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food4tot (f)
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Forex Project For SomeoneWhy can't I get any info about the Nigerian economy. I couldn't find a curve depicting the performance of the nigerian currency, the Naira. The best I could get was this  we all know from primary school days that curves in graphs are lines joining two or more points. Despite yahoo having this information. They still don't provide any curve that shows the performance longer than 5 days. Source ( http://uk.finance.yahoo.com/currency/convert?from=NGN&to=GBP&amt=1&t=5d) Just wondering if someone can have a graph on this site to show us whats happening in the forex world.
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kazey (m)
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the gap in the graph indicates activity periods where there is a certain surge due to a very high demand for a specific currency by a big player such as the bank etc, during that period the price does not follow an increasing pattern, just a crazy offer is made to purchase that particular currency and hence there is a missing area which is created by progressive increase or decrease in prices or value. Watch the rise and drop carefully, and you would get the idea.
Normal players don't get to deal during that particular period, because its happens so fast, and its for one particular trade or offer.
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damadsuite (m)
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The Graph you showed us has little or no significance to the Forex trader except for mere education. The naira is not traded on the international market because it is not a tradeable market. It is obviously not controlled by the forces of supply and demand. The government can decide whatever rate they want the naira to exchange. Investors dread such activities as they can lose their money. Also, you will observe that the dollars has lost considerable weight for the past 2 months due to export-import deregulation in the US and also the increasing US debt value. All this downturn didn't affect the naira. The exchange rate of the naira to the dollar was unchange irrespective of these powerful market move. The naira is not a tradeable currency and it is not worth studying by a true Forex trader. I will advise we shift our attention to tradeable market. Do you know that the reason why almost 98% of all Forex traders fails is because they lack the core understanding of Money (Equity) Management. In my next writeup, i will explore the issue of core equity and tradeable equity and also why even people fail with a sure trading system that has a 70/100 score. cliff clarke www.damadsuite.com |
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Love44 (f)
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Nigerian economy in 2005 was 174.1 billion dollars which made nigeria to be the fourth richest country in Africa and also i heard in 2006 it will hit 200 billion and something.
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food4tot (f)
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@kazey, your explanation makes sense but why is there no chart depicting a period more than 5 days? I was hoping I would be able to get graphical data over a period of 5 years.
The graph I posted is above is just the value of the pound against one naira
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kazey (m)
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@kazey, your explanation makes sense but why is there no chart depicting a period more than 5 days?
Forex tradings occur 5 days in a week, besides Nigeria does not really trade that much on the UK shores to have that regular pounds to want to convert to Naira or the other way round everyday  |
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food4tot (f)
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why do I get the 5 days curve but not the 3 months curve? If you go to the site I provided here. You will find links for viewing 3months, 1year, 2years and 5 years. The only chart that works is the 1 day and 5 days chart. If you have a diary that you use every day you should have a full diary at the end of the year. |
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food4tot (f)
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The naira has been appreciating for the past 5 days. Is it artificial and can this growth be sustained? Is it better to have a strong Naira than to have a weak one? Foreign investors encourage us to weaken the naira, who gains when this happens? The investors or Nigeria?
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k9 (m)
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If you d/load d software of any forex dealer, like FXCM. you can get a chart showing as far back as 6 months or 1 year (i think) you just have 2 adjust the settings. You wont get any chart on the naira because as was said the naira, and other such c is not really tradable, thoeretically it is possible, but practically its not. because d main or 'only' thing we trade in oil (and other such currencies) and because of its nature not a very tradeable commodity at such.
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anton (m)
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True, currancy traders can not trade the naira, nor would they want to; instability. Hopefully, the naira will eventually make it to the exchange and be traded against the euro, usd, gbp, chf, and yen. That is a serious strategic thing we should be concerned about. Having a serious, repsectable role in the financial markets of the world. Maybe a unified west african currancy  . There are some exotic currancy pairs that one can trade but i don't think most traders even deal with them becasue of the risk. Now that i think about, i am sure that you COULD but a lot or 2 MANUALLY at your bank, but electronically, i think you are out of luck.  |
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