2023 QAR to NGN Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2023.
2023 QAR to NGN Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2023
During 2023, the QAR to NGN exchange rate experienced significant fluctuation. The market reached its absolute peak on December 28, valuing the pair at 246.4982. Conversely, the yearly low was recorded on January 2, dropping to 122.4434.
This high-to-low spread represents a total annual volatility of 124.0548 NGN. From a start-to-finish perspective, comparing the January average rate of 124.7551 to the December average rate of 222.2744, the exchange rate registered a net change of 78.17% (reflecting a strengthening trend).
Looking at year-over-year peak valuations, the 2023 high of 246.4982 was up 99.97% compared to the 2022 peak of 123.2655, indicating shifts in long-term support levels.
Comparing the value generated converting 5,000 QAR based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2023.
QAR 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 132.4789, compared to 215.6302 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 83.1513 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2023 was June, with a trading range of 99.5565 NGN (High: 226.0368 / Low: 126.4803). On the other end, May was the most stable month, with a tight range of 0.6692 NGN (High: 127.0620 / Low: 126.3928).
Growth Streaks & Declines
TrendsBetween March and July, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 4 straight months. Conversely, the sharpest month-over-month decline occurred between July and August, when the average rate fell by 2.8406 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (December 2023: 222.2744) against the same month in 2022 (average: 122.1640), the exchange rate shifted by +100.1104 (+81.95%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 126.4765 | 122.4434 | 124.7551 |
| February | 127.1516 | 125.0616 | 126.2311 |
| March | 126.5423 | 125.2747 | 126.0569 |
| April | 128.2290 | 125.3774 | 126.5337 |
| May | 127.0620 | 126.3928 | 126.6957 |
| June | 226.0368 | 126.4803 | 164.6006 |
| July | 217.6984 | 208.6366 | 213.4429 |
| August | 213.6776 | 206.1394 | 210.6022 |
| September | 216.6414 | 204.5917 | 212.5428 |
| October | 242.5662 | 208.3734 | 214.8729 |
| November | 226.2791 | 215.7744 | 220.0457 |
| December | 246.4982 | 209.2125 | 222.2744 |