The Africa Stablecoin Consortium (ASC), the creators of Nigeria’s first regulatory-approved stablecoin, cNGN, are working to secure broader adoption for the Naira-backed token. In pursuit of this goal, they have engaged in preliminary discussions with leading African crypto exchanges, Roqqu and Yellow Card, to facilitate cNGN’s listing. However, neither platform has committed to integrating the stablecoin at this stage.
Although cNGN has already secured listings on Busha and Quidax—two provisionally licensed Nigerian exchanges—expanding its reach to pan-African platforms is crucial for its success in remittances and cross-border transactions. Without support from major exchanges, cNGN’s growth remains uncertain, as exchange listings play a pivotal role in driving adoption.
The hesitation from exchanges highlights a fundamental challenge: cNGN requires listings to gain traction, yet exchanges are reluctant to onboard it without demonstrated demand. Given that Nigeria already has an efficient digital banking infrastructure, the necessity of a Naira-backed stablecoin remains a subject of debate among industry players.
Jason Marshall, Chief Operating Officer of Yellow Card, acknowledged the regulatory legitimacy of cNGN, stating, “We have a lot of respect for any project that has been accepted into Nigeria’s SEC Accelerated Regulatory Incubation Programme (ARIP); we take it seriously. But we are very selective about the coins we list.”
Yellow Card currently supports 14 cryptocurrencies, including six stablecoins. According to Marshall, key listing considerations include market demand, financial reserves, and compliance with regulatory frameworks. “Typically, we expect a stablecoin project to have raised at least ₦50 billion ($32.5 million) in reserves, with an accredited accounting firm verifying these holdings,” he added. “A well-capitalized backing is essential for us.”
ASC envisions cNGN as a key facilitator for African remittances, with potential interoperability between other stablecoins, such as a future Kenyan Shilling-backed token (cKES). However, Marshall remains unconvinced about its utility within Nigeria’s domestic financial ecosystem.
“For international remittances, it could be useful,” he explained. “But within Nigeria, where the Naira is already digital and the bank transfer system is instant and low-cost, its necessity is unclear. We remain open-minded, but adoption remains a question.”
Eseoghene Onomor, CEO of Roqqu, echoed similar concerns, emphasizing that a token’s success depends on user demand. “These processes take time,” Onomor noted. “Listing a coin isn’t enough—it has to be something users actively want. Right now, adoption is still low, but I do see potential value in cNGN.”
The ASC faces a classic adoption dilemma: cNGN needs exchange listings to gain traction, but exchanges require proof of demand before listing it. Without stronger institutional backing and clearly defined use cases, Nigeria’s first compliant stablecoin may struggle to carve out a significant presence in a market where crypto users remain cautious.
