What is cNGN?
cNGN, or Compliant Naira, is Nigeria’s pioneering stablecoin, pegged 1:1 to the Nigerian Naira, ensuring its value remains stable at 1 cNGN = 1 Naira. Unlike volatile cryptocurrencies like Bitcoin, cNGN is designed for reliability, operating on multiple blockchains, including Bantu, Ethereum, and Binance.
Developed by the Africa Stablecoin Consortium (ASC) and regulated by Nigeria’s Securities and Exchange Commission (SEC), cNGN is backed by Naira reserves in licensed custodian banks. It’s available on exchanges like Busha and Quidax, enabling fast, secure transactions for payments, remittances, and trading. Unlike the Central Bank’s eNaira, cNGN is a private-sector initiative, offering greater flexibility across decentralized financial platforms.
Why is cNGN Important to Nigeria?
cNGN is a game-changer for Nigeria’s digital economy. It promotes financial inclusion by providing a stable digital currency for the unbanked and underbanked, leveraging Nigeria’s high cryptocurrency adoption rate.
With transactions settling in minutes, cNGN reduces costs and delays, especially for cross-border remittances, a vital lifeline for Nigerians abroad. It bridges traditional finance and blockchain, fostering transparency and reducing fraud risks. By operating under regulatory oversight, cNGN signals a crypto-friendly shift, potentially attracting foreign investment. Despite challenges like Naira volatility and public trust issues post-eNaira, cNGN’s success could position Nigeria as a leader in digital finance innovation, driving economic efficiency and blockchain adoption.