Today on KWIQ: 1 USDT = ₦1,331.77 · 1 BTC = ₦108,869,641
All rates →KWIQ Naira Crypto Report · February 2021
The CBN told banks to close crypto accounts in February 2021, and Bitcoin still rose 36.5%
Bitcoin rose 36.5% in February 2021, from $33,138 to $45,232, and ether rose 8.2%. USDT traded at a median of ₦487.17 on Quidax, 28.4% above the CBN’s official rate, which averaged ₦379.5.
Based on public market data: Coinbase prices, the Central Bank of Nigeria’s official rate and Quidax’s naira markets. KWIQ’s own figures start in May 2021. How we measure
Bitcoin at the end of the month
$45,232
Up 36.5% on the month
CBN official rate, end of month
₦379.5
Averaged ₦379.5 per dollar
USDT on Quidax, median day
₦487.17
28.4% above the official rate
Bitcoin in naira on Quidax
₦32,848,000
At the end of the month
Bitcoin and ether in dollars
Bitcoin rose 36.5% in February 2021, from $33,138 to $45,232, with a high of $58,367 (a new record) and a low of $32,333. Ether rose 8.2%, to $1,422, after setting a new record.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Mar 2020 | $6,424 | $133 |
| Apr 2020 | $8,624 | $206 |
| May 2020 | $9,447 | $232 |
| Jun 2020 | $9,136 | $225 |
| Jul 2020 | $11,352 | $347 |
| Aug 2020 | $11,655 | $434 |
| 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 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦379.5 per dollar. On Quidax, USDT traded between ₦401.02 and ₦721.69 a day, with a median of ₦487.17, 28.4% above the official rate.
Naira per dollar on Quidax, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Mar 2020 | ₦327.06 | ₦400 | +22.3% |
| Apr 2020 | ₦360.5 | ₦412.93 | +14.5% |
| May 2020 | ₦360.5 | ₦435.99 | +20.9% |
| Jun 2020 | ₦360.5 | ₦442.44 | +22.7% |
| Jul 2020 | ₦360.5 | ₦450.99 | +25.1% |
| Aug 2020 | ₦376.79 | ₦468.51 | +24.3% |
| 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% |
What happened in February 2021
The month’s main events in crypto, and in Nigeria.
- On 5 February the CBN told banks and other financial institutions to identify and close the accounts of people and businesses dealing in crypto.
- On 8 February Tesla said it had bought $1.5 billion of Bitcoin.
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 ₦48,790 on the first day of the month and ₦69,611 on the last.
- 0.01 BTC was worth about ₦328,480 at the end of February 2021, against ₦160,230 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.
- Trading on Quidax’s USDT/NGN market thinned after the CBN’s directive of 5 February 2021, and its naira price stayed unusually high until late March. Read the market rate for February and March 2021 as one exchange’s price in unusual conditions.
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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