Today on KWIQ: 1 USDT = ₦1,332.87 · 1 BTC = ₦108,890,068
All rates →KWIQ Naira Crypto Report · July 2022
The naira’s market rate on Quidax went from ₦615.84 to ₦676.34 per dollar in July 2022
Bitcoin rose 16.6% in July 2022, from $19,986 to $23,307, and ether rose 56.9%. USDT traded at a median of ₦625.06 on Quidax, 50.6% above the CBN’s official rate, which averaged ₦415.11.
Based on anonymised sales on KWIQ in July 2022, and public market data. Percentages and rates only. How we measure
On KWIQ in July 2022
Crypto’s share of all trades
0.2%
Gift cards: 99.8%
There were too few crypto sales on KWIQ in July 2022 to report which coins people sold or when, so this month shows only the split between crypto and gift cards.
Crypto vs gift cards
Crypto made up 0.2% of all trades on KWIQ by naira value, and gift cards 99.8%.
The market in July 2022
Bitcoin at the end of the month
$23,307
Up 16.6% on the month
CBN official rate, end of month
₦415.68
Averaged ₦415.11 per dollar
USDT on Quidax, median day
₦625.06
50.6% above the official rate
Bitcoin in naira on Quidax
₦16,084,399
At the end of the month
Bitcoin and ether in dollars
Bitcoin rose 16.6% in July 2022, from $19,986 to $23,307, with a high of $24,666 and a low of $18,756. Ether rose 56.9%, to $1,679.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Aug 2021 | $47,113 | $3,430 |
| Sep 2021 | $43,824 | $3,000 |
| Oct 2021 | $61,344 | $4,290 |
| Nov 2021 | $56,988 | $4,635 |
| Dec 2021 | $46,211 | $3,676 |
| Jan 2022 | $38,492 | $2,690 |
| Feb 2022 | $43,193 | $2,923 |
| Mar 2022 | $45,528 | $3,283 |
| Apr 2022 | $37,644 | $2,727 |
| May 2022 | $31,784 | $1,941 |
| Jun 2022 | $19,986 | $1,070 |
| Jul 2022 | $23,307 | $1,679 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦415.11 per dollar. On Quidax, USDT traded between ₦613.4 and ₦710.94 a day, with a median of ₦625.06, 50.6% above the official rate.
Naira per dollar on Quidax, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Aug 2021 | ₦409.65 | ₦521.53 | +27.3% |
| Sep 2021 | ₦410.02 | ₦562.5 | +37.2% |
| Oct 2021 | ₦410.41 | ₦569.99 | +38.9% |
| Nov 2021 | ₦410.81 | ₦562.57 | +36.9% |
| Dec 2021 | ₦411.13 | ₦569.97 | +38.6% |
| Jan 2022 | ₦414.54 | ₦574.35 | +38.6% |
| Feb 2022 | ₦416.15 | ₦575.03 | +38.2% |
| Mar 2022 | ₦415.83 | ₦581.5 | +39.8% |
| Apr 2022 | ₦415.4 | ₦587.16 | +41.3% |
| May 2022 | ₦415.08 | ₦600.26 | +44.6% |
| Jun 2022 | ₦415.02 | ₦609.34 | +46.8% |
| Jul 2022 | ₦415.11 | ₦625.06 | +50.6% |
What happened in July 2022
The month’s main events in crypto, and in Nigeria.
- The crypto lenders Voyager (5 July) and Celsius (13 July) filed for bankruptcy.
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 ₦61,584 on the first day of the month and ₦67,634 on the last.
- 0.01 BTC was worth about ₦160,844 at the end of July 2022, against ₦116,895 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.
- 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.
- There were too few crypto sales on KWIQ this month to report the crypto detail, so only the split between crypto and gift cards is shown.
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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