The Africa Stablecoin Consortium (ASC), the developers behind Nigeria’s first regulatory-approved stablecoin, cNGN, have initiated early discussions with two leading African crypto exchanges, Roqqu and Yellow Card, to secure listings for the Naira-backed digital asset.
Despite these engagements, neither exchange has committed to listing cNGN. While the stablecoin has already secured listings on Busha and Quidax, two provisionally licensed Nigerian exchanges, gaining traction on platforms with a broader pan-African reach is crucial for its remittance use case. Without stronger exchange support, its expansion remains uncertain.
cNGN’s success depends on widespread adoption, but platforms are reluctant to list it without demonstrated demand. Designed to facilitate remittances and cross-border transactions, the stablecoin risks stagnation in a market where digital Naira transactions are already widely available and efficient.
Yellow Card’s Chief Operating Officer, Jason Marshall, acknowledged the credibility of projects approved under Nigeria’s SEC Accelerated Regulatory Incubation Programme (ARIP) but emphasized the company’s selective approach to token listings. Yellow Card which currently offers 14 tokens, including six stablecoins, evaluates potential listings based on market demand, financial reserves, and compliance.
Marshall noted that a stablecoin issuer would typically need to secure reserves equivalent to ₦50 billion ($32.5 million) and undergo independent validation before Yellow Card would consider listing. He expressed uncertainty about cNGN’s domestic use, given Nigeria’s advanced and cost-effective bank transfer system.
Similarly, Roqqu CEO Eseoghene Onomor confirmed discussions with ASC but stressed that listing decisions depend on demand. He acknowledged cNGN’s potential but noted that its low adoption rate currently limits its attractiveness to exchanges.
The situation is a market dilemma: cNGN needs exchange listings to drive adoption, yet exchanges require proof of demand before listing it. Nigeria’s first compliant stablecoin may struggle to gain momentum in a skeptical crypto landscape without stronger institutional support and clearer utility.
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