Today on KWIQ: 1 USDT = ₦1,348.62 · 1 BTC = ₦102,241,269
All rates →KWIQ Naira Crypto Report · August 2019
Bitcoin ended August 2019 at $9,601, down 4.8% on the month
Bitcoin fell 4.8% in August 2019, from $10,090 to $9,601, and ether fell 21.4%. The dollar’s market rate, worked out from Bitcoin’s naira price, had a median of ₦356.72, 16.4% above the CBN’s official rate, which averaged ₦306.43.
Based on public market data: Coinbase prices, the Central Bank of Nigeria’s official rate and naira prices on a leading Nigerian crypto exchange. KWIQ’s own figures start in May 2021. How we measure
Bitcoin at the end of the month
$9,601
Down 4.8% on the month
CBN official rate, end of month
₦306.5
Averaged ₦306.43 per dollar
Dollar market rate, median day
₦356.72
16.4% above the official rate
Bitcoin in naira, market price
₦3,427,443
At the end of the month
Bitcoin and ether in dollars
Bitcoin fell 4.8% in August 2019, from $10,090 to $9,601, with a high of $12,320 and a low of $9,322. Ether fell 21.4%, to $172.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Sep 2018 | $6,605 | $232 |
| Oct 2018 | $6,304 | $197 |
| Nov 2018 | $3,976 | $112 |
| Dec 2018 | $3,692 | $131 |
| Jan 2019 | $3,412 | $106 |
| Feb 2019 | $3,792 | $134 |
| Mar 2019 | $4,095 | $141 |
| Apr 2019 | $5,271 | $160 |
| May 2019 | $8,554 | $268 |
| Jun 2019 | $10,761 | $290 |
| Jul 2019 | $10,087 | $219 |
| Aug 2019 | $9,601 | $172 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦306.43 per dollar. The dollar’s market rate, worked out from Bitcoin’s naira price, ranged from ₦347.7 to ₦365.66 a day, with a median of ₦356.72, 16.4% above the official rate.
Naira per dollar at the market rate, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Sep 2018 | ₦305.77 | ₦358.01 | +17.1% |
| Oct 2018 | ₦306 | ₦358.64 | +17.2% |
| Nov 2018 | ₦306.21 | ₦361.94 | +18.2% |
| Dec 2018 | ₦306.42 | ₦364.16 | +18.8% |
| Jan 2019 | ₦306.35 | ₦361.17 | +17.9% |
| Feb 2019 | ₦306.27 | ₦354.25 | +15.7% |
| Mar 2019 | ₦306.42 | ₦360.53 | +17.7% |
| Apr 2019 | ₦306.46 | ₦362.55 | +18.3% |
| May 2019 | ₦306.45 | ₦359.86 | +17.4% |
| Jun 2019 | ₦306.45 | ₦358.82 | +17.1% |
| Jul 2019 | ₦306.44 | ₦356.76 | +16.4% |
| Aug 2019 | ₦306.43 | ₦356.72 | +16.4% |
What it meant in naira
Two examples at market 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 ₦35,418 on the first day of the month and ₦35,699 on the last.
- 0.01 BTC was worth about ₦34,274 at the end of August 2019, against ₦35,769 a month earlier.
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.
- The market rate comes from a leading Nigerian crypto exchange, which listed USDT in December 2019. Before then, it is the exchange’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.
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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