cNGN supply has doubled since July, and BNB Chain added most of it

2.0x

Supply since the end of July

up every month: Aug, Sep, Oct and November so far

69%

Of the growth on BNB Chain

₦459M → ₦2.20bn

₦4.48bn

October month-end supply

the highest month-end on record

₦342M

New supply on Celo and Solana

both near zero at the end of July

For most of 2026 cNGN supply moved sideways, between roughly ₦2bn and ₦3bn. Since July it has risen every month, and the October close of ₦4.48bn was the highest month-end on record.

It isn't a straight line inside the month. Supply touched ₦5.03bn on 2 September and ₦5.03bn again on 2 November before settling back, which is what an issuer-and-desk token does when large balances are minted and redeemed within days. The month-end figures smooth that out, and they have climbed four times in a row.

BNB Chain did most of the work

Of the ₦2.52bn added since the end of July, ₦1.74bn landed on BNB Chain, which went from ₦459M to ₦2.20bn and now holds nearly as much cNGN as Base (₦2.34bn). Base added ₦461M. Celo and Solana, which held almost none at the end of July, now carry ₦241M and ₦102M. Asset Chain slipped by ₦27M.

This lines up with where cNGN is being traded. 92% of the cNGN settled through Textile, which crossed $50M on 4 November, settles on BNB Chain against USDT. That suggests a good part of the new BNB Chain supply is working inventory for that market, though supply data alone can't show who holds it.

What this is not

Supply is how much cNGN exists onchain, not how many people use it. Most of it sits with a small number of desks, solvers and treasuries, so it says more about the depth of the naira-stablecoin market than about retail adoption.