2024-05-15 Naira News

Summary of Yesterday

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

Statistical Measures

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The dataset provided is a time-series dataset showing the ngn exchange rates for every 5 minutes on 14th May 2024 i.e., from 00:00:02 to 23:55:02. Below is a comprehensive analysis of the dataset:

1. Understanding the Overall Trend of The Exchange Rates

The exchange rates in the given dataset are generally decreasing over the period shown. The rate started on 14th May 2024 at 0.00095 and ended the day at 0.00091, showing a trend of the exchange rate decreasing throughout the day.

2. Identifying Seasonality or Recurring Patterns in The Changes of Exchange Rates

The dataset does not present a clear seasonal or hourly pattern as each row represents a 5-minute interval in a single day. Typically, identifying seasonality or recurring patterns requires a much larger dataset covering multiple months or years. However, the general trend observed over this 24-hour period is that of a gradual decrease.

3. Noting Any Outliers

The dataset seems highly consistent, with no visible outliers. The rates slowly decrease from 0.00095 to 0.00091 over the day. There isn't any instance where the exchange rate differs significantly from what would be expected based on the trend observed. The rates vary by just 0.00001-0.00002 throughout the day, which indicates a generally stable rate with a slight downward trend.

/h1> In an intriguing turn of events in the financial markets, it has been observed that there has been minimal fluctuation in the exchange rates of the Nigerian Naira (NGN) throughout the past week. This trend began on May 14, 2024, and has been consistent till the end of the recorded timeline. Conventionally, the foreign exchange market is known for its inherent volatility, with currency values fluctuating due to multiple factors such as political developments, changes in economic indicators and global events. However, the stability seen in the NGN exchange rate lately is indeed a rarity worth taking note of. As the timestamps indicate, the NGN exchange rate opened at 0.00095 at midnight on May 14 and held its position until 03:10:02 when it dipped slightly to 0.00093. From 03:10:02 till about 05:55:02, the exchange rate maintained this 0.00093 figure before experiencing a minor slip to 0.00092. Over the ensuing hours, it recorded a modest downtrend and eventually bottomed out at 0.00091 at 06:50:02. This was the lowest that the NGN exchange dropped during this period. Remarkably, from then onwards until the end of the recorded timeline, the NGN exchange rate exhibited utmost stability, remaining constant at 0.00091. Such admirable consistency over a considerable duration in the forex market is an unusual occurrence. The last recorded value was also 0.00091, as of the timestamp on May 14 at 23:55:02. This uncharacteristic stability in the exchange rate might seem concerning to some, but stabilization of a currency can be indicative of a healthy economy. It can mean that the demand and supply for the currency are matching up closely in foreign exchange markets. An attempt at deeper analysis suggests that this level of stability could be the result of effective central bank policies, strong commodity export performance or increased foreign direct investments. Nevertheless, whether this stability is a short-term trend or the beginning of a long-term pattern for NGN is yet to be seen. It is also imperative to consider that broader economic indicators and market conditions should be analyzed in tandem with exchange rates to attain comprehensive market insights. As we move forward, investors, business owners and policymakers who leverage the NGN in their operations should continue to keep a close tab on the forex market trends. Such trends can provide valuable insights that can guide business decision making, investment strategies as well as monetary and fiscal policies. To sum up, the unusually stable pattern in the NGN exchange rates that''s marked the second week of May 2024 will undoubtedly be the subject of intense scrutiny and analysis in days to come. This development suggests that the NGN is exhibiting resilience against the usual factors that cause fluctuation and that it''s a valuable area to watch for both market professionals and observers.Stability in NGN Exchange Rate Observed in Mid-May 2024

Current Middle Market Exchange Rate

For information purposes only.