2024 GMD to NGN Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2024.
2024 GMD to NGN Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2024
During 2024, the GMD to NGN exchange rate experienced significant fluctuation. The market reached its absolute peak on July 28, valuing the pair at 24.4969. Conversely, the yearly low was recorded on January 17, dropping to 12.7741.
This high-to-low spread represents a total annual volatility of 11.7228 NGN. From a start-to-finish perspective, comparing the January average rate of 13.5498 to the December average rate of 21.8841, the exchange rate registered a net change of 61.51% (reflecting a strengthening trend).
Looking at year-over-year peak valuations, the 2024 high of 24.4969 was up 77.10% compared to the 2023 peak of 13.8319, indicating shifts in long-term support levels.
Comparing the value generated converting 5,000 GMD based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2024.
GMD 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 19.6935, compared to 22.9728 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 3.2793 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2024 was February, with a trading range of 10.4647 NGN (High: 23.8870 / Low: 13.4223). On the other end, October was the most stable month, with a tight range of 0.8350 NGN (High: 24.0242 / Low: 23.1892).
Growth Streaks & Declines
TrendsBetween April and October, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 6 straight months. Conversely, the sharpest month-over-month decline occurred between March and April, when the average rate fell by 3.6643 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (July 2024: 22.4167) against the same month in 2023 (average: 13.0278), the exchange rate shifted by +9.3889 (+72.07%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 14.2408 | 12.7741 | 13.5498 |
| February | 23.8870 | 13.4223 | 20.3422 |
| March | 23.7104 | 20.5301 | 22.4972 |
| April | 20.9433 | 17.6837 | 18.8329 |
| May | 22.3383 | 18.2221 | 20.9220 |
| June | 22.4077 | 20.7451 | 22.0165 |
| July | 24.4969 | 20.7375 | 22.4167 |
| August | 24.0735 | 22.3932 | 22.8632 |
| September | 24.3575 | 22.3914 | 23.4929 |
| October | 24.0242 | 23.1892 | 23.6469 |
| November | 23.8972 | 22.9893 | 23.5330 |
| December | 23.6822 | 21.4622 | 21.8841 |