Compliant Naira (cNGN) stablecoin analytics
Answer First
What is Compliant Naira (cNGN)?
cNGN is a centralized Nigerian naira stablecoin backed 1:1 by NGN deposits at designated Nigerian commercial banks under the cNGN issuer consortium. 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?
Pharos does not assess cNGN as safe: it holds an F Safety Score grade (31/100) in the latest published rating, which flags significant structural risk. Static metadata says Compliant Naira uses a Centralized (CeFi) governance model and Real-World Asset Backed backing, with Self-Reported PoR from cNGN transparency page (no reserve attestation is reachable: the page's only documents are smart-contract security audits, its live reserve widget renders zero values, and the reported Bala Isah Garba & Company ISAE 3000 engagement exists only in secondary press with the last referenced report October 2025); the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Static Profile
Static stablecoin profile
Compliant Naira (cNGN) static profile: governance model Centralized (CeFi); backing model Real-World Asset Backed; peg Nigerian Naira.
AI summary / Updated Sep 7, 2026
cNGN is a Nigerian naira stablecoin built as regulated settlement infrastructure rather than a dollar substitute, issued natively on Bantu and distributed to eight tracked networks through the issuer's lock-and-mint bridge. The reserve claim is 1:1 naira in accounts at licensed Nigerian commercial banks, and that is where the evidence stops: the transparency page names no bank, publishes no allocation, and links no dated reserve examination, while the monthly audit the issuer describes has no reachable report...
AI summary · drafted by claude-fable-5-1 · facts as of Sep 7, 2026
Sources: cNGN transparency page
- Collateral
- Naira reserves are stated to back cNGN 1:1 in accounts at licensed Nigerian commercial banks. The issuer states that it conducts monthly reserve audits, but no dated reserve attestation or itemized allocation is currently published.
- 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
- Self-Reported PoR by cNGN transparency page (no reserve attestation is reachable: the page's only documents are smart-contract security audits, its live reserve widget renders zero values, and the reported Bala Isah Garba & Company ISAE 3000 engagement exists only in secondary press with the last referenced report October 2025) Reserve source
Next Actions
Exact bot target: /subscribe dews,depeg,safety cngn-compliant-naira
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Sep 7, 2026.
cNGN quick answers
What is Compliant Naira (cNGN)?
cNGN is a centralized Nigerian naira stablecoin backed 1:1 by NGN deposits at designated Nigerian commercial banks under the cNGN issuer consortium. 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?
Pharos does not assess cNGN as safe: it holds an F Safety Score grade (31/100) in the latest published rating, which flags significant structural risk. Static metadata says Compliant Naira uses a Centralized (CeFi) governance model and Real-World Asset Backed backing, with Self-Reported PoR from cNGN transparency page (no reserve attestation is reachable: the page's only documents are smart-contract security audits, its live reserve widget renders zero values, and the reported Bala Isah Garba & Company ISAE 3000 engagement exists only in secondary press with the last referenced report October 2025); the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs cNGN?
Pharos classifies cNGN backing as Real-World Asset Backed. Collateral, per the static profile: Naira reserves are stated to back cNGN 1:1 in accounts at licensed Nigerian commercial banks. The issuer states that it conducts monthly reserve audits, but no dated reserve attestation or itemized allocation is currently published. Reserve evidence: Self-Reported PoR from cNGN transparency page (no reserve attestation is reachable: the page's only documents are smart-contract security audits, its live reserve widget renders zero values, and the reported Bala Isah Garba & Company ISAE 3000 engagement exists only in secondary press with the last referenced report October 2025).
Can cNGN be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded. Live freeze and blacklist events for cNGN, when applicable, appear in the dossier below.
