The Nigerian government-backed stablecoin, cNGN, is rapidly demonstrating that regulated digital currencies can achieve swift market acceptance. As of September 15, approximately 602.9 million cNGN tokens were in active circulation. The stablecoin has facilitated over 75,000 on-chain transactions, with a remarkable total trading volume surpassing 20.1 billion cNGN. In just the past 24 hours, trading activity exceeded 164.4 million cNGN, underscoring the token’s growing liquidity and widespread adoption.
This surge in activity aligns with fresh capital injection into its developer, Continental Stablecoin Inc. (CSI). The firm recently secured a strategic funding round led by DeFi Technologies, joined by Coinbase Ventures, Adaverse, and other key players in the stablecoin ecosystem. The investment aims to expand the reach of regulated local-currency stablecoins across Africa, positioning Nigeria’s cNGN as the flagship initiative.
cNGN fueling Nigeria’s digital currency expansion
Nigeria has established itself as a pivotal hub for digital asset adoption. According to the latest State of Digital Assets Regulation in Africa 2025 report, it ranks as the leading market for stablecoins globally and holds the sixth position in overall cryptocurrency usage. The nation boasts over 25.9 million digital asset users, representing nearly 12% of the population.
Stablecoins have become a fundamental pillar of this growth. For many Nigerians, these tokens provide a hedge against the naira’s volatility, enabling value preservation through dollar-pegged assets and facilitating efficient cross-border money transfers.
Monthly cryptocurrency transaction volumes in Nigeria consistently reach billions of dollars, with stablecoins accounting for the lion’s share. Their expanding use in remittances, peer-to-peer trading, and merchant payments has cemented Nigeria’s status as an ideal environment for testing regulated digital currencies.
Supportive regulatory developments have further propelled this progress. Earlier this year, Nigeria’s Securities and Exchange Commission officially recognized digital assets and tokenized securities under the revised Investments and Securities Act 2025.
Likewise, the Central Bank of Nigeria has revamped its policies for banks engaging with crypto enterprises, replacing restrictive measures with a framework that encourages collaboration. This evolving regulatory landscape provides fertile ground for CSI’s ambitions.
Establishing a robust stablecoin ecosystem across Africa
Wrapped CBDC Limited, a consortium including blockchain innovators such as Convexity, AlphaGeeks, and Interstellar, issues the cNGN stablecoin. The token is engineered to offer secure, transparent, and scalable digital payment solutions within Nigeria and the broader African region.
Unlike speculative cryptocurrencies, cNGN is actively utilized in real-world transactions. With over 600 million tokens circulating and billions in trading volume, it exemplifies a functioning stablecoin infrastructure rather than a theoretical concept.
Investors in CSI are optimistic about the future. Andrew Forson, president of DeFi Technologies, remarked, “Stablecoins are poised to become the foundation of next-generation financial systems.”
He added, “We anticipate that locally regulated, purpose-driven stablecoins like cNGN will unlock scalable applications in payments, savings, and commerce. We are thrilled to support this vision across Africa and beyond.”
Forson’s perspective reflects a widespread belief among investors that regulated stablecoins transcend mere financial experiments. They are emerging as essential infrastructure for payments, treasury management, and capital markets in both developing and advanced economies. By investing in CSI, DeFi Technologies and its partners are positioning themselves at the forefront of this financial evolution.
Nigeria’s influence in digital finance is already global. With a population exceeding 200 million, a youthful demographic, and high internet penetration, the country serves as a proving ground for digital assets. Its crypto and stablecoin transaction volumes rank among the highest worldwide.
Nonetheless, challenges persist. Widespread adoption hinges on how effortlessly cNGN integrates into everyday activities. This includes acceptance by merchants, partnerships with fintech companies, banking sector collaboration, and comprehensive user education. Ongoing regulatory clarity and oversight are also critical to prevent misuse, maintain liquidity, and foster public confidence.
Another consideration is how cNGN will coexist with other digital currency initiatives. Nigeria’s central bank digital currency, the eNaira, has experienced slower adoption. Whether cNGN and eNaira will compete or complement each other remains to be seen.
For now, cNGN’s early achievements mark a significant milestone in Africa’s stablecoin development. The blend of strong adoption, enabling regulation, and substantial investment indicates that Nigeria’s stablecoin initiative is gaining traction at an opportune moment.
If CSI and its supporters succeed, Nigeria could set the standard for how regulated local stablecoins flourish in emerging markets. This would not only solidify Nigeria’s leadership in digital finance but also transform how millions of Africans transact, save, and manage money in the coming years.
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