Today on KWIQ: 1 USDT = ₦1,333.46 · 1 BTC = ₦108,827,191
All rates →KWIQ Naira Crypto Report · January 2017
Bitcoin passed $1,000 again in January 2017, as the CBN told banks to stay away from crypto
Bitcoin fell 0.3% in January 2017, from $973 to $970, and ether rose 31.1%. The CBN’s official rate averaged ₦304.7 per dollar.
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
$970
Down 0.3% on the month
CBN official rate, end of month
₦304.75
Averaged ₦304.7 per dollar
Ether at the end of the month
$10.70
Up 31.1% on the month
Bitcoin’s high for the month
$1,175
Low: $735
Bitcoin and ether in dollars
Bitcoin fell 0.3% in January 2017, from $973 to $970, with a high of $1,175 and a low of $735. Ether rose 31.1%, to $10.70.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Jan 2017 | $970 | $10.70 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦304.7 per dollar. Quidax’s naira market figures start in August 2018, so this report has the official rate only.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Jan 2017 | ₦304.7 | No data | – |
What happened in January 2017
The month’s main events in crypto, and in Nigeria.
- In the first week of January, Bitcoin traded above $1,000 for the first time since 2013.
- On 12 January the Central Bank of Nigeria told banks and other financial institutions not to use, hold, trade or transact in virtual currencies until it regulated them, and to make sure any crypto exchanges they served had proper anti-money-laundering controls.
- China’s central bank inspected the country’s biggest Bitcoin exchanges during the month.
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.
- Quidax’s naira markets start in August 2018. Until then this report has the official rate only, which in this period valued the naira well above the rates in Nigeria’s other dollar markets.
- 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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