2024 NGN to MGA Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2024.
2024 NGN to MGA Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2024
During 2024, the NGN to MGA exchange rate experienced significant fluctuation. The market reached its absolute peak on January 17, valuing the pair at 5.3137. Conversely, the yearly low was recorded on September 30, dropping to 2.7184.
This high-to-low spread represents a total annual volatility of 2.5954 MGA. From a start-to-finish perspective, comparing the January average rate of 5.0101 to the December average rate of 2.9927, the exchange rate registered a net change of -40.27% (reflecting a weakening trend).
Looking at year-over-year peak valuations, the 2024 high of 5.3137 was down 47.31% compared to the 2023 peak of 10.0848, 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 MGA 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 3.4969, compared to 2.8646 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the first half (Jan–Jun) by a margin of 0.6323 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2024 was February, with a trading range of 2.2190 MGA (High: 5.0398 / Low: 2.8208). On the other end, November was the most stable month, with a tight range of 0.0584 MGA (High: 2.8082 / Low: 2.7498).
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 1.5481 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (January 2024: 5.0101) against the same month in 2023 (average: 9.6782), the exchange rate shifted by -4.6682 (-48.23%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 5.3137 | 4.7478 | 5.0101 |
| February | 5.0398 | 2.8208 | 3.4619 |
| March | 3.1419 | 2.7962 | 2.9287 |
| April | 3.6598 | 3.0780 | 3.4426 |
| May | 3.5992 | 2.9219 | 3.1395 |
| June | 3.1846 | 2.9484 | 2.9985 |
| July | 3.2078 | 2.7416 | 2.9738 |
| August | 2.9075 | 2.7453 | 2.8600 |
| September | 2.8701 | 2.7184 | 2.7807 |
| October | 2.8320 | 2.7249 | 2.8025 |
| November | 2.8082 | 2.7498 | 2.7779 |
| December | 3.0544 | 2.7862 | 2.9927 |