A New Odd F-Weibull Distribution: Properties and Application of the Monthly Nigerian Naira to British Pound Exchange Rate Data

This study developed a novel generalized family of probability distributions known as the Odd F generalized family of distribution. The compound Odd F-Weibull distribution was introduced from the Odd F generalized family. This distribution is an alternative to various current distributions, such as the Beta-Weibull distribution, Generalized Modified Weibull, Log-Logistic-Weibull, Frechet-Weibull and Exponentiated Exponential-Weibull distributions. We obtained the distributions of quantile function, moments and information-generating function. Moreover, the parameters of its estimates were derived using the maximum likelihood approach. Furthermore, monthly Nigerian Naira to British Pound exchange rate data was analyzed to verify the viability of developed model. The findings demon-strate that the Odd F-Weibull model outperformed better than competitive distributions by having minimal corrected akaike information and Bayesian information criteria values.