2024-05-13 Naira News
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2024-05-12
Summary of Last Week
- Opening:
- Closing:
- Difference of Opening & Closing:
- Daily High:
- Daily Low:
- Difference of Daily High & Low:
Statistical Measures
- Mean:
- Standard Deviation:
Trend
Overall Trends
According to the data provided, the overall trend of the Nigerian Naira (NGN) exchange rate from 12th April to 10th May 2024 reveals a gradual decline. The NGN started at 0.0011 on 12th April, then it slightly fluctuated between 0.00115 and 0.0012 until mid-April. After reaching a peak value of 0.00128 on April 19th, it showed a trend of gradual decline for the rest of the period. By the end of the given period on May 10th, the NGN fell to 0.00096.
Seasonality and Recurring Patterns
Upon analysis of the data provided, there is no obvious seasonality observed in the exchange rates. However, the NGN appears to be somewhat stable within certain windows of time, with small fluctuations observed consistently, suggesting that it is responding to normal supply and demand forces in the foreign exchange market during these windows. However, no recurring pattern of a significant increase or decrease in value is noted that would illustrate a seasonal trend.
Outliers and Significant Deviations
While there are no extreme outliers present in the dataset, some deviations from the typical range do occur. For instance, between April 18th and 19th, the NGN surged from 0.00120 to 0.00128. Another significant deviation is observed on April 22nd, when the value dropped to 0.00115 from 0.00128. Additionally, within the last third of the observed period (from late April to early May), the decline in the value of NGN was more accelerated, with more slopes in the downward direction.
![NGN Exchange Rate Experiences Turbulence in April-May 2024 Period](http://currencymart.net/images/news/naira/2024-05-13/img-QXAsB8iJIePxO5DkfNJt7LP5.webp)