Nigeria’s crypto market is sending a clear message: Naira’s not the safe haven the dollar is.
In April 2025, stablecoins took center stage, with USDT/NGN becoming the most traded pair across Nigeria’s top crypto exchanges.
And just as the market tilts toward stability, a new challenger enters the ring: the cNGN stablecoin, Nigeria’s first fully licensed digital currency.
The Facts: USDT > BTC in Nigeria
Move over, Bitcoin.
For the first time, USDT/NGN trading volumes have outpaced BTC/NGN, as Nigerian traders flee volatility, not just of crypto, but of their own currency.
With inflation and naira instability top of mind, USDT is now Nigeria’s go-to digital dollar.
Enter cNGN: Can a Government-Backed Stablecoin Compete?
The Africa Stablecoin Consortium just launched cNGN, a stablecoin pegged 1:1 to the naira and approved by Nigerian regulators.
It’s live on Quidax and Busha, with plans to list on Yellow Card and Roqqu.
But here’s the juggernaut question:
Will Nigerians trust a digital naira if they don’t trust the paper one?
Trader Sentiment: Suspicion Runs Deep
While cNGN promises compliance and local utility, the market is skeptical. Why?
- The naira’s reputation: Traders already prefer dollar-backed stability
- Regulatory opacity: Crypto licenses in Nigeria are hard to come by
- Adoption gap: Major exchanges still haven’t listed it
This isn’t just a product launch, it’s a battle for trust.
Juggernaut Take: What It Means
The real story isn’t just about cNGN. It’s about Nigerians choosing the dollar digitally even when the government offers a local alternative.
If the cNGN is to survive, it must:
- Prove it’s liquid
- Show utility beyond theory
- Win back the naira’s broken trust
Until then, USDT remains king in Nigeria’s crypto corridors.
