Nigeria’s cryptocurrency industry is abuzz with discussions surrounding the approval of the cNGN stablecoin by the Central Bank of Nigeria (CBN). As the country prepares to launch its own central bank digital currency (CBDC), the eNaira, stakeholders are analyzing the prospects of the cNGN stablecoin and its potential impact on the Nigerian economy. Will eNaira be the next big thing or just another ‘what could have been’?

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Stakeholder Perspectives on cNGN Adoption

Nigerian crypto analyst Rume Ophi believes that the nation’s crypto community will welcome the introduction of the cNGN stablecoin. Ophi emphasizes that the success of the cNGN hinges on effective marketing and education efforts by the consortium behind it. Given Nigeria’s position as Africa’s crypto hotspot, Ophi predicts that most exchange platforms will list the cNGN, providing it with a strong foundation for adoption.

Complementing or Competing with eNaira?

While the Africa Stablecoin Consortium (ASC) claims that the cNGN will complement the eNaira, the Finna Protocol, a Nigerian multi-utility stablecoin ecosystem, has expressed skepticism. In a post on X (formerly Twitter), the Finna Protocol argues that it is highly improbable for a stablecoin built on a public blockchain to effectively complement another stablecoin operating on a private blockchain.

eNaira’s Perceived Failure

Nigerians’ lack of significant adoption of the eNaira is attributed to the perception that the government intended to curb the crypto industry’s growth in the country. The failure of the eNaira to gain traction underscores the challenges faced by central bank-backed digital currencies in a crypto-driven ecosystem.



While stakeholders express optimism about the cNGN’s adoption, questions arise regarding its potential synergy with the eNaira. As the cNGN prepares for its launch, the Nigerian crypto ecosystem eagerly awaits its impact and the role it might play in shaping the future of digital currencies in the country.

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