-Customer or Business before you can be allowed to access the functionality of the dashboard. They charge a verification fee of ₦100,000.
- MINTING: When you pass their verification process, you can proceed to deposit your Nigerian Naira, which you can use to mint cNGN 1:1 on any blockchain network of choice.
- WITHDRAWAL: When you are done minting, you select the withdrawal network, whitelist receiving wallet address, initiate withdrawal, input your 2FA details, and you will receive the cNGN stablecoin. They charge a withdrawal fee of 0.001% capped at 10,000 NGN.
- REDEMPTION: You deposit cNGN into a generated address on the cNGN Dashboard, make a deposit, then navigate to the redemption section on the dashboard, input and verify your receiving Naira account, and approve redemption with your 2FA details. They charge a redemption fee of 0.001% capped at 10,000 NGN.
Only onboarded and approved users can redeem cNGN directly from the cNGN dashboard. Alternatively, you can use a third-party platform that has integrated cNGN, such as Busha, Quidax, BreadAfrica, etc.
Alternative ways to get cNGN
For those looking to acquire, use, store or be a liquidity merchant for cNGN, here is the simple guide:
- DEX Integrations: Users and businesses can integrate for liquidity or swap cNGN directly for digital assets on decentralised exchanges such as Assetchain.org, Aerodrome, Pancakeswap, Butterswap or directly in Crypto wallets like Rainbow.
- Wallet Infrastructure: Fintechs, web3 startups, and businesses can seamlessly plug in cNGN (on multiple blockchain networks), leveraging wallet infrastructure providers such as FlintAPI, Blockradar, Stablesrail, Bitpowr, among others.
- On and Offramp: Several platforms have emerged to facilitate the buying, selling, and trading of cNGN, including Quidax, Busha, Xend Finance, BreadAfrica, Noblocks, Azawire, and Roqqu, with more options available under the cNGN category on Monierate.
- cNGN Liquidity: You can get cNGN liquidity on DEXs such as Aerodrome, Pancakeswap, Butterswap, and as well as through API providers such as FlintAPI, Stablesrail, and MUDA Tech.
- cNGN Bridge: You can use Stablesrail or FlintAPI bridge to swap cNGN across its suported blockchain without having to offramp to fiat or even directly on the cNGN dashboard.
- cNGN API: The cNGN GitHub repository provides smart contract details, an architectural overview, and blockchain implementation information, complemented by SDK documentation with tools and guidelines for developer integration, as well as Java, TypeScript, Python, and PHP libraries that enable merchants and financial institutions to easilyinteract with the cNGN API.\ \ NOTE: You have to create an account on cNGN to be able to access the API keys for making use of the cNGN api.
Wallets Compatible with cNGN:
- Coinbase Wallet (Best for Base)
- BantuPay wallet (Best for Bantu blockchain)
- Trust wallet (BSC and Multichain)
- Rainbow wallet (Base)
- Metamask wallet (Base, Ethereum and Multichain)
- Phantom Wallet (Best for Solana, Base and Multichain)
- Any wallet that supports the blockchain network cNGN is deployed.
Will local stablecoin become dominant?
On one hand, it represents a possible step away from dollar dominance. Many African economies carry the weight of relying too heavily on the US dollar. Still, with a homegrown stablecoin, there’s the chance to transact in the global digital marketplace while keeping value tied to local currency. That means a bit more monetary independence.
For Nigeria, this could be a way to join the digital economy on its own terms, in its own currency. The idea is to make blockchain practical and accessible, not abstract.
But here’s the question: do you see cNGN (or similar local stablecoins) becoming genuine market players, or will they struggle against global stablecoins still tied to the dollar?