Today on KWIQ: 1 USDT = ₦1,333.36 · 1 BTC = ₦108,972,339
All rates →KWIQ Naira Crypto Report · November 2020
The naira’s market rate on Quidax went from ₦465.58 to ₦491 per dollar in November 2020
Bitcoin rose 42.8% in November 2020, from $13,804 to $19,714, and ether rose 59.5%. USDT traded at a median of ₦476 on Quidax, 25.4% above the CBN’s official rate, which averaged ₦379.5.
Based on public market data: Coinbase prices, the Central Bank of Nigeria’s official rate and Quidax’s naira markets. KWIQ’s own figures start in May 2021. How we measure
Bitcoin at the end of the month
$19,714
Up 42.8% on the month
CBN official rate, end of month
₦379.5
Averaged ₦379.5 per dollar
USDT on Quidax, median day
₦476
25.4% above the official rate
Bitcoin in naira on Quidax
₦9,441,000
At the end of the month
Bitcoin and ether in dollars
Bitcoin rose 42.8% in November 2020, from $13,804 to $19,714, with a high of $19,873 and a low of $13,215. Ether rose 59.5%, to $617.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| 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 |
| Jun 2020 | $9,136 | $225 |
| Jul 2020 | $11,352 | $347 |
| Aug 2020 | $11,655 | $434 |
| Sep 2020 | $10,780 | $360 |
| Oct 2020 | $13,805 | $387 |
| Nov 2020 | $19,714 | $617 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦379.5 per dollar. On Quidax, USDT traded between ₦460.83 and ₦495 a day, with a median of ₦476, 25.4% above the official rate.
Naira per dollar on Quidax, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| 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% |
| Jun 2020 | ₦360.5 | ₦442.44 | +22.7% |
| Jul 2020 | ₦360.5 | ₦450.99 | +25.1% |
| Aug 2020 | ₦376.79 | ₦468.51 | +24.3% |
| Sep 2020 | ₦379.5 | ₦463.99 | +22.3% |
| Oct 2020 | ₦379.55 | ₦465.26 | +22.6% |
| Nov 2020 | ₦379.5 | ₦476 | +25.4% |
What happened in November 2020
The month’s main events in crypto, and in Nigeria.
- On 21 November Nigeria’s statistics office said the economy had shrunk for a second quarter in a row, putting it in recession.
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 ₦46,558 on the first day of the month and ₦49,100 on the last.
- 0.01 BTC was worth about ₦94,410 at the end of November 2020, against ₦63,698 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.
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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