2024 TOP to NGN Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2024.
2024 TOP to NGN Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2024
During 2024, the TOP to NGN exchange rate experienced significant fluctuation. The market reached its absolute peak on September 30, valuing the pair at 715.4446. Conversely, the yearly low was recorded on January 17, dropping to 363.6107.
This high-to-low spread represents a total annual volatility of 351.8340 NGN. From a start-to-finish perspective, comparing the January average rate of 387.1073 to the December average rate of 656.2167, the exchange rate registered a net change of 69.52% (reflecting a strengthening trend).
Looking at year-over-year peak valuations, the 2024 high of 715.4446 was up 85.62% compared to the 2023 peak of 385.4261, 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 2024.
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 563.4964, compared to 677.4276 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 113.9312 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2024 was February, with a trading range of 299.8120 NGN (High: 680.8338 / Low: 381.0218). On the other end, November was the most stable month, with a tight range of 19.5441 NGN (High: 708.0393 / Low: 688.4952).
Growth Streaks & Declines
TrendsBetween April and September, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 5 straight months. Conversely, the sharpest month-over-month decline occurred between March and April, when the average rate fell by 109.0587 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (September 2024: 696.8502) against the same month in 2023 (average: 323.7209), the exchange rate shifted by +373.1293 (+115.26%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 408.1951 | 363.6107 | 387.1073 |
| February | 680.8338 | 381.0218 | 580.9734 |
| March | 683.0597 | 586.8073 | 645.3461 |
| April | 596.0145 | 502.4677 | 536.2875 |
| May | 641.8740 | 517.7290 | 598.8437 |
| June | 643.4732 | 594.8261 | 632.4206 |
| July | 696.4045 | 595.3908 | 642.4714 |
| August | 697.9209 | 664.4675 | 675.3255 |
| September | 715.4446 | 679.4288 | 696.8502 |
| October | 715.2018 | 686.5205 | 693.4404 |
| November | 708.0393 | 688.4952 | 700.2617 |
| December | 702.1982 | 645.3079 | 656.2167 |