cNGN

Overview

cNGN is a Nigerian naira stablecoin marketed as "Africa's first regulated stablecoin". The Africa Stablecoin Consortium's own site identifies WrappedCBDC as the party behind it, and Nigeria's Securities and Exchange Commission names Wrapped CBDC Ltd in a July 2026 circular admitting it to an incubation programme. Redemption is offered back to naira settled directly to a Nigerian bank account through the issuer's API. The issuer publishes mainnet contract addresses across eight chains in its public repository, including Bantu, Asset Chain, Base, BNB Chain, Ethereum, Polygon, Lisk and Solana, and DIA reads the chains it indexes rather than asserting the deployment is complete.

cNGN sits at the top of measured in-region search demand for a non-dollar stablecoin and at the bottom of published disclosure, which is a combination worth stating on the page itself.

Sources: cNGN, cNGN developer documentation, Africa Stablecoin Consortium, Wrapped CBDC contract repository, SEC Nigeria circular, 2 July 2026

Backing and reserves

cNGN publishes no reserve disclosure. Its documentation set runs to 27 pages and contains no page on reserves, compliance or regulation, and the marketing site carries none either. The description of the token as backed by reserves in commercial banks comes from press reporting rather than from the issuer.

Stated as specifics: no reserve composition, no custodian bank, no attestor, no attestation cadence, and no published report of any kind, as of 2026-07-30. This is not a case of a report being out of date. There is no series to be out of date.

Against that, DIA reads cNGN's supply directly from contract state on the chains it indexes. On a coin with no issuer disclosure, that read is the only verifiable quantitative fact about it. It establishes how much cNGN exists and where it sits. It does not and cannot establish whether naira is held against it. That question has no public answer today.

Sources: cNGN, cNGN developer documentation

Regulation

The Securities and Exchange Commission of Nigeria named Wrapped CBDC Ltd in a circular dated 2 July 2026 admitting seven firms to its Accelerated Regulatory Incubation Programme. The status granted is an Approval-in-Principle, and the Commission defines its limits in the same document: an AIP "confirms that an entity has satisfied the Commission's admission requirements for the Programme", and the circular states plainly that "it is not a final licence and remains conditional on the entity's continued compliance with all applicable regulatory, operational, and supervisory obligations".

That is a real and current regulatory relationship, four weeks old at the time of writing, and it is a conditional admission to an incubation programme rather than a licence. The distinction is the regulator's own, not DIA's.

Two things the reader should know about how that connects to the token. Wrapped CBDC is linked to cNGN on the Africa Stablecoin Consortium's own site, which describes WrappedCBDC as a consortium member and as the party behind the naira stablecoin. Neither cngn.co nor the cNGN documentation names any legal entity, any regulator, any programme or any approval; the documentation's regulatory disclosure is the single phrase "cNGN is a regulated Naira-backed stablecoin". And where the issuer's own GitHub repository does name a programme, it names a different one from the current circular, citing "regulatory approval under the SEC's Regulatory Incubation (RI) Program" rather than ARIP.

Separately, the Central Bank of Nigeria approved the Africa Stablecoin Consortium to pilot cNGN in its regulatory sandbox, announced January 2024 ahead of a February 2024 launch. DIA has not located the CBN's own document, so that approval is reported here as reported and not as verified.

The ladder on this page measures reserve disclosure, and none of the above changes it. A regulator naming the company and granting a conditional admission does not attest a naira balance.

Sources: SEC Nigeria circular, 2 July 2026, Africa Stablecoin Consortium, Wrapped CBDC contract repository, cNGN, cNGN developer documentation

Risks

cNGN's regulatory claim is checkable and it does not say what the marketing says. The Africa Stablecoin Consortium's site describes cNGN as "Nigeria's first license[d] and complaint Naira Stablecoin". What Nigeria's SEC published on 2 July 2026 is an Approval-in-Principle for Wrapped CBDC Ltd under an incubation programme, in a circular that states the AIP "is not a final licence". A conditional admission and a licence are different instruments, and the gap between them is on the issuer's side of the sentence.

The token's own surfaces close no part of that gap. Neither cngn.co nor the 27-page documentation set names an entity, a regulator, a programme or an approval, so a reader who starts at the token and tries to verify the word "regulated" has nowhere on the issuer's own site to go.

Supply distribution is where a reader would normally look next on a coin with no reserve disclosure, because a high top-ten share on a token with no published backing is a materially different asset from a widely held one. DIA does not yet compute holder concentration for any coin on this map, so that check is not available here and the page does not imply it. What is available is the per-chain split above, and it is lopsided: nearly all cNGN in existence sits on BNB Chain, with the Ethereum, Polygon and Base deployments carrying a small fraction between them.

Redemption is offered to a Nigerian bank account through an API. Terms, eligibility and settlement times are not stated.

Sources: SEC Nigeria circular, 2 July 2026, Africa Stablecoin Consortium, cNGN, cNGN developer documentation

What this map tracks

cNGN has no row in the DeFiLlama stablecoins dataset, checked against all 413 pegged assets it returned on 2026-07-29. Combined with the absence of issuer disclosure, this means DIA's onchain read is the only quantitative source on cNGN available to a reader who is not running their own node.

That is the clearest statement of what this map is for. On the dollar majors, first-party reads are a better version of a number available elsewhere. On the coins with the highest in-region demand, they are the number.

Coverage today is supply, read per contract and shown per chain. On the 2026-08-05 snapshot DIA held eight contract addresses for cNGN, matching the eight deployments listed in the issuer's own public repository. How many of those eight returned a reading has moved between runs: six on that snapshot and seven on the 2026-08-07 one. Bantu is unread on both, for want of an RPC endpoint rather than for want of an address. On the earlier of the two Ethereum was unread as well, because that read was attempted and failed, which is a third state alongside an address DIA does not hold and a contract that answers zero. One of the eight replaced an earlier address that pointed at a deployment holding a fraction of a percent of the real supply.

That distinction is why this paragraph carries a date rather than a capability. Holding an address and having read it are different states, and the count of each moves between runs.

Where a leg is unread the page marks it as unread rather than dropping it from the figure, so the total reads as a floor and the missing part is named rather than absorbed. cNGN is the coin that shows what that means in practice: on both of the runs named above, the legs that returned nothing were named on the page rather than quietly left out of the sum. Holder concentration and mint and redeem flow are not computed for any coin on this map yet, and neither appears here until it is measured.

Sources: cNGN developer documentation, Wrapped CBDC contract repository

Common questions