Bitcoin made up 94% of crypto sold on KWIQ in January, and over half of sales came from first-time sellers

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.
• 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.
• Payout time is the median time from a withdrawal request to the payout being marked complete, an approximation.
• The USDT network mix covers deposits through KWIQ’s current deposit system. The average Bitcoin rate covers the current selling system only.
• The change in sales against December 2025 is from a low base: KWIQ’s current selling system was still being rolled out in December. The high share of first-time sellers reflects that launch.