2024-05-03 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:


Overall Trend in the Exchange Rate

Considering the data presented, the general trend appears to show minimal variation for quite some time, with a slight increase in the latter part of the time series. For the majority of the period in question, the exchange rate remained at 0.00098, and around the timestamp of 2024-05-02 03:25:02, it started to increase to 0.00099 and then to 0.001. This trend indicates that there has been a gradual appreciation of GPB against NGN over this period.

Seasonality or Recurring Patterns

With regard to seasonality and recurring patterns, the dataset does not appear long enough to draw any conclusions about long-term or annual seasonality, which usually requires several years of data. However, no daily cyclical patterns could be observed either. The data seems to reflect a largely static exchange rate with a sudden rise around the end of the period, reverting to the previous rate at the end.

Notable Outliers in the Dataset

Based on the provided data, there may not be any significant outliers, given that the provided exchange rates remained between 0.00098 and 0.001. There is no instance where the exchange rate differs significantly from what is expected based on the small variations in the data. Considering this, no outliers can be presently identified in the timeseries.

Consideration of External Events

The analysis of the data was done without considering specific external events or factors like market opening/closing hours, weekends/holidays, or the release of key financial news and reports, in accordance with the guidelines provided.

In summary, the provided timeseries reflects a relatively invariant exchange rate for the most part with subtle increases near the later timestamps. For a comprehensive understanding of the reasons behind these fluctuations or stagnant nature, a more in-depth, holistic analysis may be required, incorporating larger datasets and potentially considering external factors.

Increase The most recent data up to date on the 2nd of May 2024 indicates an intriguingly steady coverage of the Naira (NGN) exchange rate, albeit with a very slight increase from the constant 0.00098 to 0.001. The story began at the strike of midnight, with the Naira holding its pace at the 0.00098 exchange rate. For several hours into the early morning, the rate experienced no change whatsoever, standing immovable like a trooper on parade despite the flow of time and the changing hues of the sky. However, at approximately 03:25am, the NGN saw a minuscule rise to 0.00099. There was no major celebration or panic, a testament to the sheer stability of NGN in the face of unpredictable market dynamics. The fruits of economic policies, fiscal strategies perhaps, kept the NGN strong and stable throughout the early hours of the day. Then just as dawn began to break, around 06:45am, the NGN exchange rate hit a significant milestone. The rate appreciated to 0.001, and even more impressively, sustained this value throughout the day with minimal fluctuations. It doesn’t ring loud like a Wall Street bell nor does it scream huge headlines, but it is a small, crucial increment that happened to take place in the world of forex where even decimals points matter. Why is this pocket-sized increase important, you ask? For starters, its impact in the forex market is significant for those trading in high volumes. Small changes can result in substantial profits or losses, depending on the position taken. Additionally, for the macroeconomy, it can imply that demand for the currency is increasing, possibly due to a surge in international trade or remittances inflow or even due to an increase in investor confidence in the economy. In the subsequent hours, the Naira stayed consistent at 0.001 till late evening at around 20:40pm when it took a slight dip back to 0.00099 but soon bounced back to 0.001, reflecting a segment of resilience in these times of market volatility. Looking ahead, market players and observers should keep a keen eye on the NGN exchange rate movement. Although it has shown an impressive level of stability in the recent past, it’s important to remember that the forex market is influenced by a plethora of ever-changing factors both on the home front and globally. For now, the steady outlook continues but there''s no telling how the tides may turn in the future.Even Amidst Stability, NGN Exchange Rate Shows a Slight Increase

Current Middle Market Exchange Rate

For information purposes only.