Today on KWIQ: 1 USDT = ₦1,336.54 · 1 BTC = ₦109,566,849
All rates →KWIQ Naira Crypto Report · February 2024
Bitcoin rose 43.8% in February 2024 as USDT passed ₦1,500 on Quidax
Bitcoin rose 43.8% in February 2024, from $42,545 to $61,179, and ether rose 46.5%. USDT traded at a median of ₦1,520.99 on Quidax, 1% above the CBN’s official rate, which averaged ₦1,505.62.
Based on anonymised sales on KWIQ in February 2024, and public market data. Percentages and rates only. How we measure
On KWIQ in February 2024
Bitcoin’s share of crypto sales
92.9%
USDT: 6.6%
Crypto’s share of all trades
99%
Gift cards: 1%
Payouts to fintech accounts
85.9%
Of payouts with a known bank
Crypto sales vs the month before
+33.6%
Change in the number of sales
What Nigerians sold on KWIQ
By naira value, Bitcoin was 92.9% of crypto sales and USDT 6.6%. The biggest of the other coins: BNB 0.4%.
View as a table
| Coin | Share of crypto sales |
|---|---|
| Bitcoin | 92.9% |
| USDT | 6.6% |
| Ethereum | 0% |
| Other coins | 0.5% |
USDT’s share, month by month
USDT’s share of crypto sales by value in each month of 2024 up to February 2024.
View as a table
| Month | USDT share of crypto sales |
|---|---|
| Jan | 3.7% |
| Feb | 6.6% |
Crypto vs gift cards
Crypto made up 99% of all trades on KWIQ by naira value, and gift cards 1%.
Where the naira went
85.9% of payouts went to fintech accounts rather than commercial banks.
Among payouts with a known receiving bank. The bank wasn’t recorded for 3.2% of payouts.
When people sold
Thursday was the busiest day, and 2am to 3am the busiest hour (Lagos time).
Busiest day
Thursday
Busiest hour
2am to 3am
Peak hour vs an average hour
+168.5%
View as a table
| Day | Share of crypto sales |
|---|---|
| Monday | 13.3% |
| Tuesday | 15.4% |
| Wednesday | 16.8% |
| Thursday | 17.5% |
| Friday | 13.3% |
| Saturday | 11.2% |
| Sunday | 12.6% |
New sellers
58.7% of sales came from people selling on KWIQ for the first time.
Sales from first-time sellers
58.7%
The market in February 2024
Bitcoin at the end of the month
$61,179
Up 43.8% on the month
CBN official rate, end of month
₦1,544.08
Averaged ₦1,505.62 per dollar
USDT on Quidax, median day
₦1,520.99
1% above the official rate
Bitcoin in naira on Quidax
₦92,999,998
At the end of the month
Bitcoin and ether in dollars
Bitcoin rose 43.8% in February 2024, from $42,545 to $61,179, with a high of $64,100 and a low of $41,846. Ether rose 46.5%, to $3,342.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Mar 2023 | $28,474 | $1,822 |
| Apr 2023 | $29,247 | $1,871 |
| May 2023 | $27,223 | $1,874 |
| Jun 2023 | $30,467 | $1,934 |
| Jul 2023 | $29,231 | $1,856 |
| Aug 2023 | $25,932 | $1,646 |
| Sep 2023 | $26,961 | $1,671 |
| Oct 2023 | $34,656 | $1,815 |
| Nov 2023 | $37,732 | $2,053 |
| Dec 2023 | $42,288 | $2,281 |
| Jan 2024 | $42,548 | $2,282 |
| Feb 2024 | $61,179 | $3,342 |
The naira: official and market rates
The CBN’s official rate went from ₦1,413.63 to ₦1,544.08 per dollar, averaging ₦1,505.62. On Quidax, USDT traded between ₦1,385.67 and ₦1,805.49 a day, with a median of ₦1,520.99, 1% above the official rate.
Naira per dollar on Quidax, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Mar 2023 | ₦460.43 | ₦741.98 | +61.1% |
| Apr 2023 | ₦460.42 | ₦738.82 | +60.5% |
| May 2023 | ₦460.7 | ₦750.09 | +62.8% |
| Jun 2023 | ₦607.75 | ₦761.77 | +25.3% |
| Jul 2023 | ₦769.82 | ₦817.36 | +6.2% |
| Aug 2023 | ₦761.62 | ₦904.27 | +18.7% |
| Sep 2023 | ₦761.33 | ₦964.24 | +26.7% |
| Oct 2023 | ₦796.44 | ₦1,050.11 | +31.9% |
| Nov 2023 | ₦832.68 | ₦1,124.67 | +35.1% |
| Dec 2023 | ₦901.43 | ₦1,189 | +31.9% |
| Jan 2024 | ₦941.26 | ₦1,301 | +38.2% |
| Feb 2024 | ₦1,505.62 | ₦1,520.99 | +1% |
What happened in February 2024
The month’s main events in crypto, and in Nigeria.
- Nigeria’s government blamed crypto platforms for the naira’s fall, and on 26 February two Binance executives were detained in Abuja.
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 ₦140,269 on the first day of the month and ₦157,002 on the last.
- 0.01 BTC was worth about ₦930,000 at the end of February 2024, against ₦630,300 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.
- 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.
- Payout destinations are among payouts where the receiving bank was recorded. Fintech accounts include OPay, PalmPay, Moniepoint, Kuda and FairMoney; the rest are commercial banks.
- 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.
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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