Today on KWIQ: 1 USDT = ₦1,348.75 · 1 BTC = ₦102,184,874
All rates →KWIQ Naira Crypto Report · October 2020
#EndSARS protesters raised donations in Bitcoin in October 2020
Bitcoin rose 28.1% in October 2020, from $10,780 to $13,805, and ether rose 7.4%. USDT’s market rate had a median of ₦465.26, 22.6% above the CBN’s official rate, which averaged ₦379.55.
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
$13,805
Up 28.1% on the month
CBN official rate, end of month
₦379.5
Averaged ₦379.55 per dollar
USDT market rate, median day
₦465.26
22.6% above the official rate
Bitcoin in naira, market price
₦6,369,801
At the end of the month
Bitcoin and ether in dollars
Bitcoin rose 28.1% in October 2020, from $10,780 to $13,805, with a high of $14,099 and a low of $10,364. Ether rose 7.4%, to $387.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| 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 |
| 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 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦379.55 per dollar. USDT’s market rate ranged from ₦446.71 to ₦472.19 a day, with a median of ₦465.26, 22.6% 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 |
|---|---|---|---|
| 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% |
| 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% |
What happened in October 2020
The month’s main events in crypto, and in Nigeria.
- The #EndSARS protests against police brutality spread across Nigeria. The Feminist Coalition, which supported protesters, took donations in Bitcoin after its bank account was blocked.
- On 21 October PayPal said its US users would be able to buy, hold and sell crypto.
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 ₦45,620 on the first day of the month and ₦46,995 on the last.
- 0.01 BTC was worth about ₦63,698 at the end of October 2020, against ₦49,508 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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