Profile
cNGN profile facts
Compliant Naira (cNGN) static profile: governance model Centralized (CeFi); backing model Real-World Asset Backed; peg Nigerian Naira.
- Collateral
- The September 30, 2026 Bala Isah Garba and Company ISAE 3000 examination reports NGN4,209,411,443.67 of reserves against NGN3,953,275,819.97 of circulating cNGN: rounded 48% money-market funds, 28% Treasury/OMO bills, 13% bank deposits and 11% fixed-term investments. The report's public-release/signing date is not established; Lisk and the owedness of excluded freeze/test tokens remain unresolved.
- Peg mechanism
- Issuer-managed mint and redemption path designed to maintain 1 cNGN = 1 NGN through naira reserves and compliant transfer rails
- Jurisdiction
- Nigeria / Securities and Exchange Commission Nigeria / SEC Accelerated Regulatory Incubation Programme approval-in-principle (not a final licence)
- Proof of reserves
- Independent Attestation by Bala Isah Garba and Company (Chartered Accountants), ISAE 3000 examination of cNGN reserve assets and circulating liabilities as of September 30, 2026 at 21:45 WAT; published-release/signing date not established. Reserve source
Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.
cNGN quick answers
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What is Compliant Naira (cNGN)?
cNGN is a centralized Nigerian naira stablecoin backed by naira-denominated money-market funds, Treasury bills, bank deposits and fixed-term investments. The static profile records its Nigerian Naira peg mechanism as: Issuer-managed mint and redemption path designed to maintain 1 cNGN = 1 NGN through naira reserves and compliant transfer rails.
Is cNGN safe?
As of Nov 8, 2026, Pharos grades cNGN D (43/100) on its Safety Score. Pharos's reviews record that the issuer or an admin can freeze individual holders' balances, and direct redemption is limited to customers the issuer has verified. That is a low-band grade, which flags significant structural risk. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.
What backs cNGN?
Pharos records cNGN's reserves as of Sep 30, 2026 as 48% CDS MMF and FAAM MMF (September 2026 reserve report), 28% Nigerian Treasury and OMO bills (September 2026 reserve report), 13% Bank deposits (September 2026 reserve report), and 1 smaller holding. Reserve evidence: Independent Attestation, latest period ending Sep 30, 2026. Pharos classifies the backing as Real-World Asset Backed.
Can cNGN be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded.
How do you redeem cNGN?
Under the route Pharos reviewed on May 5, 2026, customers the issuer has verified can redeem cNGN for a single stable asset, such as cash or a stablecoin. Settlement is same-day. The fee is variable or not fully published. Whether a given holder qualifies is set by the route's own terms, not by this summary.
