Today on KWIQ: 1 USDT = ₦1,334.79 · 1 BTC = ₦109,423,388
All rates →KWIQ Naira Crypto Report · January 2019
Bitcoin ended January 2019 at $3,412, down 7.6% on the month
Bitcoin fell 7.6% in January 2019, from $3,692 to $3,412, and ether fell 19%. Quidax’s Bitcoin market valued the dollar at a median of ₦361.17, 17.9% above the CBN’s official rate, which averaged ₦306.35.
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
$3,412
Down 7.6% on the month
CBN official rate, end of month
₦306.25
Averaged ₦306.35 per dollar
Dollar on Quidax, median day
₦361.17
17.9% above the official rate
Bitcoin in naira on Quidax
₦1,226,162
At the end of the month
Bitcoin and ether in dollars
Bitcoin fell 7.6% in January 2019, from $3,692 to $3,412, with a high of $4,115 and a low of $3,338. Ether fell 19%, to $106.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Feb 2018 | $10,307 | $850 |
| Mar 2018 | $6,929 | $395 |
| Apr 2018 | $9,244 | $670 |
| May 2018 | $7,485 | $577 |
| Jun 2018 | $6,383 | $453 |
| Jul 2018 | $7,727 | $432 |
| Aug 2018 | $7,015 | $282 |
| Sep 2018 | $6,605 | $232 |
| Oct 2018 | $6,304 | $197 |
| Nov 2018 | $3,976 | $112 |
| Dec 2018 | $3,692 | $131 |
| Jan 2019 | $3,412 | $106 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦306.35 per dollar. On Quidax’s Bitcoin market, the dollar was worth between ₦347.06 and ₦365 a day, with a median of ₦361.17, 17.9% above the official rate.
The CBN’s official rate, naira per dollar, the average of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Feb 2018 | ₦305.39 | No data | – |
| Mar 2018 | ₦305.24 | No data | – |
| Apr 2018 | ₦305.11 | No data | – |
| May 2018 | ₦305.33 | No data | – |
| Jun 2018 | ₦305.37 | No data | – |
| Jul 2018 | ₦305.31 | No data | – |
| Aug 2018 | ₦305.56 | ₦357.03 | +16.8% |
| Sep 2018 | ₦305.77 | ₦358.01 | +17.1% |
| Oct 2018 | ₦306 | ₦358.64 | +17.2% |
| Nov 2018 | ₦306.21 | ₦361.94 | +18.2% |
| Dec 2018 | ₦306.42 | ₦364.16 | +18.8% |
| Jan 2019 | ₦306.35 | ₦361.17 | +17.9% |
What happened in January 2019
The month’s main events in crypto, and in Nigeria.
- On 15 January Ethereum’s developers postponed an upgrade called Constantinople after a security flaw was found.
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 crypto was worth about ₦35,189 on the first day of the month and ₦35,942 on the last.
- 0.01 BTC was worth about ₦12,262 at the end of January 2019, against ₦13,129 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.
- Quidax, which provides KWIQ’s wallets, listed USDT in December 2019. Before then, the market rate is Quidax’s naira price of Bitcoin divided by Bitcoin’s dollar price, day by day: the median of those daily rates, 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.
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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