Explore the historical exchange rates between the US Dollar (USD) and the Nigerian Naira (NGN) throughout 2024. This comprehensive guide provides monthly summaries, key trends, and actionable insights for traders, businesses, and travelers.
Key 2024 USD/NGN Statistics
| Metric | Value | Date |
|---|---|---|
| Highest Rate | 1,685.62 NGN | November 27, 2024 |
| Average Rate | 1,465.04 NGN | Entire 2024 period |
| Lowest Rate | 871.44 NGN | January 18, 2024 |
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Monthly Exchange Rate Breakdown
January 2024
- Range: ₦871.44 - ₦958.05
- Average: ₦909.73
- Notable Trend: Volatile start with a 70.64% annual increase
February 2024
- Range: ₦905.00 - ₦1,597.77
- Average: ₦1,402.07
- Key Event: February 7 spike to ₦1,407.64
March 2024
- Range: ₦1,329.29 - ₦1,599.61
- Average: ₦1,512.14
- Analysis: Gradual stabilization after Q1 fluctuations
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Quarterly Performance Analysis
- Q1: Extreme volatility (₦871.44 - ₦1,599.61)
- Q2: Steady climb (₦1,139.52 - ₦1,504.92)
- Q3: Peak performance (₦1,512.05 - ₦1,632.13)
- Q4: Year-end correction (₦1,529.14 - ₦1,685.62)
FAQ Section
Q: What caused the November 2024 peak?
A: The record high of ₦1,685.62 on November 27 resulted from combined factors including oil price fluctuations and Central Bank policy changes.
Q: How does the 2024 average compare to previous years?
A: The 2024 average of ₦1,465.04 represents a 70.64% increase from 2023's closing rate.
Q: Where can I find the most accurate exchange rate data?
A: Reputable financial platforms like OKX provide real-time rates and historical charts.
Q: What was the best month to exchange USD to NGN in 2024?
A: January offered the lowest rates (average ₦909.73), while November provided the highest returns.
Annual Trend Summary
The USD/NGN rate showed remarkable volatility in 2024, beginning at ₦899.10 on January 1 and peaking at ₦1,685.62 in November. Key influencing factors included:
- Nigeria's monetary policy reforms
- Global oil market dynamics
- Inflationary pressures
- Foreign reserve fluctuations
For those planning currency exchanges, understanding these patterns helps optimize transaction timing. Bookmark this page for reference throughout your financial planning.
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