No, IGNOU is not accredited by NAAC. However, it’s accredited by UGC, which is the culminating body of all universities in India.

NAAC is an autonomous body established by the UGC of India to assess and accredit institutions of higher education in the country. NAAC is only for regular institutions, not for distance institutions.

Note that IGNOU is the best open university and its degree is valid everywhere.