Today on KWIQ: 1 USDT = ₦1,331.90 · 1 BTC = ₦108,938,951
All rates →KWIQ Naira Crypto Report · September 2022
Ethereum switched from mining to staking in September 2022
Bitcoin fell 3.1% in September 2022, from $20,048 to $19,426, and ether fell 14.5%. USDT traded at a median of ₦710.58 on Quidax, 65.7% above the CBN’s official rate, which averaged ₦428.75.
Based on anonymised sales on KWIQ in September 2022, and public market data. Percentages and rates only. How we measure
On KWIQ in September 2022
Bitcoin’s share of crypto sales
83.2%
USDT: 0%
Crypto’s share of all trades
50%
Gift cards: 50%
Crypto sales vs the month before
+71.9%
Change in the number of sales
What Nigerians sold on KWIQ
By naira value, Bitcoin was 83.2% of crypto sales and USDT 0%. The biggest of the other coins: LTC 0.8%, DASH 0.1%.
View as a table
| Coin | Share of crypto sales |
|---|---|
| Bitcoin | 83.2% |
| USDT | 0% |
| Ethereum | 15.9% |
| Other coins | 0.9% |
USDT’s share, month by month
USDT’s share of crypto sales by value in each month of 2022 up to September 2022.
View as a table
| Month | USDT share of crypto sales |
|---|---|
| Aug | 0% |
| Sep | 0% |
Crypto vs gift cards
Crypto made up 50% of all trades on KWIQ by naira value, and gift cards 50%.
When people sold
Friday was the busiest day, and 1am to 2am the busiest hour (Lagos time).
Busiest day
Friday
Busiest hour
1am to 2am
Peak hour vs an average hour
+88.2%
View as a table
| Day | Share of crypto sales |
|---|---|
| Monday | 9.2% |
| Tuesday | 7.2% |
| Wednesday | 15% |
| Thursday | 16.3% |
| Friday | 24.8% |
| Saturday | 17.6% |
| Sunday | 9.8% |
New sellers
39.9% of sales came from people selling on KWIQ for the first time.
Sales from first-time sellers
39.9%
The market in September 2022
Bitcoin at the end of the month
$19,426
Down 3.1% on the month
CBN official rate, end of month
₦432.37
Averaged ₦428.75 per dollar
USDT on Quidax, median day
₦710.58
65.7% above the official rate
Bitcoin in naira on Quidax
₦14,230,170
At the end of the month
Bitcoin and ether in dollars
Bitcoin fell 3.1% in September 2022, from $20,048 to $19,426, with a high of $22,800 and a low of $18,153. Ether fell 14.5%, to $1,329.
Bitcoin’s price at the end of each of the last 12 months, in US dollars.
View as a table
| Month | Bitcoin | Ether |
|---|---|---|
| Oct 2021 | $61,344 | $4,290 |
| Nov 2021 | $56,988 | $4,635 |
| Dec 2021 | $46,211 | $3,676 |
| Jan 2022 | $38,492 | $2,690 |
| Feb 2022 | $43,193 | $2,923 |
| Mar 2022 | $45,528 | $3,283 |
| Apr 2022 | $37,644 | $2,727 |
| May 2022 | $31,784 | $1,941 |
| Jun 2022 | $19,986 | $1,070 |
| Jul 2022 | $23,307 | $1,679 |
| Aug 2022 | $20,048 | $1,554 |
| Sep 2022 | $19,426 | $1,329 |
The naira: official and market rates
The CBN’s official rate went from ₦423.92 to ₦432.37 per dollar, averaging ₦428.75. On Quidax, USDT traded between ₦696.99 and ₦738.98 a day, with a median of ₦710.58, 65.7% above the official rate.
Naira per dollar on Quidax, the median day of each month.
View as a table
| Month | Official | Market | Gap |
|---|---|---|---|
| Oct 2021 | ₦410.41 | ₦569.99 | +38.9% |
| Nov 2021 | ₦410.81 | ₦562.57 | +36.9% |
| Dec 2021 | ₦411.13 | ₦569.97 | +38.6% |
| Jan 2022 | ₦414.54 | ₦574.35 | +38.6% |
| Feb 2022 | ₦416.15 | ₦575.03 | +38.2% |
| Mar 2022 | ₦415.83 | ₦581.5 | +39.8% |
| Apr 2022 | ₦415.4 | ₦587.16 | +41.3% |
| May 2022 | ₦415.08 | ₦600.26 | +44.6% |
| Jun 2022 | ₦415.02 | ₦609.34 | +46.8% |
| Jul 2022 | ₦415.11 | ₦625.06 | +50.6% |
| Aug 2022 | ₦419.97 | ₦678.99 | +61.7% |
| Sep 2022 | ₦428.75 | ₦710.58 | +65.7% |
What happened in September 2022
The month’s main events in crypto, and in Nigeria.
- On 15 September Ethereum completed “the Merge”, replacing mining with staking.
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 ₦69,930 on the first day of the month and ₦73,479 on the last.
- 0.01 BTC was worth about ₦142,302 at the end of September 2022, against ₦140,214 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.
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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