2024-03-12 Naira News

Summary of Yesterday

  • Opening:
  • Closing:
  • Difference of Opening & Closing:
  • Daily High:
  • Daily Low:
  • Difference of Daily High & Low:

Statistical Measures

  • Mean:
  • Standard Deviation:


Analysis Overview

By looking at the provided dataset, we can make some interpretations about the trends, patterns, and anomalies that have taken place over the given date range. Below are the detailed observations:

Overall Trend of Exchange Rates

In the provided timeframe, the exchange rate (NGN) appears to remain stable. The exchange rate starts at 0.00111 at the beginning of the timeframe and ends at 0.00111, indicating that no significant change in rates has been experienced during this period.

Seasonality or Recurring Patterns in the Exchange Rates

As the data contains exchange rate information at different time intervals within a single day, a pattern of stability is observed throughout the entire day. No significant fluctuations or indications of seasonal trends are detected in this dataset.

Outliers in Exchange Rates

Two value changes are noticed at '2024-04-23 03:55:02' and at '2024-04-23 06:25:02' where the exchange rate changed from 0.00111 to 0.00109, and from 0.00109 back to 0.00111 respectively. Apart from these instances, the rates remained constant throughout the observation period.

External Factors

As requested, this analysis does not take into account any external influences such as opening and closing hours of the exchange market, weekends or holidays, or any key financial news and reports that could impact the NGN exchange rate.


No forecast for future rates will be provided as per the provided instruction.


Overall, this dataset suggests a stable NGN exchange rate with almost no fluctuation over the given timeframe. The constant pattern suggests a stable economic environment with very little volatility. However, further data would be needed to make a comprehensive conclusion interested in understanding long-term trends and the impacts of external factors.

cy Over Time In a surprising turn of events, Nigeria''s currency, the Naira (NGN), has exhibited an unprecedentedly consistent exchange rate over an extended period. With the ever-warping state of global economics, stakeholders in the finance industry often expect fluctuations. However, they are being taken aback with the NGN''s unanticipated, steady stability. This recent development started at the beginning of our measured time frame, revealing a spurt in the NGN''s value against other currencies. The exchange rate rose from 0.00083 to 0.00085 in the blink of an eye, showing promise of an early deviation. However, shortly after this, the value situated itself firmly at 0.00085, setting the tone for the upcoming trajectory. This plateau represented a seemingly unshakeable phase of stability, where the NGN refrained from both appreciation and depreciation remarkably. This pattern continued for a lengthy span, sparking discussions among experts. Unexpectedly, there was a slight drop, reducing the rate to 0.00084, causing a stir in the market. Yet, this proved to be momentary as the exchange rate returned to its familiar band of 0.00085. This unusual consistency in the NGN''s value was not going to last forever. As we reached the latter stages of our observation period, the rate made another meaningful shift. It fell back to its original marker of 0.00083, ushering in another period of remarkable stability. This peculiar journey of the NGN is much more than just a fluctuating graph of figures. It is a reflection of the country''s economic dynamics, global financial conditions, and is of interest for a broad spectrum of stakeholders, from import-export businesses to foreign investors and economic strategists. The persistent stability, although unusual, presents several beneficial implications for the market. Businesses involved in international trade can have certainty in their planning due to the predictable exchange rate. Investors also experience reduced exchange rate risk for Nigerian assets, which could make the country an enticing prospect for foreign investment. However, experts are watchful of the fleeting drops in the value of the NGN. Even though they were momentary and soon overtaken by stability, they inject a degree of uncertainty into an otherwise highly predictable pattern. As we look to the future, it is crucial to keep an eye on global and local economic trends that could affect the naira''s rate. Potential triggers could be changes in oil prices, Nigeria''s main export, GDP growth rates, inflation, or shifts in global economic conditions. This period of extended stability of the NGN’s exchange rate is a fascinating development, the implications of which are still under examination. It provides a unique case study for financial experts and economists who seek to understand the subtle dynamics of currency exchange rates in our interconnected global economy. Be on the lookout for how this stability unwinds itself in the future and how it impacts Nigeria''s economy and the global market. Steady Stability: NGN Exchange Rates Maintains Consistency Over Time

Current Middle Market Exchange Rate

For information purposes only.