  We present optical spectroscopic observations of the least-luminous known
Seyfert 1 galaxy, NGC 4395, which was monitored every half-hour over the course
of 3 nights. The continuum emission varied by ~35 per cent over the course of 3
nights, and we find marginal evidence for greater variability in the blue
continuum than the red. A number of diagnostic checks were performed on the
data in order to constrain any systematic or aperture effects. No correlations
were found that adequately explained the observed variability, hence we
conclude that we have observed real intrinsic variability of the nuclear
source. No simultaneous variability was measured in the broad H-beta line,
although given the difficulty in deblending the broad and narrow components it
is difficult to comment on the significance of this result. The observed short
time-scale continuum variability is consistent with NGC 4395 having an
intermediate-mass (~10^5 solar masses) central supermassive black hole, rather
than a very low accretion rate. Comparison with the Seyfert 1 galaxy NGC 5548
shows that the observed variability seems to scale with black hole mass in
roughly the manner expected in accretion models. However the absolute
time-scale of variability differs by several orders of magnitude from that
expected in simple accretion disc models in both cases.
