Stablecoins in Nigeria

What a stablecoin is

A stablecoin is a crypto token designed to keep the same value as a normal currency. USDT and USDC aim to stay at one US dollar each. cNGN aims to stay at one naira. They move on blockchains, so you can send them between wallets at any time of day.

What cNGN is

• cNGN is a naira-backed stablecoin. It launched on 3 February 2025, issued by Wrapped CBDC, a member of the Africa Stablecoin Consortium.
• The cNGN site says each token is held 1:1 with naira in licensed custodian banks, with monthly audits of the reserves.
• In July 2026 the SEC admitted Wrapped CBDC to its Accelerated Regulatory Incubation Programme, alongside eight other firms.
• cNGN is not one of the assets on Palremit. Palremit supports USDT and USDC, along with BTC, ETH, SOL, BNB and XLM.

How the rules are taking shape

• October 2025: CBN Governor Olayemi Cardoso said Nigeria intends to play an active role in shaping global stablecoin rules, so that innovation supports financial stability.
• October 2025: Nigeria formed a task force with the central bank, the Ministry of Finance and other agencies to study stablecoin adoption.
• July 2026: a Virtual Asset Council was set up to coordinate crypto oversight. The CBN chairs it, with the Nigeria Revenue Service and the SEC as vice-chairs.
• Under that framework, the CBN covers payment, settlement and custody services. The SEC covers assets and activities that fall under securities rules.
• August 2026: the CBN opened applications for a sandbox where stablecoin and other virtual asset firms can test products under supervision. Joining the sandbox is not a licence.

How to use USDT safely

• Match the network. When you send USDT, use the same network your receiving address was created for. Sending on the wrong network or to the wrong address can mean losing the funds.
• Send a small test first when you use a new address.
• Check the full address before you confirm. Don't type it from memory or copy it from a chat you can't trust.
• Use a verified app. Pick a provider that checks your identity and shows you the rate before you confirm.
• Protect your account. Keep your PIN private, and never share codes sent to your phone or email.
• Know that rates move. The naira value of your USDT changes through the day, so check the rate at the moment you swap.

Using USDT with Palremit

Deposit USDT to your Palremit address on the network you chose, swap it to naira in the app, then cash out to your Nigerian bank account. You see the rate before you confirm.