Nigeria’s regulated naira-backed stablecoin, cNGN, has recorded nearly $145 million in cumulative trading volume across about 350,000 transactions since its launch in early 2025. But despite the milestone, the digital currency has yet to gain meaningful traction among the country’s fintech companies, the very businesses expected to help bring it into everyday use.
- Nigeria’s regulated naira-backed stablecoin, cNGN, has recorded nearly $145 million in cumulative trading volume across about 350,000 transactions since its...
- But despite the milestone, the digital currency has yet to gain meaningful traction among the country’s fintech companies, the very...
- Why Nigerian fintechs are yet to adopt cNGN According to Nigerian Web3 developer and founder Seun Langele, cNGN’s biggest challenge is...
- “For the few fintechs I’ve spoken to, the economics aren’t compelling enough,” Harri said.
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Developed by a consortium of licensed financial institutions under the oversight of the Central Bank of Nigeria (CBN), cNGN was introduced to create a compliant digital version of the naira for faster payments, tokenised finance and blockchain-based transactions. The goal was to bridge Nigeria’s regulated financial system with the growing digital asset economy.
Instead, adoption has remained largely confined to crypto-native users and regulated financial institutions, while many fintechs continue to rely on instant bank transfers and established dollar-backed stablecoins for settlements.
Why Nigerian fintechs are yet to adopt cNGN
According to Nigerian Web3 developer and founder Seun Langele, cNGN’s biggest challenge is no longer regulation or technology, but rather creating enough demand for developers and businesses to build on the ecosystem.
He believes distribution and product-market fit remain more pressing issues than technical infrastructure.
“How many people are actually building applications on cNGN? How many fintechs have integrated it? We can philosophise all we want on how we can become infrastructure builders, but if we operate in a culture that is distrustful of new technology, then that is not a welcoming environment for builders.”
His remarks reflect a broader concern across Nigeria’s blockchain ecosystem that regulatory approval alone does not automatically translate into widespread commercial adoption.
Harri Obi, another prominent community builder within Nigeria’s Web3 ecosystem, says many fintech companies already have efficient settlement systems in place, making another integration difficult to justify from a business perspective.
“For the few fintechs I’ve spoken to, the economics aren’t compelling enough,” Harri said. “If they’re already settling via bank transfers or dollar stablecoins, adding another asset means engineering work, compliance reviews, treasury management and liquidity provisioning.”
For many payment providers, local bank transfers already offer near-instant settlement within Nigeria, while cross-border businesses increasingly rely on established dollar-backed stablecoins such as USDT and USDC for their global liquidity and widespread exchange support.
Harri added that unless cNGN delivers measurable savings, faster settlements or new revenue opportunities, fintech companies are likely to continue prioritising existing infrastructure.
Beyond payment companies, they believe developers will play a defining role in determining whether cNGN becomes part of Nigeria’s broader digital finance ecosystem.
Without applications, liquidity and merchant adoption growing together, even regulated digital currencies can struggle to achieve meaningful scale.
“If builders aren’t building and liquidity isn’t growing, regulation alone won’t drive adoption,” said Harri. “Beyond fintechs and businesses, CNGN’s most important adoption drivers are developers, i.e., blockchain ecosystems and developer communities. Yet I haven’t seen CNGN invest meaningfully in developer activations, technical workshops, or hackathons at scale.”
What cNGN needs to compete with established stablecoins
Launched as a regulated naira-backed stablecoin under the oversight of Nigerian financial regulators, cNGN was designed to provide a compliant digital representation of the naira for payments, settlements and tokenised financial services.
While its transaction value has grown steadily since launch, broader adoption will likely depend on whether the project can create incentives for developers, merchants and fintech firms to integrate it into real-world products.
Expanding developer programmes, supporting hackathons, improving liquidity across exchanges, and demonstrating clear cost advantages over traditional payment methods could help position cNGN as more than just another settlement asset in Nigeria’s fast-evolving digital economy.