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3 stablecoins pegged to the Nigerian naira, from 3 issuers. Supply is read directly from the contracts DIA verified.
Stablecoin supply
FX turnover share
Reserve share
Trade invoicing share
| Coin | Issuer | Peg | Type | Onchain supply | Chains |
|---|---|---|---|---|---|
| cNGNCompliant Naira (cNGN) | cNGN (WrappedCBDC / Africa Stablecoin Consortium) | NGN | Fiat-backed (non-USD) | 4.1B cNGN | |
| Mento | NGN | Crypto-backed | 64.9M NGNm | ||
| NGNCNGN Coin (NGNC) | Linkio (NGNC) | NGN | Fiat-backed (non-USD) | 19.2M NGNC |
Nigeria is the largest crypto market in Africa and the naira is the continent's most contested stablecoin currency. It is also the only currency on this map where a coin's regulatory position can be followed in a primary regulatory document rather than in an announcement about one.
That makes the naira unusually instructive, because reading the document carefully gives a different answer from reading the coverage of it.
Sources: cNGN, SEC Nigeria circular, 2 July 2026
cNGN is the coin with institutional backing. It comes from a consortium of Nigerian banks and fintechs and is structured around naira held in partner institutions, which is a model an external party could in principle examine.
NGNC comes from an independent issuer, and NGNm comes from Mento's multi currency protocol. Mento runs a reserve holding other issuers' fiat backed stablecoins behind its dollar and euro units, and separately a collateralised debt position system in which a currency token is borrowed against the dollar unit. When DIA read Mento's reserve dashboard on 5 August 2026, NGNm was not one of the borrowed markets, so a Mento naira is a claim on that reserve of other issuers' stablecoins rather than on naira. Those two sit at opposite ends of the transparency question: one has an offchain balance that nobody outside has counted, and the other has no offchain balance at all.
The naira is therefore one of the better currencies on this map for seeing that a bank backed model and a protocol model are not ranked on the same scale. A protocol token collateralised in other issuers' stablecoins cannot produce a reserve attestation of its own and does not need one. A fiat backed coin can and has not.
Sources: cNGN developer documentation, Africa Stablecoin Consortium, Mento protocol documentation, collateralized debt positions, Mento protocol documentation, the Reserve, Mento reserve dashboard
A Securities and Exchange Commission Nigeria circular dated 2 July 2026 names Wrapped CBDC Ltd among firms admitted to the Accelerated Regulatory Incubation Programme with an Approval-in-Principle. The circular states that an Approval-in-Principle is not a final licence.
Third party coverage has described cNGN as Nigeria's first licensed stablecoin. The primary document does not support that wording, and DIA records the document rather than the summary of it.
The distinction is not pedantry. An incubation admission with an approval in principle is an early supervisory step, and treating it as a licence would place cNGN above coins that have completed a full authorisation process elsewhere. It also does nothing at all for the reserve question, which is measured separately here and answered by what the issuer has published rather than by how it is regulated.
Sources: SEC Nigeria circular, 2 July 2026, Africa Stablecoin Consortium
DIA reads naira stablecoin supply from contract state on the chains it indexes. For cNGN that means reading the deployments recorded in the issuer's own public contract repository rather than relying on a single address from an explorer listing, because the coin is spread across more chains than most listings show.
On the reserve side the finding is an absence. The issuer's public surfaces describe the model without naming a custodian, an examining firm or a published report, so the coin carries the map's lowest disclosure rating despite its regulatory profile. Regulation is not backing, and this coin is the clearest illustration on the map of why the two must be kept apart.
Sources: Wrapped CBDC contract repository, cNGN developer documentation
Not on the primary document. A Securities and Exchange Commission Nigeria circular dated 2 July 2026 names Wrapped CBDC Ltd among firms admitted to the Accelerated Regulatory Incubation Programme with an Approval-in-Principle, and the circular itself states that an Approval-in-Principle is not a final licence. Coverage calling cNGN Nigeria's first licensed stablecoin overstates it.
The issuer describes a model structured around naira held in partner institutions. DIA has not found a published reserve report, a named custodian or a named examining firm on the issuer's public surfaces, so the coin carries this map's lowest disclosure rating. Regulatory standing does not change that, because the rating measures reserves rather than regime.
A small field with three genuinely different models: a bank and fintech consortium coin, an independent issuer, and a protocol coin borrowed against that protocol's dollar unit rather than held against naira. The borrowed synthetic cannot produce a reserve attestation and does not need one. The fiat backed coin could and has not.