2024-05-21 Naira News

Summary of Last Month

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

Statistical Measures

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  • Standard Deviation:


Understanding the Overall Trend of Exchange Rates

From the dataset provided, the ngn exchange rates are generally constant at 0.00091 over a long period, with a slight increase to 0.00092 observed at 08:30:03 on 2024-05-20, which lasted till 10:34:03 on the same day. However, a decrease is observed at 10:35:02 when the rate drops to 0.00089 and remains so till the end of the dataset. No other fluctuations in the rate were observed within this timestamp. This suggests that the exchange rates were mostly stable with slight fluctuations within this period.

Identifying Seasonality or Recurring Patterns

Given the limited period covered by the dataset provided, the data does not seem to show any distinct seasonality or recurring patterns in the changes of exchange rates. The data might be insufficient to establish a seasonality pattern. Longer periods of data might be required to observe a possible recurring pattern.

Note on Outliers

There are no significant outliers in the given dataset. The rates remained relatively consistent, barring the two changes mentioned previously. There were no instances of exchange rates differing significantly from what would be expected based on the observed trend.

> In our world of daily economic twists and turns, affected by both local and global occurrences, it is rare to witness such unwavering stability as we''ve seen in the Naira (NGN) exchange rate. Over the span of a day, from the first light dawning on the African plains to the stroke of midnight, the NGN''s exchange rate demonstrated a steadfast consistency. On May 20, 2024, many investors and economists may have predicted volatility in the market but were instead greeted by an unexpected calm. The Naira started the day with a tranquil exchange rate of 0.00091, and remarkably, there was no significant fluctuation until dawn broke. This period of stability witnessed in the NGN exchange rate is striking particularly due to the duration it sustained. Typically, exchange rates are susceptible to a plethora of variables that often induce fluctuations. Government policies, inflation, and market speculation all contribute to the shooting arrows of foreign exchange rates. But on this particular day, the NGN was not swayed. This steadiness is rather uncommon, and it is relevant for a few reasons. Investors with assets denominated in NGN may likely breathe a sigh of relief with this demonstration of stability. This systemic financial placidity sends a positive message about the Nigerian economy''s resilience despite global economic pressures. Companies conducting business transactions internationally in NGN also benefit immensely, with the assurance of this steady exchange rate improving financial forecast accuracy. However, it wasn''t until later in the day that the digital tickers recorded a noticeable shift. The exchange rate experienced a slight rise to 0.00092 in the early morning hours, sustaining until mid-day. This minimal rise was again met with stability, demonstrating a striking persistence in the calmness of the market. In an interesting turn, the exchange rate saw a minor dip to 0.00089 towards the mid of the day. What was more remarkable was the consistency that followed; this value persisted for the remainder of the day, with no further significant deviations. The stability of the exchange rates hints at the strength and resilience of the Nigerian economy and its capacity to weather global financial storms. However, as we move forward, we must not lose sight of the fact that markets are naturally volatile and can change course at any time. Investors should watch the NGN exchange rate closely in the upcoming days for signs of any major shifts. Any deviation from the current state of stability could signify a change in economic conditions that might influence investment strategies. Despite the tranquility seen in the NGN exchange rate, it is crucial to remain vigilant for signs of volatility amid global macroeconomic uncertainty. For now, however, those dealing with the Naira can enjoy a rare moment of calm in the often tempestuous world of foreign exchange markets.Unwavering Stability Dominates the NGN Exchange Rate

Current Middle Market Exchange Rate

For information purposes only.