As of February 5, there were reportedly 4,400 cNGN tokens in circulation, owned by 13 individuals across six different blockchain networks, with the largest share on the Bantu blockchain. The primary goal of cNGN is to provide a stable digital currency that mitigates the volatility associated with traditional cryptocurrencies. By offering a digital asset tied directly to the naira, cNGN aims to enhance financial stability and regulatory clarity within Nigeria’s digital economy.
The introduction of cNGN holds several potential benefits:
The introduction of cNGN offers a localised solution to Nigeria’s stablecoin demand, potentially enhancing financial inclusion and facilitating seamless transactions. However, concerns persist regarding its naira backing, given the currency’s volatility in recent years.