Nigeria's only regulated naira stablecoin issuer
cNGN is the only regulated Nigerian naira stablecoin issuer, designed to make NGN-denominated value programmable and transferable across modern financial rails. It enables faster settlement for businesses and fintechs, and provides a compliant bridge between local bank money and onchain liquidity.
By pairing regulatory credibility with distribution partnerships, cNGN is building the foundation for local-currency stablecoins to be used in payments, hedging, and treasury flows — especially when traditional banking hours and settlement constraints become a bottleneck.
What is a local currency stablecoin, and why does Nigeria need one?
A local currency stablecoin is a digital token pegged 1:1 to a fiat currency and backed by reserves held with a regulated issuer — in cNGN's case, the Nigerian naira. Nigeria needs one because 30%+ of Nigerians already transact in crypto, and forcing every domestic payment through USD-pegged stablecoins exports demand for the dollar and amplifies dollarization risk, as we argue in Stablecoins Part II. We've written the full playbook in How to Manufacture a Local Stablecoin; cNGN is the live example, and a foundational asset in our Simple Finance thesis.
Why LAVA invested in cNGN
Local-currency stablecoins are a missing primitive for African financial markets: they unlock real-time settlement, reduce FX friction, and create new rails for commerce without forcing everything through USD. cNGN is the only regulated private issuer of a naira stablecoin in Nigeria, the continent's largest digital-asset market.
We also back teams that can navigate the hardest constraint — regulation. cNGN has demonstrated the ability to work with regulators and industry partners, giving them a credible path to become core infrastructure for NGN settlement and liquidity in the onchain economy.