The first report in the AfriFlux Native Stablecoin Research Series.
For the past week, Nigerian crypto has been having the same argument it's had since cNGN launched: does it work? One camp points to momentum — two licensed exchanges listing it, integrations, volume climbing. The other says the opposite: fintechs aren't integrating it, builders aren't building on it, and the activity is concentrated in a few big players, not real users.
Both sides reach for the same evidence. cNGN has processed roughly ₦163 billion in onchain transfers. Bulls read that as traction. Skeptics read the shape of it as concentration. Everyone is reading the same number and arguing about what it means.
