Quidax Expands cNGN Stablecoin Adoption as Nigeria Embraces Crypto Regulation

Nigerian crypto exchange Quidax has added support for cNGN, the country’s first regulated stablecoin pegged to the naira. This move, following Busha’s listing of cNGN a month earlier, highlights Nigeria’s evolving stance on cryptocurrency—seeking to regulate rather than restrict its growth.

The March 12 launch enables Quidax users to send and receive cNGN between wallets, with potential applications in payments, remittances, and crypto trading. Overseen by Nigeria’s Securities and Exchange Commission (SEC), the stablecoin’s rollout signals a shift toward integrating digital assets into the country’s financial ecosystem.

cNGN was developed by the African Stablecoin Consortium (ASC), which includes Convexity, Alpha Geek Technologies, Digital Currency Coalition, and Interstellar. The project took three years to build and was officially launched in February 2024 under the regulatory incubation of the SEC. The consortium operates under WrappedCBDC Ltd., a joint venture focused on blockchain-based digital currency projects.

Since its debut, cNGN adoption has been gradual, with 121.3 million tokens in circulation and 127 holders, according to its website. The ASC evaluates exchanges seeking to list cNGN, ensuring proper reserve management and requiring a ₦100,000 verification fee for third-party service costs.

However, skepticism remains. Some traders question the need for cNGN, given the availability of fiat naira on major crypto platforms.

“There’s already fiat Naira in the crypto space,” said Lagos-based trader Chibunna Kingsley. “It’s unclear what additional value cNGN brings.”

Despite this, cNGN could fill a gap for decentralized exchanges that previously delisted the naira, potentially offering Nigerian traders more access to global markets. The ASC aims to secure additional exchange listings and position cNGN as a key tool for remittances. The true test will be whether it can attract widespread adoption and prove its relevance in a market already familiar with digital naira transactions.