Today on KWIQ: 1 USDT = ₦1,332.00 · 1 BTC = ₦108,900,737
All rates →KWIQ Naira Crypto Report · August 2024
Markets tumbled in early August 2024, and Bitcoin ended the month 8.7% lower
Bitcoin fell 8.7% in August 2024, from $64,610 to $58,968, and ether fell 22.3%. USDT traded at a median of ₦1,596 on Quidax, in line with the CBN’s official rate, which averaged ₦1,586.94.
Based on anonymised sales on KWIQ in August 2024, and public market data. Percentages and rates only. How we measure
On KWIQ in August 2024
Bitcoin’s share of crypto sales
83.7%
USDT: 10.1%
Crypto’s share of all trades
100%
Gift cards: 0%
Payouts to fintech accounts
82.8%
Of payouts with a known bank
Crypto sales vs the month before
−32.9%
Change in the number of sales
What Nigerians sold on KWIQ
By naira value, Bitcoin was 83.7% of crypto sales and USDT 10.1%. The biggest of the other coins: TRX 3.2%, LTC 1.3%, BCH 1.1%.
View as a table
| Coin | Share of crypto sales |
|---|---|
| Bitcoin | 83.7% |
| USDT | 10.1% |
| Ethereum | 0.5% |
| Other coins | 5.6% |
USDT’s share, month by month
USDT’s share of crypto sales by value in each month of 2024 up to August 2024.
View as a table
| Month | USDT share of crypto sales |
|---|---|
| Jan | 3.7% |
| Feb | 6.6% |
| Mar | 6.8% |
| Apr | 10.7% |
| May | 6% |
| Jun | 22.4% |
| Jul | 15.2% |
| Aug | 10.1% |
Crypto vs gift cards
Crypto made up 100% of all trades on KWIQ by naira value, and gift cards 0%.
Where the naira went
82.8% of payouts went to fintech accounts rather than commercial banks.
Among payouts with a known receiving bank. The bank wasn’t recorded for 7.3% of payouts.
When people sold
Friday was the busiest day, and 8pm to 9pm the busiest hour (Lagos time).
Busiest day
Friday
Busiest hour
8pm to 9pm
Peak hour vs an average hour
+106.9%
View as a table
| Day | Share of crypto sales |
|---|---|
| Monday | 16.4% |
| Tuesday | 13.8% |
| Wednesday | 16.4% |
| Thursday | 13.8% |
| Friday | 18.1% |
| Saturday | 13.8% |
| Sunday | 7.8% |
New sellers
28.4% of sales came from people selling on KWIQ for the first time.
Sales from first-time sellers
28.4%
The market in August 2024
Bitcoin at the end of the month
$58,968
Down 8.7% on the month
CBN official rate, end of month
₦1,596.14
Averaged ₦1,586.94 per dollar
USDT on Quidax, median day
₦1,596
In line with the official rate
Bitcoin in naira on Quidax
₦93,985,466
At the end of the month
Bitcoin and ether in dollars
Bitcoin fell 8.7% in August 2024, from $64,610 to $58,968, with a high of $65,594 and a low of $49,050. Ether fell 22.3%, to $2,513.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Sep 2023 | $26,961 | $1,671 |
| Oct 2023 | $34,656 | $1,815 |
| Nov 2023 | $37,732 | $2,053 |
| Dec 2023 | $42,288 | $2,281 |
| Jan 2024 | $42,548 | $2,282 |
| Feb 2024 | $61,179 | $3,342 |
| Mar 2024 | $71,289 | $3,645 |
| Apr 2024 | $60,622 | $3,011 |
| May 2024 | $67,472 | $3,758 |
| Jun 2024 | $62,668 | $3,432 |
| Jul 2024 | $64,610 | $3,232 |
| Aug 2024 | $58,968 | $2,513 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦1,586.94 per dollar. On Quidax, USDT traded between ₦1,556.53 and ₦1,613.5 a day, with a median of ₦1,596, in line with the official rate.
Naira per dollar on Quidax, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Sep 2023 | ₦761.33 | ₦964.24 | +26.7% |
| Oct 2023 | ₦796.44 | ₦1,050.11 | +31.9% |
| Nov 2023 | ₦832.68 | ₦1,124.67 | +35.1% |
| Dec 2023 | ₦901.43 | ₦1,189 | +31.9% |
| Jan 2024 | ₦941.26 | ₦1,301 | +38.2% |
| Feb 2024 | ₦1,505.62 | ₦1,520.99 | +1% |
| Mar 2024 | ₦1,510.84 | ₦1,562.54 | +3.4% |
| Apr 2024 | ₦1,236.56 | ₦1,239.5 | +0.2% |
| May 2024 | ₦1,435.57 | ₦1,450.03 | +1% |
| Jun 2024 | ₦1,481.77 | ₦1,476.99 | −0.3% |
| Jul 2024 | ₦1,559.58 | ₦1,557.94 | −0.1% |
| Aug 2024 | ₦1,586.94 | ₦1,596 | +0.6% |
What happened in August 2024
The month’s main events in crypto, and in Nigeria.
- From 1 August the #EndBadGovernance protests over the cost of living took place across Nigeria.
- On 5 August stock markets around the world fell sharply, and crypto prices with them.
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 USDT was worth about ₦159,551 on the first day of the month and ₦160,820 on the last.
- 0.01 BTC was worth about ₦939,855 at the end of August 2024, against ₦1,043,135 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 Quidax, which provides KWIQ’s wallets: 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.
- Payout destinations are among payouts where the receiving bank was recorded. Fintech accounts include OPay, PalmPay, Moniepoint, Kuda and FairMoney; the rest are commercial banks.
- 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.
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.
Sell crypto for naira on KWIQ
Zero conversion fees, the rate shown before you sell, and naira in your bank account in just 4 seconds.
