Busha Introduces NGNb, a Naira-Backed Stablecoin to Expand Access to Financial Markets

Nigerian crypto exchange Busha is developing NGNb, a Naira-backed stablecoin designed to simplify digital transactions, support tokenised financial assets, and attract wider participation in Nigeria’s financial markets.

Busha has announced it's plans to introduce NGNb, a stablecoin designed to bring the Nigerian Naira onto blockchain networks and expand how individuals, businesses, and financial institutions use the local currency.

Announced by Busha co-founder Laolu, Samuel-Biyi on the 27th of October, 2026, saying " The Naira Is Going Onchain. We’re Joining the Race." NGNb is designed to maintain a one-to-one relationship with the Naira, with each token backed by corresponding Naira-denominated reserves.

What Busha Plans to Achieve

Busha wants NGNb to serve as a digital settlement instrument that other exchanges, fintech companies, financial institutions, and developers can build around.

The company also plans to support transactions involving tokenised Nigerian financial assets, including Treasury bills, investment funds, and equities. This could allow investors to settle transactions in Naira on blockchain networks without first converting their funds into US Dollar stablecoins.

NGNb will also form part of Busha's broader Busha 3.0 initiative, which aims to bring savings, lending, payments, trading, and tokenised traditional financial assets together on one financial platform.

Economic Importance for Nigeria

NGNb could create additional options for businesses handling cross-border payments and financial transactions. By reducing the need for multiple currency conversions in some transactions, it could potentially lower settlement costs and simplify the movement of Naira across compatible blockchain networks.

The stablecoin could also make Nigerian financial markets more accessible to international investors. Through integrated liquidity providers, investors outside Nigeria could potentially acquire tokenised Naira and settle transactions involving Nigerian assets more efficiently.

If adoption grows, NGNb could support liquidity in tokenised financial markets and create opportunities for fintech companies to develop new payment and investment services.

However, these benefits will depend on adoption, transparent reserves, reliable redemption, regulatory compliance, and integration with existing financial systems.

NGNb will not determine the Naira's exchange rate or resolve Nigeria's wider economic challenges. Its proposed role is to make the local currency easier to use within digital financial infrastructure.

As the Nigerian financial sector explores tokenisation, NGNb represents Busha's attempt to connect the Naira with emerging blockchain-based markets. Its long-term economic importance will depend on whether businesses, investors, and everyday users trust it enough to make it part of their financial activities.

©️ Okon David Ekanem @TalkAfrica.com.