Roqqu has listed the compliant Naira (cNGN) on its exchange, adding another access point for the regulator-approved stablecoin that is pegged 1:1 with the naira.
The move comes as stablecoins gain traction across Africa, where they are increasingly seen as tools for trade, remittances, and protection against currency instability.
The cNGN, launched in February by WrappedCBDC Ltd., is backed by reserves in commercial banks. It is regulated by the Securities and Exchange Commission (SEC) and minted across six blockchains, Asset Chain, Base, Bantu, Polygon, Ethereum, and Binance, allowing for cheaper transfers and broad network compatibility.
So far, about ₦604 million ($395,000) worth of the token is in circulation, but retail uptake has been slower than expected.
Roqqu says it intends to change that by leveraging its strong presence in underserved areas. “We know our way when it comes to the grassroots market,” said Emmanuel Peter, head of Academy and Business Partnership at Roqqu.
“A currency is not a thing if it’s not embraced by the people, and we know how to get to these people. This could be what the cNGN token has been missing—wider distribution.”
To reduce barriers, the exchange has announced that cNGN transactions will be feeless, although it will earn fees on fiat-to-stablecoin swaps. The token has already been integrated with Base, one of its supporting networks, as part of Roqqu’s rollout.
Beyond Nigeria, Roqqu is preparing to drive cNGN adoption across borders. In July, it acquired Flitaa, a Kenyan crypto startup with over 70,000 users and deep M-PESA integration. The acquisition strengthens its East African presence and also creates opportunities for cross-border payments between Nigeria and Kenya, with potential extensions into Uganda, Rwanda, and Tanzania.
CEO Benjamin Onomor confirmed that cNGN will be central to Roqqu’s long-term plans. “We have a lot of major plans for cNGN,” he said. “We want to unlock all the opportunities this [cNGN] stablecoin brings, including eventually providing users with low-interest loans and other financial services.”
Nigeria has already established itself as Africa’s leading stablecoin market, processing nearly $22 billion worth of transactions between July 2023 and June 2024. Stablecoins account for 43% of all crypto activity in Sub-Saharan Africa, fuelled by limited foreign exchange access, naira instability, and widespread distrust in traditional banking.
With cNGN now listed on Roqqu and backed by the Africa Stablecoin Consortium, a coalition of fintech and blockchain firms, the stablecoin is better positioned to move from regulatory approval to everyday use.
