Today on KWIQ: 1 USDT = ₦1,332.44 · 1 BTC = ₦108,854,938
All rates →KWIQ Naira Crypto Report · May 2022
Terra collapsed in May 2022, and Bitcoin fell 15.6%
Bitcoin fell 15.6% in May 2022, from $37,640 to $31,784, and ether fell 28.8%. USDT traded at a median of ₦600.26 on Quidax, 44.6% above the CBN’s official rate, which averaged ₦415.08.
Based on anonymised sales on KWIQ in May 2022, and public market data. Percentages and rates only. How we measure
On KWIQ in May 2022
Crypto’s share of all trades
0.4%
Gift cards: 99.6%
There were too few crypto sales on KWIQ in May 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 0.4% of all trades on KWIQ by naira value, and gift cards 99.6%.
The market in May 2022
Bitcoin at the end of the month
$31,784
Down 15.6% on the month
CBN official rate, end of month
₦415.15
Averaged ₦415.08 per dollar
USDT on Quidax, median day
₦600.26
44.6% above the official rate
Bitcoin in naira on Quidax
₦19,224,534
At the end of the month
Bitcoin and ether in dollars
Bitcoin fell 15.6% in May 2022, from $37,640 to $31,784, with a high of $40,038 and a low of $25,339. Ether fell 28.8%, to $1,941.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Jun 2021 | $35,060 | $2,277 |
| Jul 2021 | $41,495 | $2,534 |
| 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 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦415.08 per dollar. On Quidax, USDT traded between ₦588.22 and ₦609.9 a day, with a median of ₦600.26, 44.6% above the official rate.
Naira per dollar on Quidax, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Jun 2021 | ₦409.66 | ₦509.99 | +24.5% |
| Jul 2021 | ₦409.63 | ₦512.79 | +25.2% |
| 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% |
What happened in May 2022
The month’s main events in crypto, and in Nigeria.
- From 9 May Terra’s stablecoin UST lost its link to the dollar, and its sister coin LUNA lost almost all its value.
- In May the Securities and Exchange Commission (SEC) Nigeria published its first rules for digital asset businesses.
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 ₦58,900 on the first day of the month and ₦60,430 on the last.
- 0.01 BTC was worth about ₦192,245 at the end of May 2022, against ₦221,000 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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