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DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply
Peg today
below 1 NGN
Chains
cNGN is an NGN stablecoin issued by cNGN (WrappedCBDC / Africa Stablecoin Consortium), launched on 3 Feb 2025.
cNGN is a Nigerian naira stablecoin issued by Wrapped CBDC Ltd. The issuer's developer documentation describes it as "Africa's first regulated stablecoin". cngn.co names WrappedCBDC Limited as the sole legal issuer of cNGN, and the Africa Stablecoin Consortium's own site identifies WrappedCBDC as a consortium member and the party behind the token. Nigeria's Securities and Exchange Commission names Wrapped CBDC Ltd in a circular of 2 July 2026 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 on nine chains in its developer documentation and public repository: Bantu, Asset Chain, BNB Chain, Ethereum, Polygon, Base, Solana, Lisk and Celo.
Sources: cNGN FAQ, cNGN developer documentation, cNGN contract addresses, Africa Stablecoin Consortium, Wrapped CBDC contract repository, SEC Nigeria circular, 2 July 2026, cNGN API: Redeem Asset
At least 4.4B cNGN in circulation, counting only the chains DIA could read.
DIA does not read Bantu onchain yet. The figure above is a floor.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across cNGN’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
4.4B cNGN (US$3.2M)
Read on 8 chains. Not yet read on Bantu, so this is a floor.
Base 54.8% · other chains 45.2%
Base2.4B cNGN · 54.8%
BSC1.6B cNGN · 36.9%
Celo190.7M cNGN · 4.3%
Solana101.7M cNGN · 2.3%
Asset Chain74.8M cNGN · 1.7%
Ethereum237.8K cNGN · <0.1%
Polygon16.7K cNGN · <0.1%
Lisk5.0K cNGN · <0.1%Supply growth
How far cNGN trades from its NGN peg, from DIA's daily price reads.
Where cNGN is supplied in DeFi lending markets, what it earns there and the DEX pools it trades in.
Top 2 cNGN pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
0.11% | 0.12% | LP fees · IL riskStable | Celo | +0.00% | US$180.5K | LP | ||
0.17% | 1.93% | LP fees · IL riskVolatile | Base | +0.00% | US$85.7K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 2 Nov 2026.
cNGN in pool is cNGN's own side of the pool, at its USD price. Pool liquidity counts both sides.
US$169.7K of cNGN sits in 4 DEX pools across 3 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼cNGN in pool | 24h volume |
|---|---|---|---|---|---|
| cNGN / USD₮ | Celo | US$180.5K | US$89.7K | US$5.7K | |
| cNGN / USDC | Base | US$84.5K | US$39.9K | US$19 | |
| cNGN / ZARP | Base | US$77.1K | US$21.4K | US$1.0K | |
| cNGN / USDC | Solana | US$25.8K | US$18.7K | US$11 |
cNGN is designed to be backed by cash and money-market assets.
The cNGN transparency page states that tokens are maintained at a 1:1 ratio with the naira and held in licensed custodian banks, and that reserve funds are audited monthly. The page links a monthly series of reserve reports running from March 2025 to August 2026, alongside smart contract audit reports.
The reports are prepared by Bala Isah Garba and Company (Chartered Accountants) under ISAE 3000 (Revised). Each one examines management's assertion that the fair value of reserve assets is equal to or greater than the cNGN tokens in circulation, at a single point in time on the reporting date. The report as of 31 August 2026 states reserve assets of 3,550,845,048.39 naira against 3,329,961,223.91 cNGN in circulation. It breaks the reserve down as money market funds (54%), Nigerian Treasury bills (13%), bank deposits (23%) and fixed-term deposits (10%), held in segregated accounts with regulated financial institutions on behalf of cNGN holders.
The issuer's developer documentation contains no page on reserves or compliance.
Sources: cNGN transparency page, cNGN attestation report as of 31 August 2026, cNGN developer documentation index
0x7923c0f6…fd22fc4fdestroyBlackFunds(address)destroyBlackFunds(address)paused()eip1967-transparent0x46c85152…9b10ef5fdestroyBlackFunds(address)destroyBlackFunds(address)paused()eip1967-transparent0xa8aea66b…f28af058destroyBlackFunds(address)destroyBlackFunds(address)paused()eip1967-transparent0xf6829d73…2e271a4fdestroyBlackFunds(address)destroyBlackFunds(address)paused()eip1967-transparent0x17cdb2a0…274c8dabdestroyBlackFunds(address)destroyBlackFunds(address)paused()eip1967-transparent0xc7ab2c35…082887c0destroyBlackFunds(address)destroyBlackFunds(address)paused()eip1967-transparent0x52828daa…0be04c3bdestroyBlackFunds(address)destroyBlackFunds(address)paused()eip1967-transparentContract controls are not read on Bantu and Solana yet.
Read from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can freeze · wipe · pause · upgrade (proxy)
Independent reserve attestations are published monthly.
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 that "it is not a final licence and remains conditional on the entity's continued compliance with all applicable regulatory, operational, and supervisory obligations".
Before that admission, the SEC's register of Regulatory Incubation participants lists Wrapped CBDC Ltd, trading name cNGN, in Cohort 002/24 with a test period from 29 August 2024 to 28 August 2025 for a stablecoin offering. The issuer's GitHub repository refers to "regulatory approval under the SEC's Regulatory Incubation (RI) Program".
cngn.co names WrappedCBDC Limited as the sole legal issuer of cNGN and states that its compliance is anchored under SEC Nigeria's framework for digital asset issuance. The Africa Stablecoin Consortium's site describes WrappedCBDC as a consortium member and as the party behind the naira stablecoin. The notes to the issuer's attestation report as of 31 August 2026 state that the company is licensed by the SEC under the Accelerated Regulatory Incubation Program.
Sources: SEC Nigeria circular, 2 July 2026, SEC Nigeria, Registered FinTech Operators, Wrapped CBDC contract repository, cNGN FAQ, Africa Stablecoin Consortium, cNGN attestation report as of 31 August 2026
The Africa Stablecoin Consortium's site describes cNGN as "Nigeria's first license 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.
Redemption is offered to a Nigerian bank account through the issuer's API. The API's redeem endpoint requires the Redeem permission and sets a minimum of 1 cNGN.
Sources: Africa Stablecoin Consortium, SEC Nigeria circular, 2 July 2026, cNGN API: Redeem Asset
cNGN is issued by Wrapped CBDC Ltd. cngn.co names WrappedCBDC Limited as the sole legal issuer of cNGN, and the Africa Stablecoin Consortium's own site identifies WrappedCBDC as the party behind the token. Nigeria's Securities and Exchange Commission names Wrapped CBDC Ltd in its circular of 2 July 2026.
Wrapped CBDC Ltd took part in the SEC's Regulatory Incubation programme, which the SEC register lists with a test period from 29 August 2024 to 28 August 2025. On 2 July 2026 the SEC granted it an Approval-in-Principle for admission to its Accelerated Regulatory Incubation Programme, and the circular states that an AIP "is not a final licence and remains conditional on the entity's continued compliance". The Africa Stablecoin Consortium's site and the issuer's attestation reports describe it as licensed.
Yes. The cNGN transparency page links monthly reserve reports from March 2025 to August 2026, prepared by Bala Isah Garba and Company (Chartered Accountants) under ISAE 3000 (Revised). The report as of 31 August 2026 states reserve assets of 3,550,845,048.39 naira against 3,329,961,223.91 cNGN in circulation, held in money market funds, Treasury bills, bank deposits and fixed-term deposits.
The attestation report as of 31 August 2026 states 3,329,961,223.91 cNGN in circulation across eight networks, with Base and BNB Chain carrying most of it. The issuer's developer documentation lists mainnet contracts on nine chains.
Source: DIA onchain reads Updated
Source: DIA price feed Updated