Today on KWIQ: 1 USDT = ₦1,334.76 · 1 BTC = ₦109,497,557
All rates →KWIQ Naira Crypto Report · September 2018
Bitcoin ended September 2018 at $6,605, down 5.8% on the month
Bitcoin fell 5.8% in September 2018, from $7,015 to $6,605, and ether fell 17.6%. Quidax’s Bitcoin market valued the dollar at a median of ₦358.01, 17.1% above the CBN’s official rate, which averaged ₦305.77.
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
$6,605
Down 5.8% on the month
CBN official rate, end of month
₦305.85
Averaged ₦305.77 per dollar
Dollar on Quidax, median day
₦358.01
17.1% above the official rate
Bitcoin in naira on Quidax
₦2,328,000
At the end of the month
Bitcoin and ether in dollars
Bitcoin fell 5.8% in September 2018, from $7,015 to $6,605, with a high of $7,403 and a low of $6,106. Ether fell 17.6%, to $232.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Oct 2017 | $6,445 | $304 |
| Nov 2017 | $9,903 | $434 |
| Dec 2017 | $13,863 | $741 |
| Jan 2018 | $10,100 | $1,105 |
| Feb 2018 | $10,307 | $850 |
| Mar 2018 | $6,929 | $395 |
| Apr 2018 | $9,244 | $670 |
| May 2018 | $7,485 | $577 |
| Jun 2018 | $6,383 | $453 |
| Jul 2018 | $7,727 | $432 |
| Aug 2018 | $7,015 | $282 |
| Sep 2018 | $6,605 | $232 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦305.77 per dollar. On Quidax’s Bitcoin market, the dollar was worth between ₦348.05 and ₦378.44 a day, with a median of ₦358.01, 17.1% above the official rate.
The CBN’s official rate, naira per dollar, the average of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Oct 2017 | ₦305.12 | No data | – |
| Nov 2017 | ₦305.4 | No data | – |
| Dec 2017 | ₦305.81 | No data | – |
| Jan 2018 | ₦305.28 | No data | – |
| Feb 2018 | ₦305.39 | No data | – |
| Mar 2018 | ₦305.24 | No data | – |
| Apr 2018 | ₦305.11 | No data | – |
| May 2018 | ₦305.33 | No data | – |
| Jun 2018 | ₦305.37 | No data | – |
| Jul 2018 | ₦305.31 | No data | – |
| Aug 2018 | ₦305.56 | ₦357.03 | +16.8% |
| Sep 2018 | ₦305.77 | ₦358.01 | +17.1% |
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 ₦35,377 on the first day of the month and ₦35,246 on the last.
- 0.01 BTC was worth about ₦23,280 at the end of September 2018, against ₦24,770 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.
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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