Nigerian crypto startup Quidax has officially listed cNGN, the country’s first SEC-regulated stablecoin pegged to the naira. This move follows Busha’s listing of the same token last month, signaling a shift in Nigeria’s crypto landscape—where regulation and adoption are beginning to find common ground.
With the March 12 listing, Quidax users can now send and receive cNGN between wallets, with potential applications in payments, transfers, and digital currency exchanges. Unlike past regulatory crackdowns, the SEC’s involvement in cNGN’s rollout suggests that the government is looking to integrate crypto into the financial system rather than restrict it.
The cNGN stablecoin was launched in February 2024 after three years of development by the African Stablecoin Consortium (ASC), which includes Convexity, Alpha Geek Technologies, Digital Currency Coalition, and Interstellar. The consortium secured regulatory approval in August 2024 under “WrappedCBDC Ltd,” a joint venture dedicated to blockchain-based digital currency projects.
Despite its regulatory backing, some crypto users are questioning the need for cNGN, given that the naira is already accessible on major crypto platforms. “There’s already fiat Naira existing in the crypto ecosystem,” said Lagos-based crypto trader Chibunna Kingsley. “So it is hard to see why traders need the cNGN.”
However, proponents argue that cNGN could serve as a bridge for decentralized platforms that previously delisted the naira, making it easier for Nigerians to trade on global exchanges. With 121.3 million tokens in circulation and 127 holders as of now, the ASC is pushing for broader exchange listings to position cNGN as a viable remittance and trading tool. The real challenge will be convincing users that it offers something beyond existing naira integrations.