Today on KWIQ: 1 USDT = ₦1,334.79 · 1 BTC = ₦109,423,388
All rates →KWIQ Naira Crypto Report · January 2024
US Bitcoin ETFs launched in January 2024, and the CBN’s rate moved to ₦1,356.88
Bitcoin rose 0.6% in January 2024, from $42,289 to $42,548, and ether rose 0%. USDT traded at a median of ₦1,301 on Quidax, 38.2% above the CBN’s official rate, which averaged ₦941.26.
Based on anonymised sales on KWIQ in January 2024, and public market data. Percentages and rates only. How we measure
On KWIQ in January 2024
Bitcoin’s share of crypto sales
96.3%
USDT: 3.7%
Crypto’s share of all trades
89.8%
Gift cards: 10.2%
Payouts to fintech accounts
75.5%
Of payouts with a known bank
Crypto sales vs the month before
+167.5%
Change in the number of sales
What Nigerians sold on KWIQ
By naira value, Bitcoin was 96.3% of crypto sales and USDT 3.7%.
View as a table
| Coin | Share of crypto sales |
|---|---|
| Bitcoin | 96.3% |
| USDT | 3.7% |
| Ethereum | 0% |
| Other coins | 0% |
Crypto vs gift cards
Crypto made up 89.8% of all trades on KWIQ by naira value, and gift cards 10.2%.
Where the naira went
75.5% of payouts went to fintech accounts rather than commercial banks.
Among payouts with a known receiving bank. The bank wasn’t recorded for 6.9% of payouts.
When people sold
Monday was the busiest day, and 10pm to 11pm the busiest hour (Lagos time).
Busiest day
Monday
Busiest hour
10pm to 11pm
Peak hour vs an average hour
+124.3%
View as a table
| Day | Share of crypto sales |
|---|---|
| Monday | 26.2% |
| Tuesday | 20.6% |
| Wednesday | 13.1% |
| Thursday | 9.3% |
| Friday | 15% |
| Saturday | 9.3% |
| Sunday | 6.5% |
New sellers
39.3% of sales came from people selling on KWIQ for the first time.
Sales from first-time sellers
39.3%
The market in January 2024
Bitcoin at the end of the month
$42,548
Up 0.6% on the month
CBN official rate, end of month
₦1,356.88
Averaged ₦941.26 per dollar
USDT on Quidax, median day
₦1,301
38.2% above the official rate
Bitcoin in naira on Quidax
₦63,029,999
At the end of the month
Bitcoin and ether in dollars
Bitcoin rose 0.6% in January 2024, from $42,289 to $42,548, with a high of $49,102 and a low of $38,501. Ether rose 0%, to $2,282.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Feb 2023 | $23,145 | $1,605 |
| 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 |
The naira: official and market rates
The CBN’s official rate went from ₦913.94 to ₦1,356.88 per dollar, averaging ₦941.26. On Quidax, USDT traded between ₦1,201.15 and ₦1,497.19 a day, with a median of ₦1,301, 38.2% above the official rate.
Naira per dollar on Quidax, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Feb 2023 | ₦460.43 | ₦748.98 | +62.7% |
| 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% |
What happened in January 2024
The month’s main events in crypto, and in Nigeria.
- On 10 January US regulators approved the first exchange-traded funds that hold Bitcoin directly; they began trading the next day.
- At the end of January the CBN changed how it calculates the official rate, and the official rate moved much closer to the market rate.
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 ₦120,115 on the first day of the month and ₦149,719 on the last.
- 0.01 BTC was worth about ₦630,300 at the end of January 2024, against ₦497,900 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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