Today on KWIQ: 1 USDT = ₦1,348.75 · 1 BTC = ₦102,184,874
All rates →KWIQ Naira Crypto Report · May 2020
Bitcoin’s third halving came in May 2020, as Nigeria began easing its lockdown
Bitcoin rose 9.5% in May 2020, from $8,625 to $9,447, and ether rose 12.3%. USDT’s market rate had a median of ₦435.99, 20.9% above the CBN’s official rate, which averaged ₦360.5.
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
$9,447
Up 9.5% on the month
CBN official rate, end of month
₦360.5
Averaged ₦360.5 per dollar
USDT market rate, median day
₦435.99
20.9% above the official rate
Bitcoin in naira, market price
₦4,077,001
At the end of the month
Bitcoin and ether in dollars
Bitcoin rose 9.5% in May 2020, from $8,625 to $9,447, with a high of $10,079 and a low of $8,107. Ether rose 12.3%, to $232.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| 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 |
| Apr 2020 | $8,624 | $206 |
| May 2020 | $9,447 | $232 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦360.5 per dollar. USDT’s market rate ranged from ₦398 to ₦452 a day, with a median of ₦435.99, 20.9% 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 |
|---|---|---|---|
| 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% |
| Apr 2020 | ₦360.5 | ₦412.93 | +14.5% |
| May 2020 | ₦360.5 | ₦435.99 | +20.9% |
What happened in May 2020
The month’s main events in crypto, and in Nigeria.
- On 4 May Lagos, Ogun and Abuja began easing their lockdown.
- On 11 May Bitcoin’s third halving cut the new bitcoin paid to miners from 12.5 to 6.25 per block.
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 ₦41,900 on the first day of the month and ₦43,745 on the last.
- 0.01 BTC was worth about ₦40,770 at the end of May 2020, against ₦33,070 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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