2024-04-26 Naira News

Summary of Yesterday

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

Statistical Measures

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  • Standard Deviation:


Analysis of NGN Exchange Rate Time Series Data

The data provided offers time series values for NGN exchange rates on the date of 25th April, 2024. The dataset covers a total span of 24 hours, with data points recorded almost every 5 minutes. Let us dissect the data as requested:

Trend in the Exchange Rate

Throughout the day, the NGN exchange rate appears to be mostly stable with minor fluctuations. At the start of the day at 00:00:02, the exchange rate was valued at 0.00109. This rate remained constant till around 03:40:02, after which, it slightly decreased to 0.00108. This minor decrease persisted for about 12 hours (until 15:30:03). Post that, the exchange rate slightly decreased once again to reach 0.00107 at 14:30:03, and this continued till the end of the day. Therefore, it can be seen that the overall trend for the day was a minor decrease in the NGN exchange rate.

Seasonality and Patterns

As for seasonality or recurring patterns, none can be identified from the given one-day data. It's important to note that a time series needs to cover at least one complete cycle of seasons to be able to determine seasonality, which isn't the case here.


Regarding outliers, none are evident in the given dataset. All changes in the data are minor and gradually transitioned over time. There are no sudden, significant spikes or drops observed that would classify as outliers. Therefore, it can be concluded that the fluctuations in the exchange rate for this particular day were rather uniform, without any abnormal variance.

Note that these observations are purely based on the analysis of the provided data, and no external factors such as market opening/closing hours or release of key financial news have been considered. For a more accurate and detailed financial analysis, these additional factors need to be taken into account as they can significantly impact exchange rates.

Morning Trade The Nigerian currency (NGN) started the day of April 25, 2024, on a note of stability, as reflected on the meticulously curated exchange rate data. However, a marginal dip towards the wee hours represented the variable nature of the financial markets. The NGN began the day trading at a rate of 0.00109, maintaining its value through the first half of the night. It demonstrated a firm and steady performance, with no significant fluctuations observed until the early morning, suggesting stability in its market movements. However, as the clock struck half-past three, the NGN showed the first sign of minor turbulence, as it experienced a marginal dip to 0.00108. This downward adjustment, albeit slight, was an indication of the increasingly volatile nature of the forex market, a classic case of constant flux in the currency value attributed to a multitude of global economic factors. Despite the minor adjustment in value, the NGN maintained its new value consistently throughout the rest of the day, displaying resilience and providing a testament to the robustness of the Nigerian economy. Why is this significant, one may ask? In the world of forex trading and global finance, even the slightest shift in exchange rates can have a profound impact on import and export dynamics, foreign trade policies, balance of trade, and hence the overall economic landscape of a country. The relatively stable trend of the NGN, with a slight dip, could signal forthcoming strategic changes in Nigeria''s fiscal and monetary policies. Investors, traders, and economic policymakers could leverage the opportunity to understand market sentiments better. The dip in the NGN''s value, while being an example of normal market fluctuations, is also a reminder of the inherent risk and elements fiscal dynamics pose. Investors, both domestic and international, must stay vigilant of such shifts and adjust their strategies accordingly. As we move forward, experts will be keenly watching factors such as crude oil prices, inflation rate, and foreign reserve status, which traditionally have a significant impact on the NGN''s value. In particular, any pronounced fluctuations could influence the Central Bank of Nigeria''s stance, resulting in possible adjustments in key policy rates. In conclusion, this minor fluctuation is an indicator of the innate dynamism of global financial markets. Despite this, the NGN held its ground demonstrating resilience and stability, mapping a steady course for the Nigerian foreign exchange market. As we navigate the complexities of a globally interwoven economy, it''s reflective checks like these that reiterate the nuances of Forex trading. Moving forward, traders, investors, and analysts would be keeping a close watch on the NGN and the various factors influencing its trajectory.Steady NGN Exchange Rate Witnesses Marginal Dip in Early Morning Trade

Current Middle Market Exchange Rate

For information purposes only.