For the second consecutive importance of forex trading, Nigeria has been the fastest growing market for retail forex trading. The industry is seeing a stable growth rate around the world, especially in Africa and Asia, but among all countries Nigeria is growing at the fastest pace. What makes forex trading so attractive to Nigerians? Will the country continue to grow its number of traders in the following years?
What brokers do Nigerians use most? We’ll try to answer these questions in this article. Such exchange rate movement makes people aware of the realities of the forex market and of the potential winnings that can be obtained trading currencies. And we’re talking about dealing with zero leverage. US Dollar in only three months, going from 165 to 199. The Central Bank of Nigeria tried to calm the anxieties of its citizens in relation to the value of the Naira by keeping a fixed exchange rate of 199 NGN for one USD. But market forces are too strong to be ignored for too long.
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. Naira sent the exchange rate from 314 to 364. The repeated devaluations of the local currency made the population extremely conscious about foreign exchange rates and how the currency markets work. People know their savings are not safe unless kept in a foreign currency such as the US Dollar or the Euro, and they also know that a lot of money can be made in the currency markets.