Today on KWIQ: 1 USDT = ₦1,348.62 · 1 BTC = ₦102,241,269
All rates →KWIQ Naira Crypto Report · December 2019
Bitcoin ended December 2019 at $7,166, down 5.2% on the month
Bitcoin fell 5.2% in December 2019, from $7,556 to $7,166, and ether fell 15.2%. The dollar’s market rate, worked out from Bitcoin’s naira price, had a median of ₦360.01, 17.5% above the CBN’s official rate, which averaged ₦306.45.
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
$7,166
Down 5.2% on the month
CBN official rate, end of month
₦306.5
Averaged ₦306.45 per dollar
Dollar market rate, median day
₦360.01
17.5% above the official rate
Bitcoin in naira, market price
₦2,573,010
At the end of the month
Bitcoin and ether in dollars
Bitcoin fell 5.2% in December 2019, from $7,556 to $7,166, with a high of $7,775 and a low of $6,430. Ether fell 15.2%, to $129.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| 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 |
| Sep 2019 | $8,305 | $181 |
| Oct 2019 | $9,159 | $182 |
| Nov 2019 | $7,556 | $152 |
| Dec 2019 | $7,166 | $129 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦306.45 per dollar. The dollar’s market rate, worked out from Bitcoin’s naira price, ranged from ₦354.11 to ₦362.27 a day, with a median of ₦360.01, 17.5% 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 |
|---|---|---|---|
| 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% |
| Sep 2019 | ₦306.42 | ₦355.17 | +15.9% |
| Oct 2019 | ₦306.46 | ₦356.6 | +16.4% |
| Nov 2019 | ₦306.45 | ₦357.43 | +16.6% |
| Dec 2019 | ₦306.45 | ₦360.01 | +17.5% |
What happened in December 2019
The month’s main events in crypto, and in Nigeria.
- From this month, the exchange behind the market rate has a USDT/naira market; from January 2020 the reports use it for the naira’s market rate.
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 ₦35,939 on the first day of the month and ₦35,907 on the last.
- 0.01 BTC was worth about ₦25,730 at the end of December 2019, against ₦27,201 a month earlier.
2019 in numbers
From the first day of January to the last day of December.
- Bitcoin rose 94.1%, from $3,692 to $7,166.
- The CBN’s official rate went from ₦306.45 to ₦306.5 per dollar.
- The naira’s market rate went from ₦351.89 to ₦359.07 per dollar, so the naira lost 2% of its value against the dollar at that rate.
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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