Today on KWIQ: 1 USDT = ₦1,348.75 · 1 BTC = ₦102,184,874
All rates →KWIQ Naira Crypto Report · February 2022
Bitcoin ended February 2022 at $43,193, up 12.2% on the month
Bitcoin rose 12.2% in February 2022, from $38,493 to $43,193, and ether rose 8.7%. USDT’s market rate had a median of ₦575.03, 38.2% above the CBN’s official rate, which averaged ₦416.15.
Based on anonymised sales on KWIQ in February 2022, and public market data. Percentages and rates only. How we measure
On KWIQ in February 2022
Crypto’s share of all trades
0%
Gift cards: 100%
There were too few crypto sales on KWIQ in February 2022 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 February 2022
Bitcoin at the end of the month
$43,193
Up 12.2% on the month
CBN official rate, end of month
₦416.09
Averaged ₦416.15 per dollar
USDT market rate, median day
₦575.03
38.2% above the official rate
Bitcoin in naira, market price
₦24,463,164
At the end of the month
Bitcoin and ether in dollars
Bitcoin rose 12.2% in February 2022, from $38,493 to $43,193, with a high of $45,855 and a low of $34,322. Ether rose 8.7%, to $2,923.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| 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 |
| Jan 2022 | $38,492 | $2,690 |
| Feb 2022 | $43,193 | $2,923 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦416.15 per dollar. USDT’s market rate ranged from ₦571.72 to ₦579.99 a day, with a median of ₦575.03, 38.2% 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 |
|---|---|---|---|
| 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% |
| Jan 2022 | ₦414.54 | ₦574.35 | +38.6% |
| Feb 2022 | ₦416.15 | ₦575.03 | +38.2% |
What happened in February 2022
The month’s main events in crypto, and in Nigeria.
- On 24 February Russia invaded Ukraine. Ukraine went on to raise millions of dollars in crypto donations.
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 USDT was worth about ₦57,359 on the first day of the month and ₦57,598 on the last.
- 0.01 BTC was worth about ₦244,632 at the end of February 2022, against ₦218,646 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 a leading Nigerian crypto exchange: 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.
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