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All rates →KWIQ Naira Crypto Report · March 2017
One bitcoin briefly cost more than an ounce of gold in March 2017
Bitcoin fell 8.8% in March 2017, from $1,195 to $1,089, and ether rose 218.6%. The CBN’s official rate averaged ₦305.9 per dollar.
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
$1,089
Down 8.8% on the month
CBN official rate, end of month
₦305.85
Averaged ₦305.9 per dollar
Ether at the end of the month
$50.18
Up 218.6% on the month
Bitcoin’s high for the month
$1,360
A new record
Bitcoin and ether in dollars
Bitcoin fell 8.8% in March 2017, from $1,195 to $1,089, with a high of $1,360 (a new record) and a low of $890. Ether rose 218.6%, to $50.18, after setting a new record.
Bitcoin’s price at the end of each of the last 3 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Jan 2017 | $970 | $10.70 |
| Feb 2017 | $1,195 | $16.40 |
| Mar 2017 | $1,089 | $50.18 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦305.9 per dollar. Quidax’s naira market figures start in August 2018, so this report has the official rate only.
The CBN’s official rate, naira per dollar, the average of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Jan 2017 | ₦304.7 | No data | – |
| Feb 2017 | ₦304.81 | No data | – |
| Mar 2017 | ₦305.9 | No data | – |
What happened in March 2017
The month’s main events in crypto, and in Nigeria.
- In early March, the price of one bitcoin passed the price of an ounce of gold for the first time.
- On 10 March the US Securities and Exchange Commission (SEC) rejected the Winklevoss twins’ proposal for a Bitcoin exchange-traded fund.
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’s naira markets start in August 2018. Until then this report has the official rate only, which in this period valued the naira well above the rates in Nigeria’s other dollar markets.
- 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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