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The index is the reference rate for cNGN against USDC. It centres the futures fill band, bounds the mark, sets the settlement price, and values cNGN held as collateral.

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Sources

1 cNGN redeems for 1 naira, so the index tracks the naira’s rate against the dollar. It reads three NGN-per-USDT rates:
  • Quidax (usdtngn)
  • Textile (USDT_NGN)
  • Bybit P2P
USDT is treated as equal to USDC.

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How it is computed

  1. Sample. Every minute, the venue reads all three sources and takes the median. A sample is discarded if any source is missing, or if any source is more than 1.5% from the median.
  2. Average. Every minute, it publishes the time-weighted average of the last five minutes of samples. It needs at least three samples, the newest no older than three minutes.
  3. Publish. It signs the average into the index feed on Base. A single update can move the index by at most 1.5%.

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Peg check

The index also watches cNGN’s own peg: the 15-minute average of cNGN’s price in naira on Quidax. If cNGN trades more than 1% away from 1 naira, no sample is taken and the index stops updating.

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Staleness

The index feed has a 20-minute heartbeat. If it has not updated in 20 minutes, it is stale:
  • band_status on GET /v1/markets reads index_stale.
  • The chain refuses every futures fill, and the venue refuses new futures orders.
  • The mark does not update.
Trading resumes as soon as the index updates.

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Direction

On chain, the index feed is in USDC per cNGN, with 18 decimals. The futures market quotes cNGN per USDC, so index_price on GET /v1/markets is the inverse. The index feed is 0xFaC420d160C7c219A72DC676971670980bAC20a5 on Base.

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Spot

The cNGN-USDC spot market does not use the index. Spot prices come only from its order book.