2024-04-17 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:


Looking at the time series data provided, several aspects related to the NGN exchange rate trends can be concluded.

Overall Trend Analysis

The overall trend of the NGN exchange rate reveals that it largely remained stable during the period in question. The NGN exchange rate floated between 0.00118 and 0.00121, with only minor fluctuations observed. Overall, no significant changes in the rate such as general increase or decrease were seen within this timeframe.

Seasonality and Recurring Patterns

As for the seasonality of the NGN exchange rate, the data provided does not indicate any prominent seasonal trends or recurring patterns. The exchange rate retains its stability in a constant range with minor fluctuations and does not display a recurrent pattern that could be associated with specific times of the day or specific dates. This could be attributed to the stability of economic conditions during the period this data was collected. However, it's necessary to have a larger dataset covering different seasons or years to make a definite conclusion about seasonal patterns or trends.

Outlier Analysis

Regarding outliers in the given dataset, there are no significant instances observed where the NGN exchange rate deviated extraordinarily from its general range of 0.00118 and 0.00121. Therefore, the entire recorded data can be considered consistent without any exceptional points or abnormal values discernible.

Please bear in mind that this is a simple analysis based solely on the dataset provided. Deeper analytics may require additional datasets and more sophisticated data analysis methodologies.

onate The Nigerian Naira (NGN) has moved into relatively calm waters as data revealed a consistent trend in exchange rates, spanning a 24-hour period on April 16, 2024. The financial sector started the day with close attention on the NGN and maintained its unwavering position till dusk. Throughout the entire period, the NGN traded at a depth of 0.0012, stabilizing to an exchange rate of 0.00121 in the late morning. This trend stood unscathed after a minimal dip around 5:45 AM where the value slipped marginally to 0.00118 but quickly rebounded to its dominant position. Observers noted that this overall stability serves as an indication of good market health. Industry analysts put forth that the uniformity in the NGN exchange rate symbolizes a few things. Primarily, it reflects a steady demand and supply for the currency, which signifies a stable economy. This balance between buyers and sellers in the market might even suggest investor confidence in Nigeria''s economic policies and growth prospects. In addition, the steadiness signals reduced risk in foreign exchange transactions, an aspect that could fuel the attractiveness of the NGN among international investors and traders. The significant aspect of this development is its impact on Nigeria''s economy. The constant exchange rates provide a more predictable business environment – a salient factor that can attract foreign direct investment (FDI). With FDI comes capital inflows which have various benefits including technological progress and job creation. However, this isn''t to imply that everything is plain sailing from here on out. Whilst the current state of uniformity in exchange rates is lucrative, it''s also crucial to understand that economies are often subjected to numerous internal and external influences. National political events, changes in other global economies, shifts in oil prices - the backbone of Nigeria''s economy - to name a few, could affect the NGN''s stability. Moving forward, market spectators should watch for any notable changes in the exchange rate. Any significant adjustments could signal a shift in economic conditions, influencing future decisions by businesses and investors. In conclusion, the sustained stability in NGN exchange rates sheds a positive light on Nigeria''s economic health. At the same time, continuous vigilance of the market and the variables affecting it will be instrumental in deciphering possible future trends. The promising status quo presents an opportune moment for investors, although they must remember - the only constant in finance is change.Stability Reigns in NGN as Consistent Exchange Rates Resonate

Current Middle Market Exchange Rate

For information purposes only.