Nigerian crypto startup Busha lists cNGN, a consortium-led Naira stablecoin, plans rollout in phases
- Busha secured a provisional licence from the SEC in August 2024 and listed the compliant NGN (cNGN) on its platform.
- cNGN is Nigeria's first private consortium-backed stablecoin, pegged 1:1 to the Naira.
- The stablecoin was announced on February 3, 2025, and is currently only tradable on Busha's platform.
The launch of cNGN represents a significant step for Nigeria's digital economy, but its success will largely depend on overcoming regulatory hurdles and building trust in the Naira. The limitations on its current use cases and liquidity issues may hinder its adoption, suggesting that further education and awareness are crucial for potential users.
