The problem with such long-term and low-yield investments is the high capital needed in order to achieve substantial earnings. The Oil Price Crash had increased the pressure on the exchange rate to the point where the Central Bank had no other option but to let the Naira devalue again. However, as the cost of Internet connectivity falls and global payments systems are more widely adopted, more traders see Forex trading as a viable alternative income earner. These financial institutions accepted funds from investors with the promise of giving a monthly return on investment to the tune of 8. Forex Trading in Nigeria was something unsubstantial in the early 19th centuries for individuals, because back then Forex Trading was deemed suitable for only big conglomerates, financial institutions, and highly well to do Nigeria citizens were the kind of individuals and organizations that participated in Forex Trade.
In Nigeria, Forex trading is becoming more and more popular. It attracts purposeful and educated young people with the opportunity of earning profits via on-line activity. And if in the past times Nigeria was considered a poor state with no interest to currency trading firms, now FX brokers are gladly accepting Nigerian Forex traders.
Leverage - The reason why Forex is growing so fast in Nigeria
The result was massive failure. For example Alpari, Liteforex, Instaforex and many others. The influx of foreign brokers also helped in popularising forex because they embarked in a national campaign, going into various cities, educating investors and on-boarding clients in thousands.
To be candid, the statistics of about , traders in Nigeria being pelted on the internet is not bloated. We likely had more!
We strongly believe that the market will take a new shape, attracting institutional players when the government regulates the industry. In addition, the SEC and CBN will also be attending the 2nd Lagos Forex expo scheduled to hold in August 13th and 14th to observed the level of participation by traders and brokers at the event.
Its very likely that FX regulations in Nigeria will be finalized this year. This article is poorly researched and filled with misinformation. Someone who wants to sell sponsorship at his exhibition feels the best way is to lie to brokers that the SEC is taking an interest in setting up regulatory frameworks.
Kindly research the background of your authors before you publish, to save Nigerians the embarassment of poorly written article that has misinformation in it. As for selling of Sponsorship to brokers for the event, we have already closed brokers sponsorship reservation before this news was posted and as for the Author Mike Fowope, he has a strong financial service reputation and a leader in the field.
Anonymous, there is nothing to lie about. For Your information Sec Called a meeting and we all went to CBN to discus the issue of regulation with all the issues arising from from forex trading.
You could visit basil page to check our pictures at CBN head quarters in abuja. Please you also should veryfy your information before you make unguarded comments. One of the major problems that has plagued foreign exchange trading in Nigeria and the reason it lacks participation from big money are lies peddled around and the failure of the small guys in retail to for once just be modest and straightforward in their assessment of the current reality on ground.
Anonymous, I share your views and enthusiasm for the state of the forex market in Nigeria. However, I strongly disagree with you that Emeka Basil orchestrated the event in his quest to secure sponsorships from brokers for his expo or for any order insidious motive. Basil remained neutral in our debates and clarifications. Anonymous, you had three issues with this post, 1. I made a point in my first comment that the article is poorly researched, lacking in facts and is misinforming the well meaning executives who read this blog.
Basil, Bade, Kingsley, I advice you not to pay attention to the anonymous fellow is obvious that he his mischievous and and unlearned very unconisistent in all of his way, look at him explaining the process of getting regulation when he boldly claim that no meeting was called by the CBN and SEC with respect to regulation.
In the west, when a company or entity is criticised, they take it as constructive feedback to work on. You see really its time that justifies reality, well you could chose to accuse an innocent person who is perfect bystander over this issue or better yet confront the reality of your ineptitude. Bade, Basil, Bull FX. Why are you mentioning my name please? Wow, Basil did all these and still walking a free man?
I await the drowning things and you have really opened my eyes to these stories. I can see you are a good Orator. There are so many other thing Basil did, spill it out bro.
A journey of a thousand miles begins with a step. Forex trading is speculative trading in currencies on a market and is much the same as trading stocks, commodities or options. Before you are able to trade forex, you will need to find a broker that suits you as this broker will be the way you place orders on the International market. Speculative trading in any form means putting your capital at risk, so it is very important to be smart about which brokers to use and read up on different elements of trading and strategy.
Forex trading includes all aspects of buying, selling and exchanging currencies in order to make a profit. The forex market was established to enable currencies to be purchased and sold against one another in pairs. This changed at the turn of the millennium, following the arrival of mobile telecommunications and improved internet connections around the work.
Ordinary Nigerians with increasing access to the Internet connectivity have embraced the concept of forex trading. Many Nigerian forex traders see their trading as a part-time income earner. However, as the cost of Internet connectivity falls and global payments systems are more widely adopted, more traders see Forex trading as a viable alternative income earner. There is additional volatility following major news events, and also at the start of the trading sessions when the market has yet to normalize.
Forex trading platforms with trading capabilities such as MetaTrader 4, cTrader, etc are available to all traders. Often times forex brokers will have their own trading platforms that support special functionality on their platforms — and a good example of this would be eToro to allow for their social trading component. On the other hand, some jump into the market too soon, without learning the ropes. The most efficient way to a profitable forex career requires reading and practice.
Forex Trading in Nigeria
Risk Management While Trading Forex in Nigeria. Before you get into Forex trading in Nigeria you need to gather all the knowledge you can lay your hands on before taking the first live position in the Forex market. Must people make the mistake of jumping into the market too soon, without learning the proper strategies involved. To start Forex Trading in Nigeria one needs a minimum capital investment, the merit here is that unlike other businesses you can start FOREX TRADING with as low as $, but its advisable to work with a higher figure between $ to $ to see a better appreciate interest value in your trades. Forex Trading in Nigeria The website will teach you about Forex trading online on the global currency market. Forex trading is speculative trading in currencies on a market and is much the same as trading stocks, commodities or options.