2024-05-17 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:


Based on the given dataset, here is a comprehensive analysis:

Overall Trend of the Exchange Rates

Looking at the dataset provided, the overall trend for this particular series of exchange rates (NGN) appears to be relatively stable. The rate begins at 0.0009 and it fluctuates slightly but by a very small margin within the time interval given. There is a mild decline to 0.00088 but it doesn't last long and the rate rises back up to 0.0009. The lowest observed rate is around 0.00088 and the highest is 0.0009. This suggests there is not much significant volatility within this specific period.

Seasonality or Recurring Patterns

Under initial analysis, there doesn't appear to be any specific seasonality or recurring patterns in the changes of exchange rates based on the provided timestamps. The rate fluctuates very mildly and within a very small range. There doesn't seem to be any periodic rise or fall in exchange rates that could be attributed to seasonality.


From the data, no noticeable outliers are immediately evident. The variability in the exchange rate is very narrow and it kept within the same range throughout the entire period. All values remain within an expected range based on the observed trend and no single datapoint deviates significantly from the others.


However, it's important to note that these observations are based purely on the dataset provided. External factors like market opening/closing hours, weekends/holidays, or the release of key financial news and reports can and do often have significant impact on exchange rates. This analysis was asked to not keep these factors in consideration. Furthermore, the lack of identified seasonality or recurring patterns, as well as outliers, could also be due to the relatively small range of data provided. More extensive datasets, covering larger time periods might provide more variability and distinct trends.

Midnight-to-Midnight Analysis The Nigerian Naira (NGN), the native currency of Nigeria, has demonstrated a significant and unwavering period of stability, according to a detailed time series data analysis undertaken from midnight to midnight on the 16th of May, 2024. The exchange rate began the day at 0.0009, a rate it held consistently for close to the next five hours. A slight variation of 0.00088 was observed later, but this too remained consistent for the subsequent few hours. The sturdy nature of the NGN during this 24-hour window indicates a robustness within the currency that market analysts, investors, and economists find highly noteworthy. Breaking down this data highlights the steadiness within Nigeria''s financial landscape. The economic implications associated with a stable currency are many, especially for a developing country like Nigeria. It is indicative not only of a stable economy but also of strong macroeconomic management and is likely to have a positive impact on inflation and purchasing power. In general, a stable currency is a sign of a healthy economy as it fosters an environment conducive to economic growth. It encourages both local and foreign investment, as investors can be assured that their capital will not be eroded due to currency depreciation. This, in turn, leads to job creation and improvements in living standards. Furthermore, currency stability enables Nigerians to better plan and manage their personal finance, savings, and investments, as price levels will be more stable, and the purchasing power of their income and savings will be preserved. It also contributes to fiscal stability and enhances the government''s ability to plan and manage public finances, including public debt. One standout feature of the data was the small dip from 0.0009 to 0.00088, which lasted from approximately 04:25 until 07:25. Such minor fluctuations are expected and normal in any vibrant market and do not diminish the overall stability of the currency within this period. However, this sustained stability should not be taken for granted. Market watchers need to stay tuned into a variety of macroeconomic indicators such as inflation, GDP growth, fiscal deficit, international trade data, and political stability. Any significant changes to these could potentially fan volatility in the currency markets. Looking into the future, it remains essential for the country''s monetary and fiscal authorities to continue to enact and sustain responsible policy measures to instill confidence among local and foreign investors. Only then can such stability be maintained in the long run. To sum up, the unwavering stability seen in the NGN exchange rate on the 16th May 2024 is a positive sign indicative of a healthy economy and strong macroeconomic control. Moving forward, this offers a good foundation on which to build sustainable growth and development for Nigeria, reminding us of the importance of vigilant monitoring and sound economic policy-making.Unwavering Stability: NGN Exchange Rate Holds Steady in Midnight-to-Midnight Analysis

Current Middle Market Exchange Rate

For information purposes only.