2023 CVE to NGN Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2023.
2023 CVE to NGN Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2023
During 2023, the CVE to NGN exchange rate experienced significant fluctuation. The market reached its absolute peak on December 30, valuing the pair at 9.0065. Conversely, the yearly low was recorded on January 5, dropping to 4.2769.
This high-to-low spread represents a total annual volatility of 4.7296 NGN. From a start-to-finish perspective, comparing the January average rate of 4.4365 to the December average rate of 8.0102, the exchange rate registered a net change of 80.55% (reflecting a strengthening trend).
Looking at year-over-year peak valuations, the 2023 high of 9.0065 was up 108.14% compared to the 2022 peak of 4.3272, indicating shifts in long-term support levels.
Comparing the value generated converting 5,000 CVE based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2023.
CVE 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 4.7284, compared to 7.7014 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 2.9730 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2023 was June, with a trading range of 3.6836 NGN (High: 8.1044 / Low: 4.4207). On the other end, April was the most stable month, with a tight range of 0.0931 NGN (High: 4.6254 / Low: 4.5322).
Growth Streaks & Declines
TrendsBetween May and July, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 2 straight months. Conversely, the sharpest month-over-month decline occurred between July and August, when the average rate fell by 0.1946 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (December 2023: 8.0102) against the same month in 2022 (average: 4.2682), the exchange rate shifted by +3.7420 (+87.67%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 4.5388 | 4.2769 | 4.4365 |
| February | 4.5650 | 4.4025 | 4.4669 |
| March | 4.5443 | 4.4006 | 4.4605 |
| April | 4.6254 | 4.5322 | 4.5807 |
| May | 4.5989 | 4.4661 | 4.5383 |
| June | 8.1044 | 4.4207 | 5.8873 |
| July | 8.0488 | 7.4996 | 7.7851 |
| August | 7.7192 | 7.4407 | 7.5905 |
| September | 7.6585 | 7.2292 | 7.4954 |
| October | 8.5192 | 7.2187 | 7.4929 |
| November | 8.1531 | 7.4425 | 7.8344 |
| December | 9.0065 | 7.6183 | 8.0102 |