2024-04-23 Naira News

Summary of Last Month

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

Statistical Measures

  • Mean:
  • Standard Deviation:


Looking at the data presented, my analysis involves 1. Understanding the overall trend of the exchange rates:

Overall Trend Of Exchange Rates

The time series dataset presented shows a constant exchange rate value of 0.00128 for a significant period of the data. After this period, the NGN exchange rate started to decrease, falling to 0.00115 and then depreciating further to 0.00111. The overall trend of the exchange rates in this dataset suggests a stable to slightly decreasing value over the period shown.

2. Identifying any seasonality or recurring patterns in the changes of exchange rates:

Seasonality or Recurring Patterns

From the provided dataset, it's difficult to discern a clear seasonal or recurring pattern in the exchange rates as the values are mostly constant. There is a possible pattern in the depreciation of rates from 0.00128 to 0.00115 and then to 0.00111, but this pattern is not strong enough to confirm a seasonality.

3. Noting any outliers, or instances where the exchange rate differs significantly from what would be expected based on the trend or seasonality:

Significant Outliers

Considering the relatively constant nature of most of the dataset, the instances where the rate depreciates could be considered as outliers. These occur at the moments when the rate changed from 0.00128 to 0.00115, and then further to 0.00111. These changes seem to be significant considering the otherwise stable nature of the exchange rates over much of the dataset.

This analysis focuses solely on the data provided and does not take into account potential external influences such as market dynamics, global economic conditions, or specific events that could impact exchange rates.
Through the Day Fascinatingly, the Nigerian Naira (NGN) exchange rate showcased a remarkable stability throughout the day on April 22, 2024, defying the usual flux that currencies are prone to. Starting the day from midnight, the NGN stood firm at an exchange rate of 0.00128 against the dollar, a position it maintained until 08:00 AM. The consistent uniformity, experienced over the eight-hour course, is remarkable considering the erratic nature of financial markets. Surprisingly, this plateau phase took a dive to 0.00115, a plunge of approximately 10.15%. Despite the unexpected dip, the NGN steadied itself, sustaining this new level further till 11:20 AM. However, a second, albeit less steep decline was recorded at 11:20 AM when the exchange rate fell from 0.00115 to 0.00111, a descent of approximately 3.47%. Just like the previous trend, this rate remained unaltered throughout the remainder of the day, exhibiting a surprising constancy. This uncommon uniformity in the NGN exchange rate is a phenomenon financial analysts are currently mulling over, scrambling to determine the underlying factors camouflaged beneath the ostensibly pacific surface of the currency market. A key point to recall in currency exchange is that a stable exchange rate can signify economic health and confidence in the market - a perception of reliable, predictable conduct that could spur investors'' interest. Thus, the significant stability observed in the NGN exchange rate may potentially foster attractiveness to both local and foreign investors. On the flip side, it is also speculated that this unprecedented steadiness may be due to robust regulatory actions by the Central Bank of Nigeria. The Apex Bank might have tactically infused a sufficient amount of foreign exchange into the market to create equilibrium, resulting in the observed impressive exchange rate stability. However, as reassuring as this steady trend might seem, it possesses latent drawbacks. Economists caution against dramatic revelations from such stability, a vivid instance being China''s infamous economic bubble burst. Hence, the market players keenly await indications on future directions. Looking ahead, market spectators eagerly anticipate the unveiling of the subsequent monetary strategies of the Central Bank of Nigeria. Financial analysts and investors alike are keenly observing the trends and formulating possible predictions. Will the NGN maintain its current stability or will it reveal a new dynamic? Given the predictive inaccuracies of financial markets, it remains to be seen, demanding a vigilant approach for navigating the divergent paths the market might take. To sum it up, the April 22 exchange rate saga of NGN is a testament to the Nigerian economy''s dynamism. Although the day unfolded with an unusual calm within the currency market, it displayed the potential economic strength and resilience in Nigeria''s financial landscape.Unprecedented Stability in NGN Exchange Rate Maintained Through the Day

Current Middle Market Exchange Rate

For information purposes only.