2023 EGP to NGN Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2023.
2023 EGP to NGN Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2023
During 2023, the EGP to NGN exchange rate experienced significant fluctuation. The market reached its absolute peak on December 30, valuing the pair at 29.0473. Conversely, the yearly low was recorded on May 1, dropping to 14.8256.
This high-to-low spread represents a total annual volatility of 14.2217 NGN. From a start-to-finish perspective, comparing the January average rate of 15.9448 to the December average rate of 26.2169, the exchange rate registered a net change of 64.42% (reflecting a strengthening trend).
Looking at year-over-year peak valuations, the 2023 high of 29.0473 was up 9.00% compared to the 2022 peak of 26.6477, indicating shifts in long-term support levels.
Comparing the value generated converting 5,000 EGP based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2023.
EGP 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 15.8819, compared to 25.4229 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 9.5409 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2023 was June, with a trading range of 11.7550 NGN (High: 26.6725 / Low: 14.9174). On the other end, March was the most stable month, with a tight range of 0.2102 NGN (High: 15.0374 / Low: 14.8272).
Growth Streaks & Declines
TrendsBetween March and July, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 4 straight months. Conversely, the sharpest month-over-month decline occurred between January and February, when the average rate fell by 0.8376 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (December 2023: 26.2169) against the same month in 2022 (average: 18.0628), the exchange rate shifted by +8.1541 (+45.14%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 18.1048 | 15.1989 | 15.9448 |
| February | 15.2828 | 14.9871 | 15.1072 |
| March | 15.0374 | 14.8272 | 14.9213 |
| April | 15.1451 | 14.8384 | 14.9553 |
| May | 15.2453 | 14.8256 | 14.9586 |
| June | 26.6725 | 14.9174 | 19.4043 |
| July | 25.7318 | 24.5742 | 25.1642 |
| August | 25.1366 | 24.3043 | 24.8337 |
| September | 25.5690 | 24.1040 | 25.0519 |
| October | 28.5760 | 24.6327 | 25.3425 |
| November | 26.7190 | 25.2780 | 25.9279 |
| December | 29.0473 | 24.7643 | 26.2169 |