Today on KWIQ: 1 USDT = ₦1,353.46 · 1 BTC = ₦102,560,665
All rates →KWIQ Naira Crypto Report · December 2018
Bitcoin touched $3,129 in December 2018, its lowest point of the year
Bitcoin fell 7.1% in December 2018, from $3,976 to $3,692, and ether rose 16.9%. The dollar’s market rate, worked out from Bitcoin’s naira price, had a median of ₦364.16, 18.8% above the CBN’s official rate, which averaged ₦306.42.
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
$3,692
Down 7.1% on the month
CBN official rate, end of month
₦306.5
Averaged ₦306.42 per dollar
Dollar market rate, median day
₦364.16
18.8% above the official rate
Bitcoin in naira, market price
₦1,312,875
At the end of the month
Bitcoin and ether in dollars
Bitcoin fell 7.1% in December 2018, from $3,976 to $3,692, with a high of $4,277 and a low of $3,129. Ether rose 16.9%, to $131.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| 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 |
| Sep 2018 | $6,605 | $232 |
| Oct 2018 | $6,304 | $197 |
| Nov 2018 | $3,976 | $112 |
| Dec 2018 | $3,692 | $131 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦306.42 per dollar. The dollar’s market rate, worked out from Bitcoin’s naira price, ranged from ₦349.21 to ₦399.88 a day, with a median of ₦364.16, 18.8% 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 |
|---|---|---|---|
| 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% |
| 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% |
What happened in December 2018
The month’s main events in crypto, and in Nigeria.
- Bitcoin reached its lowest price of the 2018 slump in mid-December, about 84% below its December 2017 peak.
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 ₦36,818 on the first day of the month and ₦35,561 on the last.
- 0.01 BTC was worth about ₦13,129 at the end of December 2018, against ₦14,700 a month earlier.
2018 in numbers
From the first day of January to the last day of December.
- Bitcoin fell 73.4%, from $13,863 to $3,692.
- The CBN’s official rate went from ₦305.5 to ₦306.5 per dollar.
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.
- 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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