Today on KWIQ: 1 USDT = ₦1,348.75 · 1 BTC = ₦102,184,874
All rates →KWIQ Naira Crypto Report · March 2020
Covid-19 hit markets in March 2020: Bitcoin fell 24.6% and the CBN moved its rate to ₦360.5
Bitcoin fell 24.6% in March 2020, from $8,523 to $6,424, and ether fell 38.8%. USDT’s market rate had a median of ₦400, 22.3% above the CBN’s official rate, which averaged ₦327.06.
Based on public market data: Coinbase prices, the Central Bank of Nigeria’s official rate and naira prices on a leading Nigerian crypto exchange. KWIQ’s own figures start in May 2021. How we measure
Bitcoin at the end of the month
$6,424
Down 24.6% on the month
CBN official rate, end of month
₦360.5
Averaged ₦327.06 per dollar
USDT market rate, median day
₦400
22.3% above the official rate
Bitcoin in naira, market price
₦2,667,000
At the end of the month
Bitcoin and ether in dollars
Bitcoin fell 24.6% in March 2020, from $8,523 to $6,424, with a high of $9,215 and a low of $3,858. Ether fell 38.8%, to $133.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Apr 2019 | $5,271 | $160 |
| May 2019 | $8,554 | $268 |
| Jun 2019 | $10,761 | $290 |
| Jul 2019 | $10,087 | $219 |
| Aug 2019 | $9,601 | $172 |
| Sep 2019 | $8,305 | $181 |
| Oct 2019 | $9,159 | $182 |
| Nov 2019 | $7,556 | $152 |
| Dec 2019 | $7,166 | $129 |
| Jan 2020 | $9,335 | $180 |
| Feb 2020 | $8,525 | $217 |
| Mar 2020 | $6,424 | $133 |
The naira: official and market rates
The CBN’s official rate went from ₦306.5 to ₦360.5 per dollar, averaging ₦327.06. USDT’s market rate ranged from ₦358 to ₦425 a day, with a median of ₦400, 22.3% above the official rate.
Naira per dollar at the market rate, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Apr 2019 | ₦306.46 | ₦362.55 | +18.3% |
| May 2019 | ₦306.45 | ₦359.86 | +17.4% |
| Jun 2019 | ₦306.45 | ₦358.82 | +17.1% |
| Jul 2019 | ₦306.44 | ₦356.76 | +16.4% |
| Aug 2019 | ₦306.43 | ₦356.72 | +16.4% |
| Sep 2019 | ₦306.42 | ₦355.17 | +15.9% |
| Oct 2019 | ₦306.46 | ₦356.6 | +16.4% |
| Nov 2019 | ₦306.45 | ₦357.43 | +16.6% |
| Dec 2019 | ₦306.45 | ₦360.01 | +17.5% |
| Jan 2020 | ₦306.46 | ₦360.98 | +17.8% |
| Feb 2020 | ₦306.45 | ₦360 | +17.5% |
| Mar 2020 | ₦327.06 | ₦400 | +22.3% |
What happened in March 2020
The month’s main events in crypto, and in Nigeria.
- On 12 March markets crashed around the world as Covid-19 spread, and Bitcoin lost about half its value in two days before starting to recover.
- Oil prices collapsed during the month. Oil earns most of Nigeria’s foreign exchange.
- The CBN moved its official rate from ₦306.5 to ₦360.5 per dollar.
- Lagos, Ogun and Abuja went into lockdown from 30 March.
What it meant in naira
Two examples at market 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 ₦36,000 on the first day of the month and ₦41,100 on the last.
- 0.01 BTC was worth about ₦26,670 at the end of March 2020, against ₦30,553 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 a leading Nigerian crypto exchange: 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.
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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