Compliant Naira (cNGN) is now available on Nigerian-based crypto trading platform, Roqqu. This means that Roqqu users can now buy, sell, and hold cNGN on the app. The crypto transaction platform joins Busha, Quidax, Xend Finance, Blockradar, & Boundlesspay in offering the SEC-regulated token to retail traders.
cNGN Deepens First-mover Advantage
Compliant Naira (cNGN) is Africa’s first regulated stablecoin. It is a Naira-backed, programmable crypto token developed by the Africa Stablecoin Consortium (ASC), comprising Nigerian fintechs like Convexity, Alpha Geek Technologies, Digital Currency Coalition, and Interstellar, operating under WrappedCBDC Ltd.
It was launched in February 2025 under the Nigerian Securities and Exchange Commission’s (SEC) Regulatory Incubation Program. cNGN is pegged 1:1 to the Nigerian Naira and designed for payments, DeFi, and cross-border transactions.
According to Dr. Babatunde Obrimah, the Chief Operating Officer of the Fintech Association of Nigeria, cNGN “would increase confidence, boost financial inclusion, and serve as an investment instrument.” The stablecoin currently operates on the Bantu Chain and is interoperable with multiple blockchains, including Binance Smart Chain, Ethereum, and Base.
Since its inception, the team behind cNGN has been working to increase its penetration into the Nigerian & African retail crypto market. With Roqqu now supporting the stablecoin, this goal seems closer. Additionally, Roqqu’s penetration into East Africa with the acquisition of Kenyan exchange startup Flitaa also means cNGN could figure prominently in cross-border transactions soon.
cNGN’s Progress So Far and Growth Potential
According to the latest data, cNGN has a total traded volume of ₦17.7 billion in 60,331 onchain transactions. Although this is a bright start, cNGN is still scratching the surface.
Nigeria is the African leader in stablecoin transactions with an annual volume of $22 billion (₦33 trillion). Therefore, there is a lot of space for cNGN to grow.
However, this growth might not be achieved easily due to Naira’s perceived volatility. The Nigerian legal tender has lost approximately 70% of its value since May 2023. Interestingly, this has been one of the major drivers of the serial adoption of USD-pegged stablecoins like USDT.
Despite this, support from Nigerian crypto startups like Roqqu and Busha is the right way to go. It will make cNGN more accessible to the millions of crypto enthusiasts in Nigeria.
Read Also: South Africa Reserve Bank to Publish Crypto Regulatory Framework in 2025, Says Finance Minister
