---
title: "cNGN Transparency Report Shows ₦2.33B Reserves Backing"
description: "cNGN updated its transparency dashboard, reporting ₦2.33B in bank reserves, ₦180.9B traded volume, and 311.1K on-chain transactions as of May 11, 2026."
canonical_url: "https://liners.com/news/cngn-transparency-report-2-33b-reserves-180-9b-volume"
markdown_url: "https://liners.com/news/cngn-transparency-report-2-33b-reserves-180-9b-volume.md"
type: "article"
language: "en"
published_at: "2026-05-12T10:06:46.338Z"
updated_at: "2026-05-12T10:06:47.774Z"
---

# cNGN Transparency Report Shows ₦2.33B Reserves Backing

cNGN updated its transparency dashboard, reporting ₦2.33B in bank reserves, ₦180.9B traded volume, and 311.1K on-chain transactions as of May 11, 2026.

## Breadcrumbs

- [News](/news)
- [cNGN Transparency Report Shows ₦2.33B Reserves Backing](/news/cngn-transparency-report-2-33b-reserves-180-9b-volume)

## Content

## In Short
- cNGN updated its transparency metrics, showing ₦2.33B in reserves held in custodian banks.
- The dashboard shows ₦180.9B total traded volume and 311.1K total on-chain transactions as of May 11, 2026.
- cNGN says it runs monthly reserve audits and has completed smart contract security audits.

## What Happened
[cNGN](/cngn) published updated transparency figures for its naira-pegged stablecoin, a crypto token designed to track the value of the Nigerian naira 1:1.

As of May 11, 2026, the project reports total reserves of ₦2,331,526,723.08. It says these funds are held in licensed custodian banks, meaning regulated banks that hold assets on behalf of clients.

The same page shows ₦180.9B in total traded volume, 311.1K total on-chain transaction count, and ₦38.5M in 24-hour trading volume. “On-chain” means the transfers are recorded publicly on a blockchain ledger, similar to an online receipt that anyone can verify.

The transparency page also lists the networks where cNGN is deployed, including Ethereum, Polygon, Base, BNB Chain, Solana, and others. It includes contract addresses and token amounts by chain, which helps users and developers verify supply on each network.

cNGN says it conducts monthly audits on reserve funds. It also links to smart contract audit reports, including a January 2026 audit by Frank Castle Audit.

The update follows earlier reported figures from May 6, 2026, when cNGN showed ₦179.6B total traded volume and 308.9K total on-chain transactions.

## Why It Matters
Stablecoin users care about two things, whether the peg holds and whether reserves exist. A 1:1 peg means each token should be redeemable for one naira, as long as reserves and redemption processes work as claimed.

For Nigeria’s crypto and fintech market, public reserve reporting and regular audits can make naira stablecoins easier to trust for payments, settlements, and treasury management. Listing reserves, chain-level supply, and audit history also helps exchanges, wallets, and compliance teams do basic due diligence before integrating the token.

## Sources and products

- [cngn.co](https://cngn.co/transparency)
- [cNGN](/cngn)

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- [Market Trends](/news)

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