2024-05-09 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:



There are several observations that can be noted from the time-series data provided regarding the NGN exchange rate from the timestamp of 2024-05-08 00:00:02 to 2024-05-08 23:55:02.

1. Understanding Overall Trend of Exchange rates

The NGN exchange rate appears to be more or less stable. Three unique rates are noted, 0.00099, 0.00097, 0.00098, but the exchange rate does not stay at either for very long and keeps rotating, indicating no upward or downward trend.

2. Seasonality or patterns in Exchange Rates

In this dataset, there's no strong seasonality or regular pattern noticed over the timestamps. The exchange rate does not show a significant change during different parts of the day or during specific intervals.

3. Identification of Outliers

No particular outliers, i.e., instances where the exchange rate deviates drastically from the current trend, can be identified. The exchange rates uniformly revolve around the three noted rates with no extreme changes that stand out exceptionally.


In conclusion, the dataset indicates relative stability in exchange rates during the period tracked with no significant ups or downs, no seasonal patterns, and no major outliers. It's worth noting that this analysis does not account for external factors like financial news, market activities, or holidays which could impact the exchange rates.

he economic landscape has been through quite some movement in recent times with the Naira (NGN) exchange rate showcasing notable variations. Over a 24-hour window on the 8th of May, 2024, the fluctuations provided analysts and market observers a heady display of financial dynamics that kept them on the edge of their proverbial seats. The day started with NGN trading at 0.00099. The market maintained this rate with impeccable consistency for the first couple of hours, disregarding the usual ebb and flow of the currency market. However, the tranquility was eventually disrupted. The value dipped slightly to 0.00097 in the early hours, marking a marginal alteration, yet a significant one in the context of microscopic financial variations. This blip on the radar was noticed by eagle-eyed traders who constantly monitor such marginal alterations in currency values. A seemingly minuscule drop of 0.00002 can result in substantial profits when leveraged with vast sums of money typically employed in forex trading. However, the market realigned quickly, taking a U-turn during the post-dawn hours, as the rate increased slightly to 0.00098, showcasing the volatility and dynamism inherent in the finance sector. The ability to predict these movements ties directly into the potential profitability of foreign exchange trading and provides fertile ground for financial strategists to sow their plans. This change of pace held steady for some time, maintaining the new status quo until lunchtime. Around noon, the currency saw a small rally, returning to its original exchange rate of 0.00099, an interesting closure to a day of minor, but constant fluctuations. With such small movements in value, the story lay not in the magnitude of the changes but in their unfailing persistence. The change back to the initial rate signified the market''s resilience to maintain a status quo, which is especially relevant in these economically uncertain times. It showcases the robustness of the Naira, and paints a picture of an intriguing dance between economic forces. These events provide an illustrative example of the tumultuous world of forex trading. Traders and investors alike play this market, attempting to capitalize on these slight changes and turn a profit. Their strategies are guided by the notion that timing is everything, being at the right place at the right time, or in this case, trading the right currency at the right moment. Looking ahead, these fluctuations suggest one should maintain a vigilant eye on the financial sector''s movements. The volatile nature of the forex market adds an element of uncertainty, thrilling seasoned traders and piquing the interests of potential new market entrants. The future might witness similar minor fluctuations, or it could be startled by a significant event that revolutionizes the current dynamics. Only time will tell.Consistent fluctuations in the NGN exchange rate

Current Middle Market Exchange Rate

For information purposes only.