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The Africa Stablecoin Consortium (ASC), developers of Nigeria’s first regulatory-approved stablecoin, cNGN, are in early-stage discussions with leading African crypto exchanges, Roqqu and Yellow Card, to secure listings for the Naira-backed digital asset.
While both exchanges have confirmed these discussions, neither has committed to listing cNGN, raising concerns about its broader adoption. The stablecoin, already listed on provisionally licensed Nigerian platforms Busha and Quidax, requires wider exchange support—particularly from platforms with a pan-African footprint—to maximize its utility for remittances and cross-border transactions.
However, adoption challenges persist. Crypto exchanges remain hesitant to list cNGN without clear demand, while the stablecoin itself needs wider exchange adoption to drive market interest. Despite ASC’s regulatory approval, its growth trajectory remains uncertain without stronger institutional backing.
Market Challenges and Exchange Considerations
Jason Marshall, Chief Operating Officer of Yellow Card, acknowledged cNGN’s regulatory credibility but emphasized the exchange’s strict listing criteria.
“We respect any project that has passed Nigeria’s SEC Accelerated Regulatory Incubation Programme (ARIP), but we are very selective about the tokens we list,” Marshall stated.
Yellow Card currently lists only 14 tokens, six of which are stablecoins. According to Marshall, factors such as market demand, financial backing, and compliance play a significant role in listing decisions.
“Before considering a coin, they typically need to have at least ₦50 billion ($32.5 million) in capital reserves, validated by an accounting firm,” he added. “We expect stablecoins to be well-capitalized to ensure credibility and stability.”
Beyond financial backing, concerns remain about cNGN’s domestic utility. Marshall pointed out that Nigeria’s digital banking system already offers instant and low-cost transfers, raising questions about whether cNGN provides a unique advantage for local transactions.
Roqqu’s Perspective on cNGN’s Adoption
Eseoghene Onomor, CEO of Roqqu, also confirmed discussions with ASC but shared similar concerns regarding demand.
“These things take time,” Onomor noted. “It’s not just about listing a token—it has to be something users actively want. Right now, adoption is low, but I see its potential.”
The ASC faces a classic adoption dilemma: cNGN needs major exchange listings to build demand, but exchanges remain cautious without clear market interest. Without stronger institutional support and clearer use cases, Nigeria’s first compliant stablecoin could struggle to gain traction in a market where digital Naira transfers are already widely accessible.
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