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Weekly Wrap: Bitcoin and the Naira, 5–11 October 2026

DBy DanielUpdated 12 October 2026 · 2 min read

Bitcoin ended the week about 3% lower in naira after dipping mid-week. The official naira rate barely moved, staying between about ₦1,329 and ₦1,333 per dollar, and USDT on P2P traded roughly 2% above it. We report what happened, not what will happen next.

Every Monday we look back at the past week: what Bitcoin did in naira, what happened to the naira itself, and any news that matters for people in Nigeria. We do not predict prices.

The week in numbers

Mon 5 Oct Fri 9 Oct Mon 12 Oct Change over the week
Bitcoin in naira ₦114.8 million ₦108.7 million ₦111.0 million about −3.3%
Bitcoin in US dollars $86,490 $81,686 $83,390 about −3.6%
Official rate (NFEM, ₦ per $) ₦1,332.90 about ₦1,329.34 — almost flat

Bitcoin prices are CoinGecko daily snapshots taken at 00:00 UTC (01:00 in Lagos), so they will not match the price at other times of day. Official rates are as reported by Nairametrics and TechEconomy.

Bitcoin: a mid-week dip, then a partial recovery

Bitcoin started the week near ₦114.8 million, fell to around ₦108.7 million by Friday, and recovered to about ₦111.0 million by Monday morning. In dollar terms, it went from about $86,500 to $81,700 and back to about $83,400.

We did not find reliable reporting that explains this particular move, so we are not going to guess. Moves of a few percent in a week are normal for Bitcoin. See What Is Volatility?.

Because the naira was almost unchanged against the dollar, Bitcoin's naira price moved almost exactly in line with its dollar price this week.

The naira: a very quiet week

The official rate at the Nigerian Foreign Exchange Market (NFEM) stayed in a narrow band:

  • 5 October: ₦1,332.90
  • 6 October: ₦1,331.50
  • 7 October: ₦1,332.75
  • 9 October: about ₦1,329.34

On P2P, USDT was trading at about ₦1,364 to buy and ₦1,360 to sell on Bybit on 12 October, roughly 2% above the official rate. That gap, the "P2P premium", is shown every day on our naira rates page.

News worth knowing

SEC on digital-asset firms. Nigeria's Securities and Exchange Commission said it wants clearer routes for fintech and digital-asset businesses to enter the capital market, while raising compliance standards. Reports say it cleared more virtual-asset firms into its incubation programme (ARIP) in July and August. Joining ARIP is not the same as full registration. Before you use any platform, check its status yourself. See How to Check if a Crypto Platform Is Legit.

What to watch this week

  • Inflation figures. The National Bureau of Statistics usually publishes the previous month's inflation rate in the middle of the month. August's figure was 15.39%. See Bitcoin vs Saving in Naira.
  • P2P scams. Volatile weeks bring rushed trades. Before any P2P trade, go through our P2P safety checklist.

Sources