New Digital Channel Connects Nigeria’s Naira Ecosystem to Global Markets

The cNGN stablecoin, pegged 1:1 to the Nigerian naira and issued by WrappedCBDC, has launched on the Celo blockchain. This integration creates a new pathway for instant foreign exchange (FX) settlements and cross-border payments using digital tokens.

Bridging Local and Global Finance

The launch allows users to seamlessly swap cNGN for dollar-backed stablecoins like Tether’s USDT through Textile FX, a liquidity network that has already onboarded 78 OTC traders and payment companies in Nigeria. This connection aims to provide fintechs and businesses with a faster, cheaper alternative to traditional banking rails for international transactions.

Regulatory Backing and Growing Adoption

WrappedCBDC operates under the Nigerian Securities and Exchange Commission’s (SEC) regulatory frameworks, including its Accelerated Regulatory Incubation Programme (ARIP). The company is also part of the Central Bank of Nigeria’s anti-money laundering supervisory pilot. As of August 7th, cNGN boasts a circulating supply of approximately $1.8 million USD, with over $157 million in cumulative trading volume and more than 8,200 holders.

“Nigeria is leading much of the world in stablecoin adoption,” said Uyoyo Ogedegbe, managing director of cNGN. “Our mission has been to enable real-world use cases across Africa and beyond.”

Expanding Utility Through Celo Integration

The addition of cNGN expands Celo’s stablecoin ecosystem to 32 fiat-backed tokens. Users can now expect transaction fees to be significantly reduced, settling in seconds rather than days.

“Bringing cNGN to Celo puts the regulated Naira stablecoin on rails where transfers cost a fraction of a cent,” said Markus Franke, Global Head of Stablecoins at Celo Core.