cNGN


cNGN (short for compliant Naira) is a Nigerian stablecoin pegged 1:1 to the Nigerian Naira (₦).[1]

cNGN is issued under the 2025 Investments and Securities Act, which grants the Securities and Exchange Commission (SEC) of Nigeria authority over digital assets, while the Central Bank of Nigeria (CBN) retains oversight of payment systems.[2][3]

Issuance and governance

cNGN is designed to mirror the value of the Nigerian Naira on blockchain networks, providing a digital representation of the currency to facilitate instant payments, cross-border remittances, decentralized finance transactions, and Naira-denominated digital commerce.[4] It is considered Africa’s first regulated stablecoin.[5] However, the cNGN is intended to complement, and not substitute the eNaira.[6] Unlike the eNaira, which is developed solely by the Central Bank of Nigeria, the cNGN is managed by a private entity.[7]

cNGN is governed by WrappedCBDC Limited and operates under the oversight of the Securities and Exchange Commission (SEC) of Nigeria.[8][9]

References

  1. ^ Media, RVO (2024-08-29). "Press Release: Update on the SEC's Accelerated Regulatory Incubation Program and Regulatory Incubation Program". The Securities and Exchange Commission, Nigeria. Archived from the original on 2025-04-29. Retrieved 2025-09-02.
  2. ^ "Central Bank Approves Launch of cNGN Stablecoin in February 2024 - Proshare".
  3. ^ Jose De Luna, Martinez; Deeksha, Kale. "Regulating the Crypto Market in Nigeria". International Monetary Fund: 2.
  4. ^ Omotayo, Boluwatife (2025-02-17). "Ten things to know about cNGN, Nigeria's stablecoin". Businessday NG. Retrieved 2025-09-02.
  5. ^ Kaaru, Steve (2025-07-16). "Africa's first regulated stablecoin hits milestone". CoinGeek. Retrieved 2025-09-02.
  6. ^ "6.4". FCMB Group Plc Public Offer - Prospectus (PDF). First City Monument Bank. p. 20.
  7. ^ Akintaro, Samson (2024-01-05). "Nigerian banks, fintechs set to launch cNGN stablecoin on February 27". Nairametrics. Retrieved 2025-09-02.
  8. ^ "Registered FinTech Operators". Securities and Exchange Commission (Nigeria). Retrieved 2025-09-02.
  9. ^ BusinessDay (2025-02-20). "cNGN: Nigeria's first regulated stablecoin explained, a new digital naira?". Businessday NG. Retrieved 2025-09-02. {{cite web}}: |last= has generic name (help)
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