Today on KWIQ: 1 USDT = ₦1,332.98 · 1 BTC = ₦108,899,054
All rates →KWIQ Naira Crypto Report · October 2021
Nigeria launched the eNaira in October 2021, and Bitcoin rose 40%
Bitcoin rose 40% in October 2021, from $43,829 to $61,344, and ether rose 43%. USDT traded at a median of ₦569.99 on Quidax, 38.9% above the CBN’s official rate, which averaged ₦410.41.
Based on anonymised sales on KWIQ in October 2021, and public market data. Percentages and rates only. How we measure
On KWIQ in October 2021
Crypto’s share of all trades
1.9%
Gift cards: 98.1%
There were too few crypto sales on KWIQ in October 2021 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 1.9% of all trades on KWIQ by naira value, and gift cards 98.1%.
The market in October 2021
Bitcoin at the end of the month
$61,344
Up 40% on the month
CBN official rate, end of month
₦410.59
Averaged ₦410.41 per dollar
USDT on Quidax, median day
₦569.99
38.9% above the official rate
Bitcoin in naira on Quidax
₦35,099,999
At the end of the month
Bitcoin and ether in dollars
Bitcoin rose 40% in October 2021, from $43,829 to $61,344, with a high of $66,999 (a new record) and a low of $43,287. Ether rose 43%, to $4,290, after setting a new record.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Nov 2020 | $19,714 | $617 |
| Dec 2020 | $28,990 | $738 |
| Jan 2021 | $33,138 | $1,314 |
| Feb 2021 | $45,232 | $1,422 |
| Mar 2021 | $58,800 | $1,920 |
| Apr 2021 | $57,799 | $2,776 |
| May 2021 | $37,279 | $2,707 |
| 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 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦410.41 per dollar. On Quidax, USDT traded between ₦564.16 and ₦580.88 a day, with a median of ₦569.99, 38.9% above the official rate.
Naira per dollar on Quidax, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Nov 2020 | ₦379.5 | ₦476 | +25.4% |
| Dec 2020 | ₦379.5 | ₦480.11 | +26.5% |
| Jan 2021 | ₦379.5 | ₦484.5 | +27.7% |
| Feb 2021 | ₦379.5 | ₦487.17 | +28.4% |
| Mar 2021 | ₦379.5 | ₦620 | +63.4% |
| Apr 2021 | ₦379.5 | ₦498.46 | +31.3% |
| May 2021 | ₦397.15 | ₦507.17 | +27.7% |
| 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% |
What happened in October 2021
The month’s main events in crypto, and in Nigeria.
- On 19 October the first US Bitcoin futures exchange-traded fund began trading.
- On 25 October Nigeria launched the eNaira, Africa’s first central bank digital currency.
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 ₦57,456 on the first day of the month and ₦56,959 on the last.
- 0.01 BTC was worth about ₦351,000 at the end of October 2021, against ₦251,791 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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