2023 TOP to NGN Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2023.
2023 TOP to NGN Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2023
During 2023, the TOP to NGN exchange rate experienced significant fluctuation. The market reached its absolute peak on December 30, valuing the pair at 385.4261. Conversely, the yearly low was recorded on January 1, dropping to 190.9901.
This high-to-low spread represents a total annual volatility of 194.4360 NGN. From a start-to-finish perspective, comparing the January average rate of 195.1599 to the December average rate of 344.8021, the exchange rate registered a net change of 76.68% (reflecting a strengthening trend).
Looking at year-over-year peak valuations, the 2023 high of 385.4261 was up 101.39% compared to the 2022 peak of 191.3837, indicating shifts in long-term support levels.
Comparing the value generated converting 5,000 TOP based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2023.
TOP 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 205.5009, compared to 330.7764 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 125.2755 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2023 was June, with a trading range of 157.1662 NGN (High: 350.7736 / Low: 193.6073). On the other end, April was the most stable month, with a tight range of 3.7693 NGN (High: 198.2868 / Low: 194.5175).
Growth Streaks & Declines
TrendsBetween August and December, 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 8.2242 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (December 2023: 344.8021) against the same month in 2022 (average: 189.8048), the exchange rate shifted by +154.9972 (+81.66%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 199.3338 | 190.9901 | 195.1599 |
| February | 200.1656 | 194.8758 | 196.9781 |
| March | 196.3117 | 192.3538 | 194.9071 |
| April | 198.2868 | 194.5175 | 196.0053 |
| May | 197.4190 | 193.4765 | 195.5621 |
| June | 350.7736 | 193.6073 | 254.3927 |
| July | 339.0093 | 320.6610 | 330.9265 |
| August | 330.0775 | 316.6182 | 322.7023 |
| September | 329.5438 | 311.4621 | 323.7209 |
| October | 367.6396 | 316.4333 | 326.5070 |
| November | 345.6313 | 325.1027 | 335.9996 |
| December | 385.4261 | 326.9506 | 344.8021 |