WrappedCBDC set out to fix how Nigerians move money with a naira-backed stablecoin. After 11 months and 1 billion tokens issued since its launch, the company is now trying to prove that a digital currency backed by a “volatile” naira can earn real trust and serve as a rail for easing naira movement. Compliant Naira (cNGN), the stablecoin backed by the local currency, was first listed on the provisionally licenced Nigerian cryptocurrency exchange, Busha, on February 3, 2025, but the vision to...

When Asset Chain, a Nigerian blockchain company, launched a money market product through its affiliate crypto investment app Xend Finance in May, it marked a shift in how stablecoins are used in Africa’s largest crypto economy. For years, digital tokens pegged to fiat currencies have been treated primarily as payment instruments. Now, Xend Finance is turning them into a channel for investment returns. The company’s money market product is powered by the cNGN, the naira-backed stablecoin issu...

Four months after talks began, Roqqu, a Nigerian crypto company, has listed the compliant Naira (cNGN), the stablecoin pegged 1:1 to the local currency. It joins Busha, Quidax, Xend Finance, Blockradar, and Boundlesspay, among startups that now support the token. Launched in February and distributed by the WrappedCBDC team, the cNGN stablecoin now has ₦603 million ($395,000) in circulation. While the stablecoin is minted across six blockchains—Asset Chain, Base, Bantu, Polygon, Ethereum, and...

Asset Chain, a Nigerian blockchain infrastructure company, has launched its eponymous blockchain, a Layer-1 (L1) network built to provide a safer and faster way for Nigerians to trade digital assets and real-world assets—like property or commodities—directly with each other, without relying on middlemen or traditional banks. The launch introduces a new decentralised exchange (DEX) where users can trade between USDT, a dollar-backed stablecoin issued by Tether, and cNGN, a Naira-backed stable...

Quidax, the Nigerian crypto startup that received a provisional licence in August 2024, has listed cNGN, the country’s first regulated stablecoin pegged to the naira. The move, which comes a month after another provisionally-licenced crypto startup Busha listed the cNGN, underscores Nigeria’s evolving approach to crypto regulation, balancing oversight with the growing adoption of digital currencies. The March 12 listing will allow Quidax users to send and receive cNGN between wallets with th...

Busha, a Nigerian cryptocurrency exchange that secured a provisional licence from the country’s Securities and Exchange Commission (SEC) in August 2024, has listed the compliant NGN (cNGN) on its platform. This marks the introduction of Nigeria’s first private consortium-backed stablecoin, pegged 1:1 to the Naira.  On February 3, Busha announced the stablecoin listing. Users can buy cNGN and sell it back to the platform, as Busha controls its own liquidity. However, users cannot send it to...