2024 BMD to NGN Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2024.
2024 BMD to NGN Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2024
During 2024, the BMD to NGN exchange rate experienced significant fluctuation. The market reached its absolute peak on November 22, valuing the pair at 1696.7000. Conversely, the yearly low was recorded on January 17, dropping to 859.0600.
This high-to-low spread represents a total annual volatility of 837.6400 NGN. From a start-to-finish perspective, comparing the January average rate of 911.7917 to the December average rate of 1571.3305, the exchange rate registered a net change of 72.33% (reflecting a strengthening trend).
Looking at year-over-year peak valuations, the 2024 high of 1696.7000 was up 88.88% compared to the 2023 peak of 898.2867, indicating shifts in long-term support levels.
Comparing the value generated converting 5,000 BMD based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2024.
BMD to NGN Seasonal Trends & Volatility Analysis
A structured review of seasonal halves, trading extremes, consecutive streaks, and historical baselines.
Seasonal Halves (H1 vs H2)
SeasonalThe average exchange rate in the first half of the year (H1: Jan–Jun) was 1334.0274, compared to 1605.8526 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 271.8253 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2024 was February, with a trading range of 702.0000 NGN (High: 1607.0000 / Low: 905.0000). On the other end, October was the most stable month, with a tight range of 51.1400 NGN (High: 1670.7400 / Low: 1619.6000).
Growth Streaks & Declines
TrendsBetween April and November, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 7 straight months. Conversely, the sharpest month-over-month decline occurred between March and April, when the average rate fell by 249.6137 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (November 2024: 1674.3336) against the same month in 2023 (average: 800.8240), the exchange rate shifted by +873.5097 (+109.08%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 958.0507 | 859.0600 | 911.7917 |
| February | 1607.0000 | 905.0000 | 1375.5736 |
| March | 1611.1200 | 1395.0200 | 1528.2813 |
| April | 1421.0000 | 1201.1667 | 1278.6676 |
| May | 1513.9760 | 1235.0000 | 1417.9289 |
| June | 1518.1200 | 1406.0000 | 1491.9210 |
| July | 1661.4234 | 1406.0000 | 1520.6171 |
| August | 1661.0700 | 1575.2500 | 1596.6189 |
| September | 1669.4900 | 1589.7920 | 1634.0041 |
| October | 1670.7400 | 1619.6000 | 1638.2115 |
| November | 1696.7000 | 1641.2212 | 1674.3336 |
| December | 1681.4347 | 1545.2092 | 1571.3305 |