The Reality of Forex Trading in Nigeria

 

Structure of Nigeria's Foreign Exchange Market. The Nigerian foreign exchange market has witnessed tremendous changes. The Second-tier Foreign Exchange Market (SFEM) was introduced in September, , the unified official market in , the autonomous Foreign Exchange Market (AFEM) in , and the Inter-bank Foreign Exchange .

The forum has been designed for sharing opinions and helpful information and is open for both professionals and beginners. If you cannot see the left hand menu, click on "Show Menu" top left of your screen. I am one of the early casualties of forex market foray into Nigeria.

Forex Trading in Nigeria

In fact, many foreign forex brokers already have physical presence in Nigeria, including InstaForex, Alpari, AvaTrade and FXTM. At present the brokers with the greatest market share in this country are FXTM, InstaForex, Liteforex, Alpari, FxOpen and MTrading.

Register for myAlpari , where you can manage your investments and accounts. Make a deposit to your transitory account through one of the convenient ways provided. Depending upon whether you are making a deposit by wire transfer or cash: Please note that if a conversion is required, it will be made at Alpari's company rates.

Please fill in the form which appears when you click on the button below. Tell Us about Your Payment Your account will be credited within 24 hours. Next to "Transfer Type", select "Fund Deposit". Next to "Transfer From", select the method you will use to make the transfer, and then choose the currency you will use.

Then, select the account you wish to fund. You will be transferred to a page to fill in the required fields to complete the transfer, and upload the necessary supporting documents. Finally, confirm your deposit by clicking "Transfer Funds". Log into myAlpari , and click "Deposit Funds". Making Transfers between Your myAlpari Accounts Please note that when you make a deposit using any Nigerian banking payment methods, the funds will appear in your "Transitory Account".

Log in to "myAlpari". If you cannot see the left hand menu, click on "Show Menu" top left of your screen. From the "Transfer Funds" menu, select " Account-to-account Transfer ". From the "Transfer Type" menu, choose "Account-to-account Transfers". From the "Transfer From" menu, select "Transitory Account". Next to "Transfer To" select the desired account you wish to fund. Next to "Transfer amount" state how much funds you wish to transfer.

Finally, click on "Transfer Funds". General Information about Fund Transfers and Cash Deposits Alpari will not process transfer requests from third parties. If we receive funds from the account of a third party, these funds will be returned to the sender's account. All transfer fees will be at the client's expense. If a conversion is required, it will be made at Alpari's company rates. On deposits, your funds will be converted based on the current rates when we receive your funds.

For withdrawals and account-to-account transfers, conversions will take place at the rates when your funds are debited from your account.

Please be aware that the amount that is shown in the "Amount to be Credited" field may differ from the amount that is actually credited to your account. I am curious to find out what is the total estimated size of the European FX market vs. MENA and Africa as well as annual growth rates and and active brokers to active traders ratio. Is this part of Forex Magnates quarterly reports? I find a number of inconsistencies in this analysis. You did good to adduce that the number of traders in Nigeria stands above , I would be forced to ask.

What are the numbers of traders in the UK at the moment? Ron Finberg Share this article. He does not command the respect of anyone I know and he actively acts in bad faith. President Buhari and Godwin Emefiele are clearly in agreement over this madness so the only conclusion is that both of them are working hand in hand to sabotage the economy. It was read by tens of thousands of people. I got a lot of calls and emails and the general sense was one of relief that maybe Nigeria had turned a corner and was about to begin the long march out of forex purgatory.

And here we are in October back to where we started from. All that hope dashed and Nigerians generally being taken for a ride. The Nigerian economy is being damaged by a handful of people, willfully or ignorantly, by their inane actions. It is not a time for people to keep quiet.

Buhari and Emefiele will one day leave the scene but the damage they are doing might remain with Nigeria for many years after they have left. Read the whole interview. Sign in Get started. Get updates Get updates.