2023 GHS to NGN Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2023.
2023 GHS to NGN Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2023
During 2023, the GHS to NGN exchange rate experienced significant fluctuation. The market reached its absolute peak on December 29, valuing the pair at 74.9354. Conversely, the yearly low was recorded on February 23, dropping to 35.6755.
This high-to-low spread represents a total annual volatility of 39.2598 NGN. From a start-to-finish perspective, comparing the January average rate of 40.0663 to the December average rate of 67.3915, the exchange rate registered a net change of 68.20% (reflecting a strengthening trend).
Looking at year-over-year peak valuations, the 2023 high of 74.9354 was up 11.60% compared to the 2022 peak of 67.1459, indicating shifts in long-term support levels.
Comparing the value generated converting 5,000 GHS based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2023.
GHS 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 41.3569, compared to 67.4240 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 26.0671 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2023 was June, with a trading range of 31.9487 NGN (High: 72.8319 / Low: 40.8832). On the other end, February was the most stable month, with a tight range of 2.1967 NGN (High: 37.8723 / Low: 35.6755).
Growth Streaks & Declines
TrendsBetween February and July, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 5 straight months. Conversely, the sharpest month-over-month decline occurred between January and February, when the average rate fell by 3.1783 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (December 2023: 67.3915) against the same month in 2022 (average: 42.0298), the exchange rate shifted by +25.3618 (+60.34%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 53.5695 | 36.5280 | 40.0663 |
| February | 37.8723 | 35.6755 | 36.8880 |
| March | 39.5142 | 35.9281 | 37.2948 |
| April | 43.1555 | 38.3673 | 40.3735 |
| May | 43.3383 | 38.8724 | 40.6465 |
| June | 72.8319 | 40.8832 | 52.8721 |
| July | 69.8530 | 66.3991 | 68.1109 |
| August | 69.6603 | 66.5355 | 68.0534 |
| September | 69.0664 | 65.0126 | 67.3766 |
| October | 74.7584 | 64.8290 | 66.5554 |
| November | 69.1911 | 65.4727 | 67.0560 |
| December | 74.9354 | 63.5495 | 67.3915 |