Stablecoins, in particular, are changing the norms of finance, with Nigeria ranked first worldwide in adoption. Against this backdrop, two homegrown exchanges, Roqqu and Quidax, are working to bolster local adoption.

Both Lagos-based, both Nigerian-founded, and both targeting millions of users, Roqqu and Quidax are enhancing how Nigerians trade, spend, and view digital assets. 

Nigeria’s crypto economy is projected to generate $2.4 billion in revenue by year-end 2025, despite regulatory tightening. The average revenue per user hovers around $87.40. Use cases are diverse, including trading, savings, remittances, merchant payments, and peer-to-peer transfers, especially in regions underserved by banks.

Most importantly, stablecoins are at the centre, with Nigerians now turning to USD-pegged tokens for cross-border payments, hedging against naira instability, and accessing scarce U.S. dollars. This is where Roqqu and Quidax are testing very different strategies. One is evangelising stablecoins for everyday Nigerians, the other embedding them into a formal, bank-linked ecosystem. Their focus, and growth models are very different.

Platform Foundations & User Experience

Roqqu, launched in 2019, handles over 100 cryptocurrencies, including BTC, ETH, USDT, and the regulator-approved cNGN stablecoin. It supports Naira, Dollars, Euros, Pounds, and Ghanaian Cedis, and has built its brand on grassroots engagement, think campus tours, community workshops, and offline activations in underserved towns. 

Its feeless cNGN transfers and integration with Base blockchain speak to a strategy rooted in accessibility and everyday use.

Quidax, established in 2018, takes a more fintech-inspired approach. With support for over 50 cryptocurrencies, the exchange prioritises seamless user experience. Naira deposits come via bank transfers, vouchers, or its own Quidax Pocket wallet. Features such as staking, interest-bearing wallets, and a crypto-linked virtual card make it feel familiar to users who already interact with banking-like financial tools.

Regulation & Legitimacy

Now a competitive edge, regulation clarity is becoming the deciding factor and when it comes to compliance, Quidax is ahead. In August 2024, it secured an Approval-in-Principle from Nigeria’s Securities and Exchange Commission (SEC). 

By 2025, it had regained direct access to the banking system, allowing fiat-crypto transactions to flow more easily. Quidax is now regarded as a model for compliant crypto operations in Nigeria.

Meanwhile, Roqqu is still awaiting its provisional SEC licence as of August 2025. However, the exchange has taken steps to align with regulators, including listing the SEC-approved cNGN stablecoin backed by regulators and minted across six blockchains. 

This means the exchange is in strong regulatory alignment while waiting for full regulatory clearance, which it shares with Quidax, Busha, and others. Roqqu is building trust at the grassroots.

Growth, Reach & Strategy

Roqqu claims 1.8 million users, including 600,000 daily actives. Its acquisition of Kenyan startup Flitaa in July 2025, with over 70,000 users, shows an expansion-focused strategy. 

With this, it aims to use cNGN to simplify remittances between Nigeria and Kenya and extend into East Africa. Meanwhile, its partnership with SiBAN, Nigeria’s self-regulatory blockchain body, lends legitimacy to its broader ecosystem-building efforts.

Quidax hasn’t announced regional M&A. Instead, it deepens trust and infrastructure at home and across borders through an OTC desk for compliant, high-liquidity business transactions and international settlement services. 

It also broadens its impact via leadership platforms, including a visionary appearance by its CEO at Consensus 2025, where he called for global collaboration to boost Africa’s crypto ecosystem.

Recent Headlines: What’s New?

• Roqqu listed the cNGN stablecoin, now circulated to the tune of ₦604 million ($395,000), as part of its wider campaign to push stablecoin use among everyday Nigerians.
• It welcomed Victor Osimhen, a Nigerian football star, as its ambassador, blending national pride with financial inclusion messaging.
• Quidax runs the Trade & Win Challenge, a gamified campaign to incentivise trading, now in its third week as of late August 2025.
• It is also partnering with educational and financial institutions, including SEC-led initiatives, to bring digital assets into mainstream consideration by banks and regulators.
• In addition, it adopted enterprise-grade security through Fireblocks, enhancing both its infrastructure and credibility.

Key Differentiators

Final Take

Roqqu is the disruptor—aggressive, community-led, and mobile-first, aiming to take finance to every corner of Nigeria and beyond. Quidax is the stabiliser—trusting compliance, clean fintech design, and institutional partnerships to consolidate crypto use inside established systems.

In 2025’s Nigeria, both have key play parts in play. Roqqu brings crypto to the streets, while Quidax brings crypto to the boardroom.

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.

The stablecoin backed by the Central Bank of Nigeria (CBN) will be pegged 1:1.

According to a post from Dayo Olusegun, an aide of the Nigerian President on social media, the cNGN will allow users to transact anywhere in the world using the naira. Users can purchase and sell goods at the official CBN rate.

The stablecoin is supposed to eliminate the traditional challenges of currency conversion and hefty international transaction fees.

The statement also notes that cNGN is similar to other stable coins like USDT and USDC and will join other currencies that can be used to trade from any part of the world.

The cNGN, however, may be similar to the USDT as a stablecoin, but the latter is pegged to the US dollar which is very stable. The naira, on the other hand, is very unstable.

“The stablecoin we need is a stable naira to the USD,” said Tayo Oviosu, co-founder and CEO of Paga Communications.

A stablecoin is a cryptocurrency whose price is pegged to a reference asset, for instance a fiat currency, a commodity, or even other cryptocurrencies. The peg to a low-volatility asset is meant to keep the value of stablecoins “stable”, unlike I backed cryptocurrencies, which are highly volatile.

For instance, the value of USDT is pegged to the US dollar. What this means is that Tether should be unaffected by the volatility that can so dramatically impact the values of other cryptocurrencies like Bitcoin (BTC).

By pegging the cNGN to the naira, which volatility is quite unpredictable at the moment and with no guarantees of stability in the near future, the financial institutions behind it are exposing the investors to risks.

“The cNGN is part of the Central Bank’s efforts to ensure the Naira becomes a stable currency that can be relied on by investors and users across the globe,” the statement read.

The cNGN is also being pushed as a replacement for the eNaira which gulped billions of investment from the Central Bank of Nigeria under Governor Godwin Emefiele.

“⁠Unlike the eNaira, which is developed solely by the apex bank, the cNGN is managed by a consortium, the Africa Stablecoin Consortium (ASC),” the post noted.

The cNGN is currently interoperable with strategic blockchains like Bantu and Binance Smart Chain, according to experts.

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