Today on KWIQ: 1 USDT = ₦1,334.07 · 1 BTC = ₦109,079,580
All rates →KWIQ Naira Crypto Report · October 2024
Bitcoin ended October 2024 at $70,198, up 10.9% on the month
Bitcoin rose 10.9% in October 2024, from $63,306 to $70,198, and ether fell 3.3%. USDT traded at a median of ₦1,699.82 on Quidax, 3.6% above the CBN’s official rate, which averaged ₦1,640.66.
Based on anonymised sales on KWIQ in October 2024, and public market data. Percentages and rates only. How we measure
On KWIQ in October 2024
Bitcoin’s share of crypto sales
86.4%
USDT: 13.1%
Crypto’s share of all trades
98.7%
Gift cards: 1.3%
Payouts to fintech accounts
81.5%
Of payouts with a known bank
Crypto sales vs the month before
−17.6%
Change in the number of sales
What Nigerians sold on KWIQ
By naira value, Bitcoin was 86.4% of crypto sales and USDT 13.1%. The biggest of the other coins: LTC 0.2%, DOGE 0.2%.
View as a table
| Coin | Share of crypto sales |
|---|---|
| Bitcoin | 86.4% |
| USDT | 13.1% |
| Ethereum | 0% |
| Other coins | 0.5% |
USDT’s share, month by month
USDT’s share of crypto sales by value in each month of 2024 up to October 2024.
View as a table
| Month | USDT share of crypto sales |
|---|---|
| Jan | 3.7% |
| Feb | 6.6% |
| Mar | 6.8% |
| Apr | 10.7% |
| May | 6% |
| Jun | 22.4% |
| Jul | 15.2% |
| Aug | 10.1% |
| Sep | 0.5% |
| Oct | 13.1% |
Crypto vs gift cards
Crypto made up 98.7% of all trades on KWIQ by naira value, and gift cards 1.3%.
Where the naira went
81.5% of payouts went to fintech accounts rather than commercial banks.
Among payouts with a known receiving bank. The bank wasn’t recorded for 14% of payouts.
When people sold
Tuesday was the busiest day, and 10pm to 11pm the busiest hour (Lagos time).
Busiest day
Tuesday
Busiest hour
10pm to 11pm
Peak hour vs an average hour
+175.4%
View as a table
| Day | Share of crypto sales |
|---|---|
| Monday | 8.2% |
| Tuesday | 29.5% |
| Wednesday | 21.3% |
| Thursday | 21.3% |
| Friday | 9.8% |
| Saturday | 6.6% |
| Sunday | 3.3% |
New sellers
29.5% of sales came from people selling on KWIQ for the first time.
Sales from first-time sellers
29.5%
The rates KWIQ paid
On average, KWIQ paid ₦120,210,030 per bitcoin in October 2024, across completed sales.
Average per BTC
₦120,210,030
These are rates KWIQ actually paid, not official exchange rates. For today’s rates, see crypto to naira rates.
The market in October 2024
Bitcoin at the end of the month
$70,198
Up 10.9% on the month
CBN official rate, end of month
₦1,669.97
Averaged ₦1,640.66 per dollar
USDT on Quidax, median day
₦1,699.82
3.6% above the official rate
Bitcoin in naira on Quidax
₦120,145,000
At the end of the month
Bitcoin and ether in dollars
Bitcoin rose 10.9% in October 2024, from $63,306 to $70,198, with a high of $73,625 and a low of $58,864. Ether fell 3.3%, to $2,515.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Nov 2023 | $37,732 | $2,053 |
| Dec 2023 | $42,288 | $2,281 |
| Jan 2024 | $42,548 | $2,282 |
| Feb 2024 | $61,179 | $3,342 |
| Mar 2024 | $71,289 | $3,645 |
| Apr 2024 | $60,622 | $3,011 |
| May 2024 | $67,472 | $3,758 |
| 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 |
The naira: official and market rates
The CBN’s official rate went from ₦1,657.61 to ₦1,669.97 per dollar, averaging ₦1,640.66. On Quidax, USDT traded between ₦1,657.35 and ₦1,731.59 a day, with a median of ₦1,699.82, 3.6% above the official rate.
Naira per dollar on Quidax, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Nov 2023 | ₦832.68 | ₦1,124.67 | +35.1% |
| Dec 2023 | ₦901.43 | ₦1,189 | +31.9% |
| Jan 2024 | ₦941.26 | ₦1,301 | +38.2% |
| Feb 2024 | ₦1,505.62 | ₦1,520.99 | +1% |
| Mar 2024 | ₦1,510.84 | ₦1,562.54 | +3.4% |
| Apr 2024 | ₦1,236.56 | ₦1,239.5 | +0.2% |
| May 2024 | ₦1,435.57 | ₦1,450.03 | +1% |
| 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% |
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 ₦167,097 on the first day of the month and ₦171,822 on the last.
- 0.01 BTC was worth about ₦1,201,450 at the end of October 2024, against ₦1,058,000 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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