Today on KWIQ: 1 USDT = ₦1,332.44 · 1 BTC = ₦108,854,938
All rates →KWIQ Naira Crypto Report · December 2021
Bitcoin fell 18.9% in December 2021, to $46,211
Bitcoin fell 18.9% in December 2021, from $56,998 to $46,211, and ether fell 20.7%. USDT traded at a median of ₦569.97 on Quidax, 38.6% above the CBN’s official rate, which averaged ₦411.13.
Based on anonymised sales on KWIQ in December 2021, and public market data. Percentages and rates only. How we measure
On KWIQ in December 2021
Crypto’s share of all trades
0%
Gift cards: 100%
There were too few crypto sales on KWIQ in December 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 0% of all trades on KWIQ by naira value, and gift cards 100%.
The market in December 2021
Bitcoin at the end of the month
$46,211
Down 18.9% on the month
CBN official rate, end of month
₦412.99
Averaged ₦411.13 per dollar
USDT on Quidax, median day
₦569.97
38.6% above the official rate
Bitcoin in naira on Quidax
₦26,000,000
At the end of the month
Bitcoin and ether in dollars
Bitcoin fell 18.9% in December 2021, from $56,998 to $46,211, with a high of $59,119 and a low of $42,333. Ether fell 20.7%, to $3,676.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| 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 |
| Sep 2021 | $43,824 | $3,000 |
| Oct 2021 | $61,344 | $4,290 |
| Nov 2021 | $56,988 | $4,635 |
| Dec 2021 | $46,211 | $3,676 |
The naira: official and market rates
The CBN’s official rate went from ₦410.7 to ₦412.99 per dollar, averaging ₦411.13. On Quidax, USDT traded between ₦562.06 and ₦583.96 a day, with a median of ₦569.97, 38.6% above the official rate.
Naira per dollar on Quidax, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| 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% |
| Sep 2021 | ₦410.02 | ₦562.5 | +37.2% |
| Oct 2021 | ₦410.41 | ₦569.99 | +38.9% |
| Nov 2021 | ₦410.81 | ₦562.57 | +36.9% |
| Dec 2021 | ₦411.13 | ₦569.97 | +38.6% |
What happened in December 2021
The month’s main events in crypto, and in Nigeria.
- On 4 December Bitcoin dropped sharply within hours, and it ended the year at $46,211.
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 ₦56,864 on the first day of the month and ₦56,686 on the last.
- 0.01 BTC was worth about ₦260,000 at the end of December 2021, against ₦324,439 a month earlier.
2021 in numbers
From the first day of January to the last day of December.
- Bitcoin rose 59.4%, from $28,990 to $46,211.
- The CBN’s official rate went from ₦379.5 to ₦412.99 per dollar.
- The naira’s market rate on Quidax went from ₦470.24 to ₦566.86 per dollar, so the naira lost 17% of its value against the dollar there.
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.
- 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.
- KWIQ had no completed crypto sales this month, only gift card 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.
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.
