Textile settled ₦15.06bn of cNGN in September

2.5x

September on August

₦6.01bn to ₦15.06bn

57%

Of everything Textile settled

$10.97M of $19.18M in September

$5,813

Average trade

up from $619 in August, on 73% fewer fills

Textile settled ₦15.06bn of cNGN in September — $10.97M — against ₦6.01bn in August.

That is 57% of everything the protocol settled that month, and the pattern holds over its whole history: of the $29.96M Textile has settled since June, $17.6M has been cNGN. The naira pair is not a regional line item on a global protocol. It is the protocol's main business.

The trades changed shape

The volume tripled. The number of trades did not.

September's cNGN settled across 1,888 fills against August's 6,974 — 73% fewer — at an average of $5,813 a trade, up from $619. For the three months before that the average sat between $348 and $619 and barely moved.

So this was not more people trading naira onchain. It was materially larger trades, from fewer counterparties, appearing in a single month. That is what an FX market looks like when desks turn up rather than individuals.

Where it settles

cNGN settlement runs on two chains: BNB Chain carried $9.08M of September's volume and Celo $1.89M, both on USDT/cNGN. A USDC/cNGN pair exists on Base and traded $10 all month, which is to say it does not trade.

What this figure is, and is not

This is the notional value of filled orders on cNGN pairs — the size of the trades that settled, not Textile's fees or revenue.

It is also one venue's order flow, not the cNGN market. Naira moves onchain in places this does not see, and a protocol settling ₦15.06bn in a month is a measure of that protocol, not of how much naira is onchain.