Today on KWIQ: 1 USDT = ₦1,332.53 · 1 BTC = ₦108,863,090
All rates →KWIQ Naira Crypto Report · September 2021
China banned crypto trading in September 2021, and USDT rose to ₦561.03 on Quidax
Bitcoin fell 7% in September 2021, from $47,110 to $43,824, and ether fell 12.5%. USDT traded at a median of ₦562.5 on Quidax, 37.2% above the CBN’s official rate, which averaged ₦410.02.
Based on anonymised sales on KWIQ in September 2021, and public market data. Percentages and rates only. How we measure
On KWIQ in September 2021
Crypto’s share of all trades
5.8%
Gift cards: 94.2%
There were too few crypto sales on KWIQ in September 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 5.8% of all trades on KWIQ by naira value, and gift cards 94.2%.
The market in September 2021
Bitcoin at the end of the month
$43,824
Down 7% on the month
CBN official rate, end of month
₦410.3
Averaged ₦410.02 per dollar
USDT on Quidax, median day
₦562.5
37.2% above the official rate
Bitcoin in naira on Quidax
₦25,179,088
At the end of the month
Bitcoin and ether in dollars
Bitcoin fell 7% in September 2021, from $47,110 to $43,824, with a high of $52,945 and a low of $39,600. Ether fell 12.5%, to $3,000.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Oct 2020 | $13,805 | $387 |
| 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 |
The naira: official and market rates
The CBN’s official rate stayed at about ₦410.02 per dollar. On Quidax, USDT traded between ₦528.56 and ₦579.93 a day, with a median of ₦562.5, 37.2% above the official rate.
Naira per dollar on Quidax, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Oct 2020 | ₦379.55 | ₦465.26 | +22.6% |
| 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% |
What happened in September 2021
The month’s main events in crypto, and in Nigeria.
- On 7 September Bitcoin became legal tender in El Salvador.
- On 24 September China declared all crypto transactions illegal.
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 ₦52,856 on the first day of the month and ₦56,103 on the last.
- 0.01 BTC was worth about ₦251,791 at the end of September 2021, against ₦249,996 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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