Forget about circular motion. You stand on the horizontal ground. What is the normal force exerted by the ground on you?
You know, it is equal to your weight, mg and it acts upward. So the net force is zero, you stay in rest.
Why? If it was less you would sink into the Earth. If you tried to stand on water surface, you would sink, as the water surface is not able to exert so big force.
The soil is somewhat elastic, so it exerts force about proportional the amount it is compressed, and at the end it exerts just the right magnitude of force to prevent further sinking.
If the upward force from the ground would be greater than mg, you would fly upward. (That could happen if there was a bomb under the surface just exploding, or an earthquake or you stood on the top of a volcano, but you stay in rest during normal circumstances, so the resultant force on you is zero, and the resultant force is your weight and the normal force in opposite direction: N-mg=0)
The same when a body moves along the circle. We know that it can only move along that circle of radius R and with speed V if the resultant force is the centripetal force inward: which is the inward radial component of the external force - the outward normal force. mV2/R=Gr-N. The normal force set its magnitude by itself, through the deformation the body causes.