Nigeria's cNGN Stablecoin Goes Live on Celo Blockchain

cNGN, Nigeria's first regulated naira stablecoin, has launched on the Celo blockchain. The integration enables low-cost transactions for remittances, DeFi, and FX trading.

cNGN is backed by reserves held at approved commercial banks in Nigeria and is pegged 1:1 to the Nigerian naira. This makes it a key player in Africa's digital economy, particularly in Nigeria, which accounts for 60% of stablecoin inflows into sub-Saharan Africa since 2019.

The integration with Celo marks a significant advancement for onchain FX and payment solutions in Africa. cNGN becomes the 32nd fiat-backed stablecoin in the Celo ecosystem, which has gained prominence for its focus on stablecoin payments and financial inclusion.