Wrapped CBDC Limited, issuer of Nigeria’s naira-pegged stablecoin, cNGN, has released its Independent Auditor’s Report for the period ending 30 September, confirming that the value of assets held in reserve is equal to, or greater than, all cNGN tokens in circulation.
The audit, conducted by Bala Isah Garba & Company (Chartered Accountants), thoroughly examines the stablecoin’s reserve assets, composition, and total supply of tokens across supported blockchain networks.
In the report signed by the audit firm and cited by Techpression, the accountants stated: “In our opinion, as of 30 September 2025, the fair value of assets held in the cNGN Reserve is equal to or greater than the cNGN tokens in circulation.”
The numbers behind the findings
The independent assessment was conducted under the International Standard on Assurance Engagements (ISAE) 3000 (Revised), which guides auditors when evaluating non-financial information such as reserve attestations.
RelatedPosts
The review compared the total fair value of cNGN’s reserve assets with the number of tokens minted and outstanding on public blockchains.
The firm verified balances through confirmations from banks and fund managers holding the assets on behalf of Wrapped CBDC Limited.
According to the report, as of 30 September, total reserve assets stood at ₦ 608,317,800.44, while tokens in circulation were valued at ₦ 603,052,659.69.
This represents an excess reserve of ₦ 5,265,140.75 that indicates every cNGN token is fully backed by naira-denominated assets.
The auditors noted that the reserves are split between two main asset classes:
- Money Market Funds and Treasury Bills: ₦ 294,956,333.60 (approximately 48 per cent of reserves)
- Bank Deposits: ₦ 313,361,466.84 (about 52 per cent of reserves)
“The assets are held in Nigerian financial institutions and money market instruments that are readily convertible to cash,” the report reads. “At the date of this report, the cNGN reserve balance exceeds the value of all tokens in circulation.”
The audit also provides a breakdown of token circulation across different blockchain networks where cNGN operates. These networks account for the total ₦ 603 million tokens in circulation. As of the reporting date, the distribution was as follows:
- Bantu Blockchain: ₦ 96,446,696.15
- AssetChain: ₦ 134,470,902.63
- Base Chain: ₦ 173,758,777.02
- BNB Smart Chain: ₦ 143,351,418.69
- Ethereum: ₦ 151,022,642.69
- Polygon: ₦ 4,002,222.51
Background on the cNGN stablecoin
The cNGN stablecoin was launched by Wrapped CBDC Limited, which is supervised by the Securities and Exchange Commission (SEC) of Nigeria through its Regulatory Incubation Programme.
It is designed to maintain a 1:1 peg with the Nigerian naira, backed by bank reserves and short-term government instruments. Each cNGN token can, in principle, be redeemed for an equivalent amount of naira.
Since its rollout, cNGN has operated across multiple blockchains, allowing users to transfer or hold naira-equivalent value digitally while retaining transparency through reserve attestations and public audit disclosures.
The importance of reserve transparency
Stablecoins rely on user confidence that tokens can be redeemed at face value. Regular independent audits serve as a key mechanism for maintaining that trust.
By publishing the September audit, Wrapped CBDC Limited reaffirmed its commitment to openness in a market where questions of backing and solvency have dogged many global stablecoin issuers.
The auditors’ confirmation that reserves exceed circulation by over ₦ 5 million adds margin of assurance for users, investors, and regulators.
“We obtained sufficient and appropriate evidence to provide a reasonable basis for our opinion. Based on this evidence, we confirm that the assets held in the cNGN Reserve Fund are adequate to fully back all cNGN tokens issued and outstanding.”
Governance and fiduciary responsibility
According to the document, Wrapped CBDC Limited maintains fiduciary responsibility for the safekeeping and management of the reserves.
The company is expected to ensure that funds are held in secure accounts, separate from operating balances, and are used solely to back the cNGN in circulation.
However, the report gathered its findings with a firm assurance of the stablecoin’s financial health, noting that the reserves fully match the circulating supply.
“In conclusion, based on our examination, we confirm that the cNGN Reserve is fully sufficient to cover all cNGN tokens in circulation as of September 30, 2025.”