Today on KWIQ: 1 USDT = ₦1,333.36 · 1 BTC = ₦109,034,727
All rates →KWIQ Naira Crypto Report · September 2020
The naira’s market rate on Quidax went from ₦440 to ₦468.01 per dollar in September 2020
Bitcoin fell 7.5% in September 2020, from $11,655 to $10,780, and ether fell 17.1%. USDT traded at a median of ₦463.99 on Quidax, 22.3% above the CBN’s official rate, which averaged ₦379.5.
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
$10,780
Down 7.5% on the month
CBN official rate, end of month
₦379.5
Averaged ₦379.5 per dollar
USDT on Quidax, median day
₦463.99
22.3% above the official rate
Bitcoin in naira on Quidax
₦4,950,800
At the end of the month
Bitcoin and ether in dollars
Bitcoin fell 7.5% in September 2020, from $11,655 to $10,780, with a high of $12,086 and a low of $9,813. Ether fell 17.1%, to $360.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Oct 2019 | $9,159 | $182 |
| 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 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦379.5 per dollar. On Quidax, USDT traded between ₦428.27 and ₦473 a day, with a median of ₦463.99, 22.3% above the official rate.
Naira per dollar on Quidax, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Oct 2019 | ₦306.46 | ₦356.6 | +16.4% |
| 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% |
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 ₦44,000 on the first day of the month and ₦46,801 on the last.
- 0.01 BTC was worth about ₦49,508 at the end of September 2020, against ₦52,860 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.
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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