Today on KWIQ: 1 USDT = ₦1,331.87 · 1 BTC = ₦108,890,108
All rates →KWIQ Naira Crypto Report · September 2017
China banned ICOs in September 2017, and Bitcoin fell 8.5%
Bitcoin fell 8.5% in September 2017, from $4,744 to $4,339, and ether fell 22.5%. The CBN’s official rate averaged ₦305.39 per dollar.
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
$4,339
Down 8.5% on the month
CBN official rate, end of month
₦305.25
Averaged ₦305.39 per dollar
Ether at the end of the month
$302
Down 22.5% on the month
Bitcoin’s high for the month
$4,980
A new record
Bitcoin and ether in dollars
Bitcoin fell 8.5% in September 2017, from $4,744 to $4,339, with a high of $4,980 (a new record) and a low of $2,975. Ether fell 22.5%, to $302.
Bitcoin’s price at the end of each of the last 9 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Jan 2017 | $970 | $10.70 |
| Feb 2017 | $1,195 | $16.40 |
| Mar 2017 | $1,089 | $50.18 |
| Apr 2017 | $1,385 | $80.87 |
| May 2017 | $2,303 | $229 |
| Jun 2017 | $2,455 | $280 |
| Jul 2017 | $2,857 | $201 |
| Aug 2017 | $4,744 | $389 |
| Sep 2017 | $4,339 | $302 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦305.39 per dollar. Quidax’s naira market figures start in August 2018, so this report has the official rate only.
The CBN’s official rate, naira per dollar, the average of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Jan 2017 | ₦304.7 | No data | – |
| Feb 2017 | ₦304.81 | No data | – |
| Mar 2017 | ₦305.9 | No data | – |
| Apr 2017 | ₦305.55 | No data | – |
| May 2017 | ₦305.04 | No data | – |
| Jun 2017 | ₦305.21 | No data | – |
| Jul 2017 | ₦305.36 | No data | – |
| Aug 2017 | ₦305.17 | No data | – |
| Sep 2017 | ₦305.39 | No data | – |
What happened in September 2017
The month’s main events in crypto, and in Nigeria.
- On 4 September Chinese regulators banned initial coin offerings, and Chinese exchanges later said they would stop trading.
- On 12 September the head of JPMorgan, Jamie Dimon, called Bitcoin a fraud.
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’s naira markets start in August 2018. Until then this report has the official rate only, which in this period valued the naira well above the rates in Nigeria’s other dollar markets.
- 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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