2024-04-30 Naira News

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Follow Naira Forecast April 30, 2024
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Summary of Last Month

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

Statistical Measures

  • Mean:
  • Standard Deviation:

Trend

Overall Trend of the Exchange Rates

The data points provided span both consistent and fluctuating periods for the exchange rate. From the start until close to the second third of the dataset, the exchange rate was steady at 0.00103. It then decreased slightly to an equally stable level at 0.00101. Near the middle of the dataset, it again changed, but this time experiencing an immediate increase, hitting a peak at 0.00107. Following this peak, the exchange rate relatively dropped to 0.00101 where it remained consistent for a prolonged period again. In final part of the dataset, the exchange rate mostly fluctuated between 0.00100 and 0.00101.

Seasonality and Recurring Patterns

From the given dataset, discerning any seasonality or recurring patterns is difficult because the data covers a single day, and it does not provide sufficient scope for identifying seasonal trends. Despite this, it is evident that the rates follow a somewhat typical cycle of stability, then slight changes, with small periods of volatility sandwiched between these plateau periods.

Outliers

No significant outliers are evident in the data provided. However, relative to the consistent periods of mostly steady exchange rates, the peak rate at 0.00107 and the drop to 0.00101 shortly afterwards can be considered as minor deviations from the norm.

In general, the NGN exchange rate, according to this data, remains relatively stable with minor fluctuations throughout the day. To get a better understanding of whether these are simple daily fluctuations, or indicative of more significant long-term trends, a dataset covering a more extended period, such as several months to a year, would be beneficial. Such expanded data would offer a more detailed picture of any seasonality or recurring patterns that could not be fully extracted from this one-day snapshot.
day Spike The Nigerian Naira (NGN) demonstrated unexpected steadiness in an erratic financial market yesterday. However, a sudden midday upward spike in NGN exchange rates left investors and market watchers mystified. In a remarkable display of consistency, the NGN exchange rate held firm for the most part of the day. It stayed unwavering at 0.00101 -0.00103 for the initial hours of trading. This level of stability is fairly uncommon in today’s fast-paced, dynamic and unpredictable financial landscape, particularly given the multitude of global factors that can influence exchange rates. Just as traders and investors were beginning to ease into this tranquillity, an unforeseen twist reared its head. At approximately 11:10 AM, the NGN exchange rates jolted, climbing to 0.00106. This sudden shift produced a ripple effect across the entire market, sparking frantic reactions from investors, brokers, and analysts alike. The NGN exchange rate then continued to climb, peaking at 0.00107. But why is this significant? An exchange rate is a reflection of a country''s economic health and a key indicator of the market''s perception of its economic vitality. This abrupt spike despite the earlier stability suggests dramatic shifts in market sentiment, which might be attributable to a variety of causes such as geopolitical events, changes in oil prices, or other macroeconomic data announcements. This remarkable event has not only stoked speculation among analysts and market watchers but also marked a distinctive day for NGN, leaving an indelible impression on the market participants. In an era where exchange rates fluctuate vigorously due to unpredictable global events, the occurrence of such stable hours followed by a sudden increase points to the possibility of substantial market volatility in the future. In the world of finance where the only certainty is uncertainty, market participants will be keeping a close eye on the NGN''s performance moving forward. The future of the NGN largely depends on the forthcoming economic indicators, market conditions, and fiscal policies. To conclude, while the day began with a soothing sense of predictability, the sudden surge in NGN rates reminded everyone of the market''s inherent volatility. It''s advisable for investors to brace themselves for a potentially volatile journey as they navigate the turbulent waters of currency trading. Surprising Stability in NGN Exchange Rates Marred by Midday Spike

Current Middle Market Exchange Rate

For information purposes only. 



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