Today on KWIQ: 1 USDT = ₦1,350.11 · 1 BTC = ₦102,305,139
All rates →KWIQ Naira Crypto Report · August 2021
Ether rose 35.4% in August 2021, while Bitcoin rose 13.5%
Bitcoin rose 13.5% in August 2021, from $41,499 to $47,113, and ether rose 35.4%. USDT’s market rate had a median of ₦521.53, 27.3% above the CBN’s official rate, which averaged ₦409.65.
Based on anonymised sales on KWIQ in August 2021, and public market data. Percentages and rates only. How we measure
On KWIQ in August 2021
Crypto’s share of all trades
15.4%
Gift cards: 84.6%
There were too few crypto sales on KWIQ in August 2021 to report which coins people sold or when, so this month shows only the split between crypto and gift cards.
Crypto vs gift cards
Crypto made up 15.4% of all trades on KWIQ by naira value, and gift cards 84.6%.
The market in August 2021
Bitcoin at the end of the month
$47,113
Up 13.5% on the month
CBN official rate, end of month
₦409.82
Averaged ₦409.65 per dollar
USDT market rate, median day
₦521.53
27.3% above the official rate
Bitcoin in naira, market price
₦24,999,599
At the end of the month
Bitcoin and ether in dollars
Bitcoin rose 13.5% in August 2021, from $41,499 to $47,113, with a high of $50,505 and a low of $37,300. Ether rose 35.4%, to $3,430.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Sep 2020 | $10,780 | $360 |
| Oct 2020 | $13,805 | $387 |
| Nov 2020 | $19,714 | $617 |
| Dec 2020 | $28,990 | $738 |
| Jan 2021 | $33,138 | $1,314 |
| Feb 2021 | $45,232 | $1,422 |
| Mar 2021 | $58,800 | $1,920 |
| Apr 2021 | $57,799 | $2,776 |
| May 2021 | $37,279 | $2,707 |
| Jun 2021 | $35,060 | $2,277 |
| Jul 2021 | $41,495 | $2,534 |
| Aug 2021 | $47,113 | $3,430 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦409.65 per dollar. USDT’s market rate ranged from ₦510.03 to ₦526.89 a day, with a median of ₦521.53, 27.3% 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 2020 | ₦379.5 | ₦463.99 | +22.3% |
| Oct 2020 | ₦379.55 | ₦465.26 | +22.6% |
| Nov 2020 | ₦379.5 | ₦476 | +25.4% |
| Dec 2020 | ₦379.5 | ₦480.11 | +26.5% |
| Jan 2021 | ₦379.5 | ₦484.5 | +27.7% |
| Feb 2021 | ₦379.5 | ₦487.17 | +28.4% |
| Mar 2021 | ₦379.5 | ₦620 | +63.4% |
| Apr 2021 | ₦379.5 | ₦498.46 | +31.3% |
| May 2021 | ₦397.15 | ₦507.17 | +27.7% |
| Jun 2021 | ₦409.66 | ₦509.99 | +24.5% |
| Jul 2021 | ₦409.63 | ₦512.79 | +25.2% |
| Aug 2021 | ₦409.65 | ₦521.53 | +27.3% |
What happened in August 2021
The month’s main events in crypto, and in Nigeria.
- On 5 August Ethereum’s London upgrade changed how fees work and began burning part of every fee.
- On 10 August hackers took about $600 million from Poly Network, and returned it over the following days.
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 USDT was worth about ₦51,212 on the first day of the month and ₦52,689 on the last.
- 0.01 BTC was worth about ₦249,996 at the end of August 2021, against ₦204,155 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 is the naira price of USDT on a leading Nigerian crypto exchange: the median of its daily closing prices, 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.
- KWIQ’s figures come from anonymised sales completed on KWIQ during the calendar month, in Lagos time, across KWIQ’s current and older selling systems.
- We publish percentages, indices and the rates KWIQ paid: never amounts, totals or anything about an individual user.
- KWIQ’s older selling systems recorded less than today’s: there are no USDT network figures before 2026, the rates KWIQ paid start in October 2024 and the payout time in December 2025.
- There were too few crypto sales on KWIQ this month to report the crypto detail, so only the split between crypto and gift cards is shown.
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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