Celo Welcomes Nigeria's First Regulated Stablecoin

cNGN, a naira-backed stablecoin issued by WrappedCBDC, has launched on the Celo blockchain. This integration opens up new channels for instant foreign exchange settlement and cross-border payments using digital tokens.

The launch allows users to swap cNGN for dollar-backed stablecoins like USDT through Textile FX, a cross-chain liquidity network that already has 78 over-the-counter traders and payment companies on board in Nigeria. This could make it easier and cheaper for fintechs and payment companies to settle international transactions.

cNGN is backed one-for-one by naira reserves held in Nigerian commercial banks, which are also invested in treasury bills, money market funds, and fixed deposits.