How to Deposit and Withdraw cNGN (Stablecoin) on Payluk

cNGN — the Compliant Naira — is Nigeria's first regulated stablecoin, pegged 1:1 to the Nigerian

Naira. It combines the speed and transparency of blockchain transactions with the stability and

regulatory compliance of traditional Naira-denominated finance. And now, Payluk supports cNGN as a payment method for escrow transactions.

This guide explains exactly how to deposit and withdraw cNGN on Payluk, and why it is a powerful option for certain types of transactions.

What is cNGN?

cNGN (Compliant Naira) is a stablecoin developed by the Africa Stablecoin Consortium, a

partnership of Nigerian banks, fintech companies, and blockchain firms. Unlike volatile

cryptocurrencies such as Bitcoin, cNGN maintains a fixed 1:1 value with the Naira — 1 cNGN

always equals 1 Nigerian Naira.

Key features of cNGN:

• Backed 1:1 by Naira reserves held in commercial bank accounts

• Operates on multiple blockchain networks for fast settlement

• Fully regulated and compliant with CBN guidelines

• Can be traded on licensed Nigerian crypto exchanges (Quidax, Busha)

• Enables near-instant cross-border Naira transactions

Why Payluk Added cNGN as a Payment Method

For most users, traditional Naira payment methods — bank transfer, card — work perfectly well

for escrow transactions. But there are specific use cases where cNGN offers meaningful

advantages:

• Cross-border transactions: Nigerians in the diaspora or international buyers dealing with

Nigerian sellers can fund cNGN directly, bypassing the challenges of international wire

transfers.

• Speed: cNGN transactions on blockchain settle faster than traditional bank transfers,

particularly for large amounts.

• Transparency: Blockchain transactions are publicly verifiable, providing an additional

layer of audit trail for high-value or complex transactions.

• Tech-savvy users: Digital natives and crypto-familiar users appreciate having a

compliant, stable digital currency option that does not expose them to crypto volatility.

How to Deposit cNGN on Payluk

1. Log in to your Payluk account on the app or website.

2. Go to “Wallet” or “Add Funds” in your account menu.

3. Select “cNGN” as your funding method.

4. Payluk will display a unique blockchain wallet address for your account — this is your cNGN deposit address.

5. From your cNGN wallet (on Quidax, Busha, or any compatible wallet), initiate a transfer to this Payluk wallet address.

6. The transfer will be confirmed on the blockchain within a short period — typically a few minutes.

7. Your Payluk wallet balance updates to reflect the deposited cNGN, which you can use immediately for escrow transactions.

Important: Always double-check the wallet address before sending. Blockchain transactions are

irreversible. Copy and paste — do not type — the destination address.

How to Withdraw cNGN from Payluk

1. From your Payluk wallet, select “Withdraw.”

2. Choose “cNGN” as your withdrawal method.

3. Enter the destination wallet address — this should be your personal cNGN wallet on a licensed Nigerian exchange.

4. Enter the amount you wish to withdraw.

5. Confirm the withdrawal. Payluk processes the blockchain transfer and you receive the cNGN in your external wallet.

6. From your exchange wallet, you can convert cNGN back to Naira and withdraw to your bank account at any time.

Ready to transact safely?

Already hold cNGN? Try it for your next Payluk escrow transaction. Or simply use

regular bank transfer — either way, your money is protected.

Visit www.payluk.ng or download the Payluk app on Android & iOS.