There’s been a lot of energy around cNGN lately — and rightfully so.
From LinkedIn to WhatsApp, I’ve seen a range of views: sharp critiques, academic papers, defenses from builders, and even emotional calls for support. As someone who’s been in the trenches of fintech and crypto infrastructure, and who’s followed this project through multiple iterations, I thought I’d offer some perspective of my own — not as a cheerleader, not as a skeptic, but as someone who understands how hard building truly is.
One recurring argument I’ve seen is that pegging a stablecoin to the naira is inherently unstable. But that idea is based on a category error — a mix-up in logic. Pegging a stablecoin 1:1 to the naira doesn’t make it unstable in itself; it simply means the token mirrors the naira’s value. Just like a USD stablecoin reflects the dollar, cNGN reflects the naira. It’s not meant to shield you from currency volatility — it’s meant to digitize the naira and make it programmable. That’s a completely different use case from, say, a USD-backed coin pegged to bitcoin.
So let’s start by understanding the purpose: cNGN is not a hedge; it’s a representation.
Now, is there work to do? Absolutely. But that doesn’t mean we dismiss the effort or the potential. From NGNT to eNaira to cNGN, we’re watching the evolution of an idea — and like all meaningful innovation, it takes time, iterations, and feedback.
The right questions to ask, in my view, are:
• What does local adoption look like?
• How do we ensure it becomes part of everyday use?
• What use cases unlock true network effects?
From what I’ve seen, cNGN is starting to lean into those answers. Remittances, cross-border payments, institutional flows, and even POS acceptance are all in focus. I also see potential in tourism-related adoption, where short-term visitors could spend locally via cNGN without needing a Nigerian bank account. These are real-world frictions that a well-integrated stablecoin can help solve.
But most importantly, this moment matters because people are paying attention. The critiques mean the ecosystem cares. And in an industry where many ideas fade without notice, attention is a signal. The builders should listen, adapt, but also stay the course.
I’m personally rooting for the team — not just because I know how difficult this is, but because I believe cNGN represents an attempt to solve a real problem from within. It may not be perfect yet, but it’s movement in the right direction. And if we truly want local innovation to thrive, we should challenge it — yes — but we should also nurture it.
Let’s keep the bar high, but the support loud.