Today on KWIQ: 1 USDT = ₦1,334.76 · 1 BTC = ₦109,497,557
All rates →KWIQ Naira Crypto Report · August 2018
Ether fell 34.8% in August 2018, while Bitcoin fell 9.2%
Bitcoin fell 9.2% in August 2018, from $7,727 to $7,015, and ether fell 34.8%. Quidax’s Bitcoin market valued the dollar at a median of ₦357.03, 16.8% above the CBN’s official rate, which averaged ₦305.56.
Based on public market data: Coinbase prices, the Central Bank of Nigeria’s official rate and Quidax’s naira markets. KWIQ’s own figures start in May 2021. How we measure
Bitcoin at the end of the month
$7,015
Down 9.2% on the month
CBN official rate, end of month
₦305.65
Averaged ₦305.56 per dollar
Dollar on Quidax, median day
₦357.03
16.8% above the official rate
Bitcoin in naira on Quidax
₦2,477,000
At the end of the month
Bitcoin and ether in dollars
Bitcoin fell 9.2% in August 2018, from $7,727 to $7,015, with a high of $7,750 and a low of $5,900. Ether fell 34.8%, to $282.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Sep 2017 | $4,339 | $302 |
| Oct 2017 | $6,445 | $304 |
| Nov 2017 | $9,903 | $434 |
| Dec 2017 | $13,863 | $741 |
| Jan 2018 | $10,100 | $1,105 |
| Feb 2018 | $10,307 | $850 |
| Mar 2018 | $6,929 | $395 |
| Apr 2018 | $9,244 | $670 |
| May 2018 | $7,485 | $577 |
| Jun 2018 | $6,383 | $453 |
| Jul 2018 | $7,727 | $432 |
| Aug 2018 | $7,015 | $282 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦305.56 per dollar. On Quidax’s Bitcoin market, the dollar was worth between ₦342.02 and ₦381.63 a day, with a median of ₦357.03, 16.8% above the official rate.
The CBN’s official rate, naira per dollar, the average of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Sep 2017 | ₦305.39 | No data | – |
| Oct 2017 | ₦305.12 | No data | – |
| Nov 2017 | ₦305.4 | No data | – |
| Dec 2017 | ₦305.81 | No data | – |
| Jan 2018 | ₦305.28 | No data | – |
| Feb 2018 | ₦305.39 | No data | – |
| Mar 2018 | ₦305.24 | No data | – |
| Apr 2018 | ₦305.11 | No data | – |
| May 2018 | ₦305.33 | No data | – |
| Jun 2018 | ₦305.37 | No data | – |
| Jul 2018 | ₦305.31 | No data | – |
| Aug 2018 | ₦305.56 | ₦357.03 | +16.8% |
What happened in August 2018
The month’s main events in crypto, and in Nigeria.
- On 22 August the US SEC rejected nine more proposals for Bitcoin exchange-traded funds.
- From this month, the reports include the naira’s market rate on Quidax, which provides KWIQ’s wallets.
What it meant in naira
Two examples at Quidax’s prices, to show how the month’s moves added up for someone holding crypto in Nigeria. They aren’t the rates KWIQ paid.
- $100 in crypto was worth about ₦35,070 on the first day of the month and ₦35,310 on the last.
- 0.01 BTC was worth about ₦24,770 at the end of August 2018.
How we measure
- Bitcoin and ether prices are Coinbase’s daily prices in US dollars (UTC days): the first day’s opening price, the last day’s closing price and the month’s high and low.
- The official rate is the Central Bank of Nigeria’s central rate for the US dollar, on the days the CBN published one.
- Quidax, which provides KWIQ’s wallets, listed USDT in December 2019. Before then, the market rate is Quidax’s naira price of Bitcoin divided by Bitcoin’s dollar price, day by day: the median of those daily rates, counting only days with trades.
- Events are as reported at the time. They’re listed for context, not as the cause of any price move.
Use this report
Journalists, bloggers and researchers are welcome to quote this report and its figures, with a credit to KWIQ and a link to this page. For interviews or more detail, email admin@kwiq.app. For today’s rates, see crypto to naira rates.
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