2024-04-24 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.

Eyebrows The Nigerian Naira (NGN) has exhibited an unusual stability, with the exchange rate remaining unchanged over varying time frames. This uncommon steadiness, reflected in the time-series data recorded over 24 hours on April 23, 2024, has sparked curiosity and intrigue among financial analysts and investors throughout the globe. The Naira began the day''s trade at an exchange rate of 0.00111, a point it steadfastly held for over three hours before seeing a slight decrease to 0.00109. This minor dip, however, was short-lived as the currency bounced back to its starting point where it remained stoically unaltered for the rest of the trading day. This prolonged consistency is far from ordinary for any currency. All currencies, including the NGN, are prone to fluctuations caused by myriad factors such as economic indicators, geopolitical events, trade activities, amongst others. Therefore, the constancy seen in the Naira''s value prompts the question, "Why the uncharacteristic steadiness?" One possibility might be a Central Bank intervention. Central banks, such as the Central Bank of Nigeria, often participate in the foreign exchange market to stabilize or adjust the value of their currency. By buying or selling domestic currency in exchange for a foreign one, the central bank can influence its value in response to economic dynamics. Another explanation could be a decrease in trading activities for the NGN. If traders are holding off transactions due to anticipation of a significant economic event or announcement expected to impact the currency''s value, it could result in an unusually stable exchange rate. The implications of this stability, however, could be a double-edged sword for the economy. On the one hand, it brings predictability and reduces the risk for investors, fostering an attractive investment environment. On the other hand, an excessively stable currency could indicate a lack of market responsiveness and even breed complacency, which might deter investments. Going forward, stakeholders in the foreign exchange market will be keenly following the NGN''s performance. Will this invariability persist, or will it give way to the more habitual ebbs and flows? The answers to these questions not only hold implications for investors but also give insights into the efficacy of Nigeria''s monetary policies and the overall health of the economy. Whatever the underlying causes and future implications, one thing is certain: the Naira''s unusual stability on April 23, 2024, is a phenomenon worth noting, dissecting, and understanding. Because, at the heart of it, finance is a royal mess enriched by uncertainty and the thrill of unpredictability, it''s stability that leaves us all wondering. Stability Prevails: Unchanging NGN Exchange Rate Raises Eyebrows

Current Middle Market Exchange Rate

For information purposes only.