The integration is expected to enable cNGN to support applications including lending, everyday payments, remittances and on-chain foreign exchange (FX).
Nigeria’s first regulated Naira stablecoin, cNGN, has gone live on Celo, opening the way for its use across a range of blockchain-based financial applications.
Celo announced the development, saying cNGN is backed 1:1 by Naira reserves and is now available on its network, which the company describes as one of the most widely adopted networks for stablecoin payments.
The integration is expected to enable cNGN to support applications including lending, everyday payments, remittances and on-chain foreign exchange (FX).
The launch represents a step towards expanding the use of regulated digital assets for payments and financial services in Nigeria, by combining a Naira-denominated stablecoin with blockchain infrastructure designed for stablecoin transactions.
With cNGN now live on Celo, developers and financial service providers can explore new use cases around Naira-based digital payments and cross-border financial transactions.