Today on KWIQ: 1 USDT = ₦1,333.46 · 1 BTC = ₦108,818,683
All rates →KWIQ Naira Crypto Report · May 2025
Bitcoin set a new record of $112,000 in May 2025
Bitcoin rose 11.1% in May 2025, from $94,183 to $104,646, and ether rose 41%. USDT traded at a median of ₦1,606.26 on Quidax, in line with the CBN’s official rate, which averaged ₦1,594.7.
Based on anonymised sales on KWIQ in May 2025, and public market data. Percentages and rates only. How we measure
On KWIQ in May 2025
Bitcoin’s share of crypto sales
54.5%
USDT: 39%
Crypto’s share of all trades
100%
Gift cards: 0%
Payouts to fintech accounts
97.5%
Of payouts with a known bank
Crypto sales vs the month before
−14.9%
Change in the number of sales
What Nigerians sold on KWIQ
By naira value, Bitcoin was 54.5% of crypto sales and USDT 39%. The biggest of the other coins: SOL 1.7%, USDC 1.1%, LTC 0.4%.
View as a table
| Coin | Share of crypto sales |
|---|---|
| Bitcoin | 54.5% |
| USDT | 39% |
| Ethereum | 3% |
| Other coins | 3.4% |
USDT’s share, month by month
USDT’s share of crypto sales by value in each month of 2025 up to May 2025.
View as a table
| Month | USDT share of crypto sales |
|---|---|
| Jan | 18% |
| Feb | 36.2% |
| Mar | 23.1% |
| Apr | 15.9% |
| May | 39% |
Crypto vs gift cards
Crypto made up 100% of all trades on KWIQ by naira value, and gift cards 0%.
Where the naira went
97.5% of payouts went to fintech accounts rather than commercial banks.
Among payouts with a known receiving bank. The bank wasn’t recorded for 3% of payouts.
When people sold
Friday was the busiest day, and 2pm to 3pm the busiest hour (Lagos time).
Busiest day
Friday
Busiest hour
2pm to 3pm
Peak hour vs an average hour
+151.2%
View as a table
| Day | Share of crypto sales |
|---|---|
| Monday | 8.1% |
| Tuesday | 12.8% |
| Wednesday | 14% |
| Thursday | 14% |
| Friday | 23.3% |
| Saturday | 16.3% |
| Sunday | 11.6% |
New sellers
0% of sales came from people selling on KWIQ for the first time.
Sales from first-time sellers
0%
The rates KWIQ paid
On average, KWIQ paid ₦1,558.57 per USDT in May 2025, across completed sales. Daily averages ranged from ₦1,542.99 to ₦1,570.
Average per USDT
₦1,558.57
Daily range, USDT
₦1,542.99–₦1,570
Average per BTC
₦154,842,252
These are rates KWIQ actually paid, not official exchange rates. For today’s rates, see crypto to naira rates.
The market in May 2025
Bitcoin at the end of the month
$104,646
Up 11.1% on the month
CBN official rate, end of month
₦1,585.65
Averaged ₦1,594.7 per dollar
USDT on Quidax, median day
₦1,606.26
In line with the official rate
Bitcoin in naira on Quidax
₦166,054,050
At the end of the month
Bitcoin and ether in dollars
Bitcoin rose 11.1% in May 2025, from $94,183 to $104,646, with a high of $112,000 (a new record) and a low of $93,363. Ether rose 41%, to $2,529.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Jun 2024 | $62,668 | $3,432 |
| Jul 2024 | $64,610 | $3,232 |
| Aug 2024 | $58,968 | $2,513 |
| Sep 2024 | $63,301 | $2,601 |
| Oct 2024 | $70,198 | $2,515 |
| Nov 2024 | $96,465 | $3,706 |
| Dec 2024 | $93,354 | $3,330 |
| Jan 2025 | $102,411 | $3,300 |
| Feb 2025 | $84,298 | $2,236 |
| Mar 2025 | $82,534 | $1,822 |
| Apr 2025 | $94,183 | $1,794 |
| May 2025 | $104,646 | $2,529 |
The naira: official and market rates
The CBN’s official rate went from ₦1,601.68 to ₦1,585.65 per dollar, averaging ₦1,594.7. On Quidax, USDT traded between ₦1,581.99 and ₦1,618 a day, with a median of ₦1,606.26, in line with the official rate.
Naira per dollar on Quidax, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Jun 2024 | ₦1,481.77 | ₦1,476.99 | −0.3% |
| Jul 2024 | ₦1,559.58 | ₦1,557.94 | −0.1% |
| Aug 2024 | ₦1,586.94 | ₦1,596 | +0.6% |
| Sep 2024 | ₦1,617.72 | ₦1,653.88 | +2.2% |
| Oct 2024 | ₦1,640.66 | ₦1,699.82 | +3.6% |
| Nov 2024 | ₦1,670.28 | ₦1,735.15 | +3.9% |
| Dec 2024 | ₦1,553.25 | ₦1,640 | +5.6% |
| Jan 2025 | ₦1,535.44 | ₦1,648 | +7.3% |
| Feb 2025 | ₦1,500.47 | ₦1,548.01 | +3.2% |
| Mar 2025 | ₦1,525.87 | ₦1,552.63 | +1.8% |
| Apr 2025 | ₦1,594.55 | ₦1,595.71 | +0.1% |
| May 2025 | ₦1,594.7 | ₦1,606.26 | +0.7% |
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 ₦158,199 on the first day of the month and ₦159,287 on the last.
- 0.01 BTC was worth about ₦1,660,541 at the end of May 2025, against ₦1,491,304 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.
- 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.
- Payout destinations are among payouts where the receiving bank was recorded. Fintech accounts include OPay, PalmPay, Moniepoint, Kuda and FairMoney; the rest are commercial banks.
- 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.
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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