2024 NGN to GNF Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2024.
2024 NGN to GNF Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2024
During 2024, the NGN to GNF exchange rate experienced significant fluctuation. The market reached its absolute peak on January 17, valuing the pair at 9.9876. Conversely, the yearly low was recorded on November 26, dropping to 5.0860.
This high-to-low spread represents a total annual volatility of 4.9016 GNF. From a start-to-finish perspective, comparing the January average rate of 9.4353 to the December average rate of 5.4958, the exchange rate registered a net change of -41.75% (reflecting a weakening trend).
Looking at year-over-year peak valuations, the 2024 high of 9.9876 was down 49.02% compared to the 2023 peak of 19.5897, indicating shifts in long-term support levels.
Comparing the value generated converting 1,000,000 NGN based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2024.
NGN to GNF 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 6.7028, compared to 5.3822 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the first half (Jan–Jun) by a margin of 1.3206 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2024 was February, with a trading range of 4.2183 GNF (High: 9.5668 / Low: 5.3485). On the other end, October was the most stable month, with a tight range of 0.1354 GNF (High: 5.3277 / Low: 5.1923).
Growth Streaks & Declines
TrendsNo sustained consecutive month-over-month growth streak of 2+ months occurred in 2024. Conversely, the sharpest month-over-month decline occurred between January and February, when the average rate fell by 2.8746 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (January 2024: 9.4353) against the same month in 2023 (average: 19.0659), the exchange rate shifted by -9.6307 (-50.51%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 9.9876 | 8.9616 | 9.4353 |
| February | 9.5668 | 5.3485 | 6.5607 |
| March | 6.1614 | 5.3395 | 5.6369 |
| April | 7.1520 | 6.0472 | 6.7284 |
| May | 6.9615 | 5.6782 | 6.0863 |
| June | 6.1253 | 5.6695 | 5.7691 |
| July | 6.1288 | 5.1865 | 5.6841 |
| August | 5.4791 | 5.1866 | 5.3983 |
| September | 5.4319 | 5.1704 | 5.2891 |
| October | 5.3277 | 5.1923 | 5.2729 |
| November | 5.2519 | 5.0860 | 5.1529 |
| December | 5.5849 | 5.1196 | 5.4958 |