Peter Zhang
Aug 06, 2026 14:50
cNGN, Nigeria’s first regulated naira stablecoin, integrates with Celo to enable low-cost remittances, DeFi, and FX trading.
cNGN, Nigeria’s first regulated naira stablecoin, has officially launched on the Celo blockchain, marking a significant advancement for onchain foreign exchange (FX) and payment solutions in Africa. The stablecoin, pegged 1:1 to the Nigerian naira, is backed by reserves held at approved commercial banks and will enable low-cost transactions for remittances, DeFi, lending, and everyday payments.
With this integration, cNGN becomes the 32nd fiat-backed stablecoin in the Celo ecosystem, which has gained prominence for its focus on stablecoin payments and financial inclusion. Textile FX, a cross-chain liquidity network, has partnered with cNGN and will facilitate swaps between the naira-backed stablecoin and Tether (USD₮), leveraging institutional liquidity provided by Tribeca Park Capital. Textile FX reported $4 million in trading volume last month and has onboarded 78 OTC and cross-border payment companies in Nigeria.
Why This Matters
Nigeria plays a pivotal role in global cryptocurrency adoption, accounting for 60% of stablecoin inflows into sub-Saharan Africa since 2019, according to the IMF. In 2025 alone, remittances brought $21.8 billion into the country, underscoring the demand for efficient cross-border payment solutions. The cNGN stablecoin could further accelerate crypto adoption in the region by offering a compliant, naira-backed asset for digital payments and FX trading.
“Bringing cNGN to Celo puts the regulated naira stablecoin on rails where transfers cost a fraction of a cent and settle in an instant,” said Dr. Markus Franke, Global Head of Stablecoins at Celo Core Co. Uyoyo Ogedegbe, Managing Director at cNGN, added that the integration enables scalable, real-world use cases across Africa, positioning cNGN alongside more than 30 other stablecoins in the Celo ecosystem.
Regulatory and Market Context
cNGN is issued by WrappedCBDC Limited and operates under the regulatory oversight of Nigeria’s Securities and Exchange Commission (SEC). It was initially launched in early 2025 after receiving approval in the Central Bank of Nigeria’s regulatory sandbox. Unlike Nigeria’s eNaira, a central bank digital currency (CBDC), cNGN is a privately issued stablecoin designed for use on public blockchain infrastructure. Its reserves are audited monthly, ensuring transparency and trust for users.
The stablecoin’s deployment on Celo could also bolster its adoption in FX markets, where stablecoins are widely used for settlement. Textile FX’s support for cNGN<>USD₮ trading pairs is expected to provide liquidity for institutional and retail users alike, enabling seamless currency swaps at competitive rates.
Broader Implications for Stablecoins
cNGN’s launch on Celo follows a series of stablecoin integrations on the network, including USA₮ (a Tether-backed US dollar stablecoin) and Ripio’s wFIAT stack, which brought Latin American fiat currencies to the blockchain. This expansion underscores a growing trend of localized stablecoins addressing region-specific payment and settlement needs.
For developers, the cNGN integration opens new possibilities for building applications tailored to the Nigerian market. Celo’s documentation portal provides resources for integrating cNGN into existing platforms or developing new services.
Next Steps
The next phase involves incorporating cNGN as a gas currency on the Celo network, streamlining transaction fees and improving user experience. With Nigeria ranked sixth globally in crypto adoption, the stablecoin is well-positioned to drive further innovation in Africa’s digital economy.
For traders, the cNGN<>USD₮ pair on Textile FX offers an immediate entry point into naira-denominated onchain FX markets. As the stablecoin ecosystem on Celo grows, opportunities for arbitrage, lending, and yield generation are likely to expand.
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