The Nigerian government has now approved a newly released stablecoin known as “compliant NGN.”
The compliant Nigerian naira (cNGN), a naira-pegged stablecoin, is now live and available on licensed Nigerian exchanges. With listings on licensed exchanges like Busha and Quidax, cNGN aims to provide users with a seamless way to trade and exchange digital assets.
The cNGN was first introduced in 2024 by the African Stablecoin Consortium (ASC) which is a coalition of Nigerian financial institutions and blockchain companies. Later in January 2025, ASC announced plans to launch cNGN within a CBN-regulated sandbox the following month.
This development puts Nigeria back on the CBDC scene, after the debut of eNaira which became Africa’s first CBDC in 2021. While the eNaira lacked a clear use case and eventually failed, the cNGN is designed to offer interoperability across multiple blockchains, facilitating remittances and providing liquidity for on-chain protocols. These features would expand its potential use cases beyond the eNaira’s limitations.
Additionally, the cNGN is issued and managed by a licensed private entity, Wrapped CBDC, unlike the eNaira which is solely issued and controlled by the Central Bank of Nigeria (CBN)
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