Regulated Naira Stablecoin cNGN Launches on Celo to Transform Nigerian Onchain FX

Quick Summary

The regulated Naira stablecoin, cNGN, has officially deployed on the Celo blockchain to facilitate instant, low-cost onchain FX. Partnering with Textile FX, the launch enables 78 Nigerian firms to access institutional liquidity for cNGN/USD₮ trading, addressing the massive demand for stablecoin payments in sub-Saharan Africa.

How Does cNGN Solve FX Challenges in Nigeria?

The deployment of the regulated Naira stablecoin on Celo addresses the critical need for low-cost settlement in a market that accounts for 60% of stablecoin inflows in sub-Saharan Africa. By moving the Naira onchain, businesses can bypass traditional banking delays and high fees. Textile FX provides the necessary liquidity network to ensure that onchain FX trading between the Naira and USD₮ is seamless from day one.

• Instant settlement for a fraction of a cent.
• Access to institutional liquidity led by Tribeca Park Capital.
• Integration with 78 payment companies already onboarded.

What Role Does Celo Play in African Fintech?

Celo is positioning itself as the leading stablecoin network by hosting 32 different fiat-backed assets. The addition of cNGN follows a rapid expansion where eight stablecoins were added in just eight days. By initiating governance to use cNGN as a gas token, Celo simplifies the user experience for Nigerians, allowing them to pay transaction fees in their local currency stablecoin rather than a volatile native utility token.

• 32 stablecoins now live on the Celo network.
• $21.8 billion in remittances entered Nigeria in 2025.
• Home to MiniPay, Opera's widely used stablecoin wallet.

How Secure is the cNGN Stablecoin?

Security and compliance are central to the regulated Naira stablecoin framework. Issued by WrappedCBDC Limited and regulated by the Nigerian SEC, cNGN is backed 1:1 by reserves held in Nigerian commercial banks. This structure provides the transparency required for institutional adoption in the cross-border payments sector, which saw over $4M in volume cleared by Textile FX in the month preceding the launch.

FF NEWS TAKE:

This move significantly moves the needle for African fintech. By integrating a regulated Naira stablecoin into a high-throughput network like Celo, the industry is moving past speculative crypto toward functional onchain finance. The onboarding of 78 firms suggests immediate utility, proving that programmable local currency is the key to unlocking the $21 billion remittance market and solving chronic FX liquidity issues in Nigeria.