Roqqu Lists Nigeria’s First Regulated Stablecoin cNGN, Driving Adoption at The Grassroots

Nigerian crypto exchange Roqqu has officially listed Nigeria’s regulated cNGN, a stablecoin pegged at a 1:1 ratio to the Naira.

While Roqqu is still awaiting a provisional crypto licence from the Securities and Exchange Commission (SEC), its decision to list the SEC-approved token underscores the growing acceptance of cNGN among market operators.

Roqqu, which says it now serves 1.8 million users and has a strong grassroots presence, believes its network will help bring stablecoin closer to everyday Nigerians.

“A currency is not a thing if it’s not embraced by the people, and we know how to get to these people,” said Emmanuel Peter, Roqqu’s Head of Academy and Business Partnerships. “This could be what the cNGN token has been missing, wider distribution.”

Roqqu will earn exchange fees from fiat-to-cNGN swaps but plans to make peer-to-peer cNGN transactions feeless to encourage adoption.

The platform has already integrated with Base, one of six supporting networks. It will run a co-marketing campaign with the cNGN team featuring educational and promotional events across campuses and multiple Nigerian cities.

CEO Benjamin Onomor added that Roqqu intends to build additional financial services around cNGN.

“We want to unlock all the opportunities this stablecoin brings, including eventually providing users with low-interest loans and other services”, he said.

With this move, Roqqu joins other Nigerian startups such as Busha, Quidax, Xend Finance, Blockradar, and Boundlesspay that have adopted the stablecoin.

Inside cNGN

The cNGN is Nigeria’s first regulated stablecoin, launched on February 3, 2025, after a year-long delay to meet regulatory requirements. It is fully backed by naira reserves held in licensed custodian banks and operates under the SEC’s Regulatory Incubation (RI) Program.

Distributed by the WrappedCBDC team, the stablecoin now has ?603 million ($395,000) in circulation. Its goal is to provide a stable, transparent digital currency that avoids the volatility of traditional cryptocurrencies while enabling payments, remittances, and trading.

The listing of cNGN across crypto platforms in Nigeria is timely, as Stablecoin adoption in the country has surged, driven by economic challenges like naira devaluation, high inflation, and limited access to traditional banking.

Nigeria is Africa’s largest stablecoin market, processing nearly $22 billion in transactions between July 2023 and June 2024, with stablecoins accounting for 43% of Sub-Saharan Africa’s crypto transaction volume.

Why cNGN Matters

The stablecoin offers multiple benefits for Nigeria’s digital economy:

• Financial Inclusion: Provides unbanked and underbanked Nigerians with a stable entry point into digital finance.
• Economic Efficiency: Enables faster settlements and lower-cost transactions for individuals and businesses.
• Blockchain Adoption: Encourages broader use of blockchain-based financial solutions by showcasing transparency, security, and efficiency.

By being 100% naira-backed and SEC-regulated, cNGN stands apart from volatile crypto assets, offering a safer option for merchants, investors, and everyday users. It also simplifies remittances, making cross-border transfers faster and cheaper than traditional methods.

The Road Ahead

Despite its promise, concerns remain about the naira’s stability, which could impact trust in the token’s long-term value. Ultimately, the success of cNGN will hinge on its ability to maintain regulatory compliance, transparency, and user confidence while driving adoption at scale.

With exchanges like Roqqu pushing grassroots distribution, Nigeria’s stablecoin experiment may mark a turning point in the country’s digital finance journey.