2023 NGN to UGX Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2023.
2023 NGN to UGX Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2023
During 2023, the NGN to UGX exchange rate experienced significant fluctuation. The market reached its absolute peak on January 2, valuing the pair at 8.3279. Conversely, the yearly low was recorded on December 30, dropping to 4.2161.
This high-to-low spread represents a total annual volatility of 4.1118 UGX. From a start-to-finish perspective, comparing the January average rate of 8.1218 to the December average rate of 4.6773, the exchange rate registered a net change of -42.41% (reflecting a weakening trend).
Looking at year-over-year peak valuations, the 2023 high of 8.3279 was down 11.03% compared to the 2022 peak of 9.3605, 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 2023.
NGN to UGX 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 7.8320, compared to 4.7561 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the first half (Jan–Jun) by a margin of 3.0758 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2023 was June, with a trading range of 3.6708 UGX (High: 8.1363 / Low: 4.4655). On the other end, April was the most stable month, with a tight range of 0.1525 UGX (High: 8.1889 / Low: 8.0364).
Growth Streaks & Declines
TrendsBetween July and September, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 2 straight months. Conversely, the sharpest month-over-month decline occurred between June and July, when the average rate fell by 1.8272 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (January 2023: 8.1218) against the same month in 2022 (average: 8.5292), the exchange rate shifted by -0.4074 (-4.78%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 8.3279 | 7.9914 | 8.1218 |
| February | 8.1073 | 7.9484 | 8.0088 |
| March | 8.2345 | 8.0391 | 8.1289 |
| April | 8.1889 | 8.0364 | 8.1147 |
| May | 8.1962 | 8.0225 | 8.0779 |
| June | 8.1363 | 4.4655 | 6.5398 |
| July | 4.8274 | 4.5945 | 4.7125 |
| August | 4.9103 | 4.6316 | 4.7964 |
| September | 4.9983 | 4.7337 | 4.8312 |
| October | 4.9176 | 4.2501 | 4.8011 |
| November | 4.8394 | 4.5684 | 4.7184 |
| December | 4.9309 | 4.2161 | 4.6773 |