Azza moved ₦1.01bn of cNGN in September

1.96x

Versus all prior months combined

₦1,012,706,601 against ₦517,663,968 since June 2025

314%

Of the dollar book

cNGN $763,600 against USDT and USDC $243,195

7.1x

September on August

₦142.5M to ₦1.01bn

Azza took ₦1,012,706,601 of cNGN into its customer deposit addresses in September — about $763,600 at the month's average rate.

That single month is 1.96x every previous month combined. cNGN has been arriving at Azza since June 2025, and everything from then to the end of August adds up to ₦517.7M. September alone was nearly double it.

The month before was ₦142.5M, and July was ₦33.3M.

The naira rail passed the dollar rail

Azza is an offramp, so the more useful comparison is against the dollar stablecoins arriving at the same addresses.

For most of 2026 cNGN was a rounding error next to USDT and USDC — 1% of the dollar book in May, 2% in June, 8% in July. Then 47% in August, and in September 314%: $763,600 of cNGN against $243,195 of dollar stablecoins.

September is the first month in Azza's history where more value arrived in naira than in dollars. Worth noting the dollar side did not collapse to produce that — USDT and USDC deposits were up 9% on August. The naira side simply grew past it.

What this figure is, and is not

This is cNGN arriving at Azza's customer deposit addresses on Base and BSC. It counts transfers only; mints and burns are supply operations, not payments, and are excluded.

It is value in, not Azza's revenue, not withdrawals, and not any fiat or off-chain leg of the same transaction. And it is one venue's deposit flow, not the size of the cNGN market.