Today on KWIQ: 1 USDT = ₦1,334.24 · 1 BTC = ₦109,017,655
All rates →KWIQ Naira Crypto Report · July 2021
Bitcoin rose 18.4% in July 2021, to $41,495
Bitcoin rose 18.4% in July 2021, from $35,060 to $41,495, and ether rose 11.3%. USDT traded at a median of ₦512.79 on Quidax, 25.2% above the CBN’s official rate, which averaged ₦409.63.
Based on public market data: Coinbase prices, the Central Bank of Nigeria’s official rate and Quidax’s naira markets. How we measure
Bitcoin at the end of the month
$41,495
Up 18.4% on the month
CBN official rate, end of month
₦409.6
Averaged ₦409.63 per dollar
USDT on Quidax, median day
₦512.79
25.2% above the official rate
Bitcoin in naira on Quidax
₦20,415,538
At the end of the month
Bitcoin and ether in dollars
Bitcoin rose 18.4% in July 2021, from $35,060 to $41,495, with a high of $42,415 and a low of $29,302. Ether rose 11.3%, to $2,534.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Aug 2020 | $11,655 | $434 |
| Sep 2020 | $10,780 | $360 |
| Oct 2020 | $13,805 | $387 |
| Nov 2020 | $19,714 | $617 |
| Dec 2020 | $28,990 | $738 |
| Jan 2021 | $33,138 | $1,314 |
| Feb 2021 | $45,232 | $1,422 |
| Mar 2021 | $58,800 | $1,920 |
| Apr 2021 | $57,799 | $2,776 |
| May 2021 | $37,279 | $2,707 |
| Jun 2021 | $35,060 | $2,277 |
| Jul 2021 | $41,495 | $2,534 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦409.63 per dollar. On Quidax, USDT traded between ₦507 and ₦524.5 a day, with a median of ₦512.79, 25.2% above the official rate.
Naira per dollar on Quidax, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Aug 2020 | ₦376.79 | ₦468.51 | +24.3% |
| Sep 2020 | ₦379.5 | ₦463.99 | +22.3% |
| Oct 2020 | ₦379.55 | ₦465.26 | +22.6% |
| Nov 2020 | ₦379.5 | ₦476 | +25.4% |
| Dec 2020 | ₦379.5 | ₦480.11 | +26.5% |
| Jan 2021 | ₦379.5 | ₦484.5 | +27.7% |
| Feb 2021 | ₦379.5 | ₦487.17 | +28.4% |
| Mar 2021 | ₦379.5 | ₦620 | +63.4% |
| Apr 2021 | ₦379.5 | ₦498.46 | +31.3% |
| May 2021 | ₦397.15 | ₦507.17 | +27.7% |
| Jun 2021 | ₦409.66 | ₦509.99 | +24.5% |
| Jul 2021 | ₦409.63 | ₦512.79 | +25.2% |
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 ₦50,901 on the first day of the month and ₦51,820 on the last.
- 0.01 BTC was worth about ₦204,155 at the end of July 2021, against ₦177,414 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.
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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