StableNaira

What is StableNaira (SNR)?

StableNaira (SNR) is a fiat-collateralized, on-chain representation of the Nigerian Naira (NGN). Each
unit of SNR is backed 1:1 by audited NGN-denominated reserves held with CBN-licensed Nigerian
banks in segregated trust accounts, with mint and burn flows tightly aligned to verifiable reserve
movements.
The protocol is built by the StableNaira Development Team as a public good for payments,
remittances, savings, programmable commerce, and cross-border value transfer — first in Nigeria,
then across the African continent, and ultimately as a bridge currency between African economies and
the global digital-asset economy.
Nigeria sits at the intersection of three powerful curves: a young, mobile-first population (median age
17.9), one of the world's highest stablecoin adoption rates per capita, and a regulatory environment
actively chartering Virtual Asset Service Providers (VASPs) under the SEC's Accelerated Regulatory
Incubation Programme (ARIP) and the Investments and Securities Act 2025 (ISA 2025).
The window for a Nigeria-native, NGN-denominated, regulator-friendly stablecoin is open now, and
SNR is built into that window — not against it.
Technically, SNR is a UUPS-upgradeable ERC-20 built on OpenZeppelin v5, with EIP-2612 permit,
AccessControlEnumerable for transparent on-chain role inspection, and regulator-recognisable
compliance primitives baked directly into the token: pause, freeze, seize, role-gated mint/burn, and a
hard mint cap anchored to attested reserves.
Cross-chain movement uses a native burn-and-mint Cross-Chain Transfer Protocol (CCTP) — tokens
are destroyed on the source chain and freshly minted on the destination chain by an m-of-n validator
quorum. There are no wrapped tokens, no liquidity-pool bridges, and no synthetic representations. A
multi-reporter, quorum-signed on-chain price oracle protects the NGN/USD mark with bounded
staleness and deviation caps.
The on/off-ramp is bank-rails-first: minting is anchored in licensed Nigerian banking partners through
Paystack virtual-account orchestration and Bank-Verification-Number (BVN)-anchored KYC — not P2P
trust. Reserves are attested monthly by an ICAN-accredited auditor, with Big-Four assurance targeted
from year two.
Every privileged action is gated by a governance multisig and a one-hour on-chain timelock. All
contracts are verified on Etherscan, BscScan, BaseScan, and Sourcify. SNR is positioned not to
displace USD stablecoins but to complement them with a regulator-aligned Naira leg on every chain
those stablecoins trade on.