cNGN

IM-01 1: a single licensed issuer (WrappedCBDC Ltd) mints, and access is gated by API key plus IP whitelist, business accounts only. IM-02 5: no debt mechanism at all; cNGN is minted against a naira deposit. IM-03 2: backing is naira bank deposits, financial collateral with no real-economy signal. IM-04 4: elastic with no hard cap, bounded by the 1:1 reserve requirement. IM-05 4: redemption to a Nigerian bank account is routine and API-driven, with a redemption.completed webhook, so contraction is real and user-initiated but not permissionless. Average 16/5 = 3.2.

SPS-01 3: par redemption against reserves, no protocol-level stability mechanism beyond mint and redeem. SPS-02 2: the benchmark is the naira, and the issuer's own FAQ opens with the objection that the naira lost more than 80% against the dollar in a year; band 2 is the floor the scale offers, and a reviewer may argue the naira deserves worse than the USD example named there. SPS-03 2: a Reserves and Transparency section exists but no attestation, auditor or reserve dashboard was found on any surface read. SPS-04 3: 18 months live with no reported depeg, and no public price series to measure deviation against. SPS-05 3: naira parity only, no purchasing-power anchoring. SPS-06 2: redemption settles only to Nigerian bank accounts. Weighted 24.5/9.5 = 2.58.

FI-01 1 and FI-02 1: hard-pegged 1:1 to the naira and backed 100% by naira in commercial banks. FI-03 1: cannot function without Nigerian bank accounts, since virtual accounts, payouts and reserves all sit there. FI-04 1: the cngn-price-oracle repo publishes NGN/USD, a centrally sourced fiat feed. FI-05 1: naira failure passes straight through to the holder. FI-06 2: fiat integration is the product, with no stated exit path. FI-07 1: no mechanism for local or sectoral currencies to settle against it. FI-08 3: nine chains plus a documented bridge and bridge-quote API, which is generic crypto interoperability rather than an open monetary standard. Weighted 15.5/11.5 = 1.35.

TR-01 5: Celo deployment dated 6 August 2026 in the issuer's own changelog, GitHub pushes on 17 August 2026. TR-02 2: live since February 2025, so 18 months. TR-03 2: no published user count and cumulative transaction volume was reported at over $2.5M in September 2025. TR-04 2: business-facing by design, with Roqqu and Xend Finance named, but few documented integrations. TR-05 3: the naira is the unit of account in Nigeria and the issuer positions cNGN as a programmable unit of account for developers, but pricing in cNGN itself is occasional. TR-06 5: Convexity and Alpha Geek are shipping publicly and accountably. TR-07 4: a consortium of Nigerian banks and fintechs plus named exchange and tokenization partners. TR-08 4: Ledger Insights, CoinGeek, BusinessDay, a Chambers practice guide, an English Wikipedia article, and recognition inside the SEC's own incubation programme. TR-09 4: no token incentives; adoption is utility-driven and slow. TR-10 4: three new chains added during 2026. TR-11 3: a clear regional narrative as Africa's first regulated stablecoin, with a developer and institutional community rather than a cultural one. Weighted 54.5/17.5 = 3.11.

SO-01 2: the issuing company and the Nigerian SEC can halt issuance and redemption, though existing tokens persist on chain. SO-02 3: standard ERC-20 contracts on public chains with open-source SDKs, but mint and redeem run through a closed API. SO-03 1: fully dependent on one state, holding a Nigerian SEC approval, Nigerian bank reserves and CBN payment oversight. SO-04 3: hybrid, since tokens are self-custodiable once withdrawn but withdrawals only reach whitelisted addresses and the account balance is custodial until then. SO-05 4: a consortium of firms, not one person. SO-06 3: critical dependencies on Nigerian banking partners and a single API gateway. SO-07 2: address whitelisting is mandatory for withdrawals, so censorship is designed in and the criteria are disclosed. SO-08 2: full KYC and KYB, IP whitelisting, and operator-held transaction history. SO-09 2: a standard mintable and burnable token controlled by the issuer, so monetary rules rest on operator honesty. Weighted 31/14 = 2.21.

GO-01 2: corporate governance under a consortium and a regulator, with no published protocol governance procedure. GO-02 2: decision power sits with the issuing company and consortium board. GO-03 3: supply is fully auditable on chain across published contracts, and the contract-addresses page is exemplary and carries an anti-lookalike warning, but deliberation is closed and no reserve attestation is published. GO-04 2: no governance exists to capture, though the regulator is a real external constraint. GO-05 2: changes are announced through a dated public changelog, with no vote. GO-06 2: no separation between monetary and operational decisions. GO-07 2: a compliance-first mission with no charter protecting principles. GO-08 2: the issuer can mint within its licence, with no timelock or special constraint. Weighted 26/12.5 = 2.08.

RE-01 3: launched into Nigeria's crypto crackdown and the naira's devaluation, and survived the SEC transition and an exchange-listing freeze, but faced no depeg or exploit test. RE-02 3: nine chains, but one API gateway and one banking stack. RE-03 3: balances are recoverable from public chains while the reserve claim depends on the company, and no disaster-recovery plan is published. RE-04 4: a simple 1:1 reserve model with a well-documented API and four official SDKs. RE-05 4: already ported to nine stacks, which makes it technology-agnostic in practice. RE-06 2: no published circuit breakers, stress testing or attestation, and a run would depend on Nigerian bank liquidity and FX access, which the issuer's own FAQ names as an open gap. RE-07 3: a commercial venture on bridge and network fees over a small float. RE-08 2: tightly coupled to current internet and banking rails. RE-09 3: programmable API, four SDKs, webhooks and an llms.txt, with machine participation gated behind API keys, IP whitelisting and human business onboarding. Weighted 33.5/12.5 = 2.68.

IN-01 2: the API is business-only, redemption needs a Nigerian bank account, and requests need whitelisted IPs, so retail can hold cNGN but cannot mint or redeem. IN-02 4: holding and transferring on Base or Celo costs cents, with no minimum balance. IN-03 4: financial inclusion is the stated purpose and Nigeria has a large unbanked population and high crypto use, with adoption still early. IN-04 2: interest on the naira reserves accrues to the issuer, and the terms are not disclosed. IN-05 3: tiered by design, since institutional API access and retail holding are different rules. IN-06 2: full KYC and KYB, IP whitelisting and address whitelisting. IN-07 3: no mechanism that concentrates or spreads holdings, and no yield paid to holders. Weighted 27/10 = 2.70.