Today on KWIQ: 1 USDT = ₦1,333.66 · 1 BTC = ₦109,082,905
All rates →KWIQ Naira Crypto Report · October 2019
Bitcoin jumped after China’s president backed blockchain in October 2019
Bitcoin rose 10.3% in October 2019, from $8,305 to $9,159, and ether rose 0.6%. Quidax’s Bitcoin market valued the dollar at a median of ₦356.6, 16.4% above the CBN’s official rate, which averaged ₦306.46.
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
$9,159
Up 10.3% on the month
CBN official rate, end of month
₦306.5
Averaged ₦306.46 per dollar
Dollar on Quidax, median day
₦356.6
16.4% above the official rate
Bitcoin in naira on Quidax
₦3,263,882
At the end of the month
Bitcoin and ether in dollars
Bitcoin rose 10.3% in October 2019, from $8,305 to $9,159, with a high of $10,540 and a low of $7,296. Ether rose 0.6%, to $182.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| 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 |
| 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 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦306.46 per dollar. On Quidax’s Bitcoin market, the dollar was worth between ₦345.52 and ₦363.25 a day, with a median of ₦356.6, 16.4% above the official rate.
Naira per dollar on Quidax, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| 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% |
| 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% |
What happened in October 2019
The month’s main events in crypto, and in Nigeria.
- On 23 October Facebook’s Mark Zuckerberg was questioned about Libra by the US Congress.
- On 25 October China’s president, Xi Jinping, called for faster adoption of blockchain technology, and Bitcoin rose sharply over the next two days.
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 crypto was worth about ₦35,186 on the first day of the month and ₦35,634 on the last.
- 0.01 BTC was worth about ₦32,639 at the end of October 2019, against ₦29,511 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.
- Quidax, which provides KWIQ’s wallets, listed USDT in December 2019. Before then, the market rate is Quidax’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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