I think quite a few people pronounce it the way you do.
My Dad's name is
Noel, but we pronounce it somewhere between NO-el and NO-wel.
Combos:
Noel Patrick (my Dad's combo)
Noel StuartNoel LouisNoel FrancisNoel SimonNoel JonasNoel OlivierNoel FrederickNoel JamesNoel DavidNoel Benjamin