This week, we’re speaking with Uyoyo Ogedegbe, the Mananging Director behind cNGN, Africa’s first regulated stablecoin pegged 1:1 to the Nigerian Naira.
Unlike the eNaira, Nigeria’s central bank digital currency (CBDC), cNGN is privately issued by a regulated entity and runs on public, open blockchains. The result is more interoperability, more programmability, and more ways for fintechs to plug in.
This conversation covered adoption, regulation, real-world use cases, and what’s next for cNGN as it looks to solve Nigeria’s toughest financial challenges.
“It’s not a CBDC and that’s the point.”
We wanted to know, firstly, how is cNGN different from the eNaira? And how are people using it today?
Uyoyo: “cNGN is privately issued, fully backed 1:1 by Naira reserves, and operates on public, open blockchain networks.
CBDCs like the eNaira are issued and controlled by the Central Bank on a closed, permissioned blockchain.
That difference changes everything, from accessibility to how the token can be used.”
At a glance:
| Feature | cNGN | eNaira |
|---|---|---|
| Issuer | Private regulated entity | Central Bank |
| Blockchain | Public, open | Private, closed |
| Programmability | High | Limited |
| Interoperability | Global | Domestic |
| Integration | Open to fintechs, PSPs, IMTOs | Controlled by central authority |
How it’s used right now:
1️⃣ P2P traders swapping USD stablecoins and Naira faster
2️⃣ Savings & yield products (up to 20% p.a. on Xend Finance)
3️⃣ Cross-border payments via Muda, Noblocks, Fincra
4️⃣ Virtual & physical debit cards from Web3 neobanks
Adoption in Numbers
Feb 13, 2025: 66.1M cNGN minted
July 22, 2025: ~600M cNGN minted
Other stats:
- Wallet addresses: 349
- On-chain transactions: 10,937
Uyoyo: “We’re seeing more day-to-day transactions, not just big transfers.
Incentives from reserve yields are shared with distributors to drive adoption.”
Regulation as a Competitive Edge
Other naira-pegged stablecoins exist (NGNT, ABCD) but regulatory approval sets cNGN apart.
Uyoyo: “SEC approval boosts trust with institutions.
Like NGNT, we’re multi-chain: Assetchain, Bantu, Base, Binance, Ethereum, Polygon, TRON, and potentially Cardano, Lisk, Solana, Starknet.ABCD looks more like an investment token, while we’re focused on stability and integration with financial systems.”
On the Ground: Distribution and Remittances
cNGN is listed on licensed Nigerian exchanges like Busha and Quidax.
It’s also in the SEC’s regulatory incubation program, giving it a direct channel to policymakers.
Right now, the big focus is cross-border remittance.
Uyoyo: “International transfers for Nigerians are expensive and slow.
We’re working with licensed Virtual Asset Service Providers and banks to cut costs and speed up delivery.”
What’s Next?
Two main pillars:
- Deepen domestic adoption — Payment gateways, e-commerce, and banking integrations
- Expand into African markets — Partnering with fintechs in neighboring countries
Uyoyo: “We’re not building direct-to-consumer products everywhere. We want to be the enabler.”
Lessons from the eNaira
The eNaira struggled with limited use cases and centralization.
Uyoyo: “cNGN keeps the trust of regulation but with the flexibility of private stablecoins on public blockchains.
APIs make it easy for merchants and developers to integrate.Our main focus is security and compliance — those are the things that keep us up at night.”
Adaverse is proud to support cNGN as it builds the bridge between regulated finance and blockchain innovation in Africa.
