2023 MDL to NGN Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2023.
2023 MDL to NGN Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2023
During 2023, the MDL to NGN exchange rate experienced significant fluctuation. The market reached its absolute peak on December 28, valuing the pair at 51.8797. Conversely, the yearly low was recorded on January 1, dropping to 23.3519.
This high-to-low spread represents a total annual volatility of 28.5278 NGN. From a start-to-finish perspective, comparing the January average rate of 23.9411 to the December average rate of 46.0307, the exchange rate registered a net change of 92.27% (reflecting a strengthening trend).
Looking at year-over-year peak valuations, the 2023 high of 51.8797 was up 121.45% compared to the 2022 peak of 23.4268, indicating shifts in long-term support levels.
Comparing the value generated converting 5,000 MDL based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2023.
MDL 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 26.3587, compared to 43.9994 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 17.6407 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2023 was June, with a trading range of 19.4561 NGN (High: 45.3718 / Low: 25.9157). On the other end, February was the most stable month, with a tight range of 0.3140 NGN (High: 24.6433 / Low: 24.3292).
Growth Streaks & Declines
TrendsBetween January and July, 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 August and September, when the average rate fell by 0.3467 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (December 2023: 46.0307) against the same month in 2022 (average: 23.0471), the exchange rate shifted by +22.9836 (+99.72%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 24.5949 | 23.3519 | 23.9411 |
| February | 24.6433 | 24.3292 | 24.5250 |
| March | 25.1529 | 24.3373 | 24.7084 |
| April | 25.9631 | 25.1509 | 25.5727 |
| May | 26.1634 | 25.6733 | 25.9653 |
| June | 45.3718 | 25.9157 | 33.4395 |
| July | 45.7816 | 41.5448 | 43.4404 |
| August | 44.3302 | 42.5819 | 43.4123 |
| September | 43.9802 | 41.4992 | 43.0656 |
| October | 48.7577 | 41.7599 | 43.1734 |
| November | 46.3844 | 43.3112 | 44.8740 |
| December | 51.8797 | 43.4472 | 46.0307 |