2024-05-10 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 Analysis

Examining the dataset, it reveals that the exchange rate remained constant at 0.00098 for an extended period, specifically from 2024-05-09 00:00:02 to 2024-05-09 04:15:02. Thereafter, we observe a slight decrease to 0.00096, which persists across multiple timestamps. This value sees a brief hike to 0.00097 between the intervals of 2024-05-09 07:55:03 to 2024-05-09 09:40:03, before reverting to 0.00096 again. The trend of the exchange rate predominantly indicates a stability with small variations.

Seasonality or Recurring Patterns

In this given data, there doesn't appear to be any strong seasonality or recurring patterns. The oscillation between 0.00096 and 0.00097 occurs a few times but doesn't show any precise or consistent cyclical behaviour. Additional data over a more extended period might be required for a robust seasonality analysis.

Outliers Analysis

Regarding outliers in this dataset, since the variation in values is minimal and changes are infrequent, there doesn't seem to be any significant anomalies. All data points are relatively close to each other, suggesting a stable exchange rate environment during this period analyzed. An outlier in this context would be a significant departure from the values 0.00096 and 0.00097.

Note: This analysis is purely based on the data provided, and no external factors like market opening or closing hours, weekends, holidays or financial news reports were taken into consideration in understanding the patterns or trends.

uations The Nigerian Naira (NGN) delivered an impressive demonstration of stability in recent times, with several indications suggesting an uncertainty-proof future for the currency. Here, we lay down the pattern, possible causes, implications and future prospects of the NGN against global exchange rates. Beginning at midnight on May 9th, 2024, the Naira exchange rate held steady at 0.00098 for a solid four hour stretch, according to a time-series dataset provided. Thereafter, what can only be classified as an unexpected twist, the Naira slightly dipped to 0.00096, representing a minimal 2% decline. This decline was not short-lived as it maintained this new exchange rate for nearly 18 hours, displaying resilience while possibly adding some anxiety in the financial markets. Probing into the ''why'' of this occurrence, a plausible explanation might be robust foreign reserves, working in tandem with the Central Bank of Nigeria''s effective monetary policies. These factors could have impeded any significant fluctuation and instituted a level of exchange rate predictability, critical for investor confidence. It is noteworthy stating that exchange rate stability positively impacts an economy. It can stimulate foreign direct investment (FDI), since investors are more prone to invest in countries with less currency volatility risk. This invariably could translate to higher GDP growth, improved capital markets and, ultimately, a better standard of living for Nigerians. However, stability should not be misinterpreted as absolute invulnerability. The global economy is characterized by intermittent shocks, and Nigeria, with its economy knitted into the global financial system, will inevitably face such upheavals. Having a robust reserve and sound monetary policies are sure buffers, but diversifying the economy away from oil dependence will further safeguard the currency against possible future shocks. Looking ahead, it''s worth stating that policy predictability will play a significant role in sustaining this newfound fortitude. Overall, this episode of steadiness, although remarkable, does come with a warning: maintaining stability is a continuous process, requiring much more than momentary discipline or pecuniary documentation. The road ahead is filled with potential opportunities and risks; the dynamics of global markets require constant vigilance and readiness to adapt promptly. Investors, policy makers, and Nigerians need to keep a close eye on economic indicators, to better understand how the jigsaw pieces fall into place, enabling them make informed decisions with regards to the NGN exchange rate.Unwavering Naira Stands Firm Against Exchange Rate Fluctuations

Current Middle Market Exchange Rate

For information purposes only.