Africa’s cNGN Stablecoin Seeks Exchange Listings Amid Adoption Hurdles

The first Naira-backed stablecoin (cNGN), after being successfully listed on Busha and Quidax, seeks to be listed on Roqqu and Yellow Card, two reputable African-based crypto exchanges.

In an April 1 report from TechCabal, the African Stablecoin Consortium (ASC), the developer of the first stablecoin backed by the Nigerian currency, confirmed that it had met with Roqqu, a Nigerian-based exchange, and Yellow Card, a UK-based company with a presence on the African continent, to discuss listing the Naira-backed token.

🪙 NEW: CNGN, a stablecoin pegged to the Nigerian Naira, seeks listings on Yellow Card and Roqqu.

The move aims to expand its accessibility and adoption in the crypto market. pic.twitter.com/sxCCrec13N

— Coinwaft (@coinwaft) April 2, 2025

The ASC seeks to expand the adoption of the stablecoin for remittance and cross-border payments through other prominent exchanges, especially those with a presence in Africa.

The two exchanges have confirmed to have received a request, but both are skeptical about its listings due to their rigorous scrutiny before listing any coin.

There Must be Demand and Financial Backing Before We List cNGN, Jason Marshall

According to the report, the stablecoin is facing adoption hurdles because of the little demand it has garnered and also the nonavailability of enough capital to back the coin further.

What if Africa could trade freely without dollar dependency?

With cNGN, cross-border payments would be faster, cheaper, and more efficient helping businesses grow without the usual FX struggles. Payments can… pic.twitter.com/f8hWj5fY0S

— cNGN Stablecoin (@cngn_co) April 1, 2025

Jason Marshall, Chief Operating Officer at Yellow Card, said the company respects projects assented to by Nigeria’s SEC Accelerated Regulatory Incubation Programme (ARIP) but emphasizes that the company is selective about listing coins to preserve its reputation.

He added that the company considers demand, financial backing, and compliance with established regulations to be determinants of coin listing.

“Before we would consider a coin most times, they would have raised the equivalent of ₦50 billion ($32.5 million) in capital reserves and have an accounting firm sign a document saying it validates those reserves,”

Marshall said.

Furthermore, he stated that more exchanges will welcome the token if its issuers are well-capitalized to back it.

He also vented his doubt, though optimistic, about the coin’s domestic adoption due to the advancement in the Nigerian banking system.

Similarly, the CEO of Roqqu, Eseoghene Onomor, also expressed that people are yet to see the value of the cNGN; though he is optimistic about the future success of the Naira-backed coin, he said it requires a lot of time.

“It’s not enough to list a coin or token on your platform. It has to be something that people want. Not everyone is seeing the value of the cNGN right now, because adoption is low, but I see its value.”

Onomor said.

Busha and Quidax Already Listed cNGN

As the African Stablecoin Consortium (ASC) seeks to expand the presence of cNGN for better liquidity, Busha and Quidax have already accepted and made the token available to users.

Last month, Busha made an announcement on its X account over the listing of the coin.

cNGN (Compliant Nigerian Naira)
is now live on Busha! 🚀

We are excited to announce that @cngn_co (Compliant Nigerian Naira), the private-sector stablecoin poised to transform Nigeria’s digital economy, is now available on Busha!

Download Busha now and start trading! pic.twitter.com/irk3MOlcyi

— Busha (@getBusha) February 3, 2025

Similarly, Quidax announced the listing of the token on its X account. And also hosted a live session some days ago detailing what the token is.