Four months after talks began, Nigerian crypto company Roqque lists the cNGN stablecoin, a stablecoin pegged 1:1 to the local currency.
It joins Busha, Quidax, Xend Finance, Blockradar, and Boundlesspay, among startups that now support the token.
Launched in February and distributed by the WrappedCBDC team, the cNGN stablecoin now has ₦604 million ($395,000) in circulation.
While the stablecoin is minted across six blockchains—Asset Chain, Base, Bantu, Polygon, Ethereum, and Binance—to provide easy access and reduce transaction costs, retail adoption remains slow.
Roqqu is still awaiting a provisional crypto licence from Nigeria’s Securities and Exchange Commission (SEC). But its decision to list the SEC-approved cNGN signals growing acceptance of the token among operators.
Roqqu, which claims it now has 1.8 million users and an entrenched grassroots presence, says its listing will help bring the stablecoin to everyday users.
“We know our way when it comes to the grassroots market,” said Emmanuel Peter, Roqqu’s head of academy and business partnership. “A currency is not a thing if it’s not embraced by the people, and we know how to get to these people. This could be what the cNGN token has been missing—wider distribution.”
Roqqu will earn exchange fees from fiat-to-cNGN swaps but plans to make cNGN transactions feeless to lower barriers and encourage adoption. It has already integrated with Base, one of the six supporting networks.
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The plan to go deep and wide
Roqqu is accessible nationwide through its mobile app and has built its reputation for “last-mile crypto delivery” through campus tours, community-driven blockchain awareness programmes, and offline engagement in underserved cities. The startup claims this strong local presence is key to getting cNGN into more hands.
The crypto startup recently expanded its regional footprint. In July, Roqqu completed the acquisition of Flitaa, a Kenyan crypto startup, adding over 70,000 users to its platform. That acquisition potentially sets the stage for cNGN to be used in cross-border transfers between Nigeria and Kenya.
Roqqu will also partner with the cNGN team on a co-marketing campaign, hosting educational and promotional events across campuses and other venues in multiple Nigerian cities, Peter said.
“We have a lot of major plans for cNGN,” said Roqqu CEO Benjamin Onomor. “We want to unlock all the opportunities this [cNGN] stablecoin brings, including eventually providing users with low-interest loans and other financial services.”
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