Modelling Nigerian Naira to CFA Franc Exchange Rates with Maxwell-Exponentiated Exponential distribution

In this study, a new statistical distribution, namely, the Maxwell-Exponentiated exponential distribution is developed in the application to financial data. This distribution serves as an alternative to Burr X-Exponentiated exponential, MarshallOlkin-Exponentiated Exponential and Type II Half Logistic-Exponentiated Exponential distributions. The quantile function of the proposed distribution was obtained. Some statistical properties and estimates of their parameters were studied. The performance of proposed distribution was carried out by using application to the data set relating to monthly Nigerian naira to CFA Franc exchange rate. The results showed that the proposed Maxwell-Exponentiated exponential distribution was chosen as the best fitted monthly Nigerian naira to CFA Franc exchange rate data by having a minimum values of AIC and CAIC.