Today on KWIQ: 1 USDT = ₦1,348.62 · 1 BTC = ₦102,241,269
All rates →KWIQ Naira Crypto Report · May 2019
Bitcoin rose 62.3% in May 2019, the month hackers stole 7,000 BTC from Binance
Bitcoin rose 62.3% in May 2019, from $5,271 to $8,554, and ether rose 66.9%. The dollar’s market rate, worked out from Bitcoin’s naira price, had a median of ₦359.86, 17.4% above the CBN’s official rate, which averaged ₦306.45.
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
$8,554
Up 62.3% on the month
CBN official rate, end of month
₦306.45
Averaged ₦306.45 per dollar
Dollar market rate, median day
₦359.86
17.4% above the official rate
Bitcoin in naira, market price
₦3,079,647
At the end of the month
Bitcoin and ether in dollars
Bitcoin rose 62.3% in May 2019, from $5,271 to $8,554, with a high of $9,090 and a low of $5,266. Ether rose 66.9%, to $268.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Jun 2018 | $6,383 | $453 |
| Jul 2018 | $7,727 | $432 |
| Aug 2018 | $7,015 | $282 |
| Sep 2018 | $6,605 | $232 |
| Oct 2018 | $6,304 | $197 |
| Nov 2018 | $3,976 | $112 |
| Dec 2018 | $3,692 | $131 |
| Jan 2019 | $3,412 | $106 |
| Feb 2019 | $3,792 | $134 |
| Mar 2019 | $4,095 | $141 |
| Apr 2019 | $5,271 | $160 |
| May 2019 | $8,554 | $268 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦306.45 per dollar. The dollar’s market rate, worked out from Bitcoin’s naira price, ranged from ₦346.15 to ₦368.98 a day, with a median of ₦359.86, 17.4% above the official rate.
The CBN’s official rate, naira per dollar, the average of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Jun 2018 | ₦305.37 | No data | – |
| Jul 2018 | ₦305.31 | No data | – |
| Aug 2018 | ₦305.56 | ₦357.03 | +16.8% |
| Sep 2018 | ₦305.77 | ₦358.01 | +17.1% |
| Oct 2018 | ₦306 | ₦358.64 | +17.2% |
| Nov 2018 | ₦306.21 | ₦361.94 | +18.2% |
| Dec 2018 | ₦306.42 | ₦364.16 | +18.8% |
| Jan 2019 | ₦306.35 | ₦361.17 | +17.9% |
| Feb 2019 | ₦306.27 | ₦354.25 | +15.7% |
| Mar 2019 | ₦306.42 | ₦360.53 | +17.7% |
| Apr 2019 | ₦306.46 | ₦362.55 | +18.3% |
| May 2019 | ₦306.45 | ₦359.86 | +17.4% |
What happened in May 2019
The month’s main events in crypto, and in Nigeria.
- On 7 May hackers stole 7,000 bitcoin from Binance, which covered the loss from its own reserve fund.
- On 29 May Muhammadu Buhari was sworn in for a second term as president.
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 crypto was worth about ₦35,828 on the first day of the month and ₦36,002 on the last.
- 0.01 BTC was worth about ₦30,796 at the end of May 2019, against ₦18,935 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 comes from a leading Nigerian crypto exchange, which listed USDT in December 2019. Before then, it is the exchange’s naira price of Bitcoin divided by Bitcoin’s dollar price, day by day: the median of those daily rates, 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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