Forex traders association of nigeria

The crash of the local stock market was also a contributing factor as liquidity dried up in the financial system. To be candid, the statistics of about , traders in Nigeria being pelted on the internet is not bloated. We likely had more! The Association of On Line Forex Trading Agents, a group of On Line Foreign Currency trading brokers in Nigeria has started the initiation to restore lost confidence by engaging various government agencies to see to the regulation of the business.

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. I am making this comment as one of the persons in attendance in the … Read more ».

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.

It takes a much more complicated process,that none of you including the author of this article has been able to lay out here except hurling insults and abuses on the one person who has enough balls … Read more ». Dear Mr. 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. You should appreciate these … Read more ». 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. Rather than give me intelligent counter argument and specifics to counter my point, ever the arrogant, … Read more ».

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. Mr Anonymous the issue here is not the process of regulation as you are trying to explain but the very fact that you claim that no meeting was called calling the poster a liar, you equally started the insults and you expect not … Read more ».

Interesting comments! 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. Maybe in the future, the young man you accuse of been sacked … Read more ».

Excuse me? Bade, Basil, Bull FX. Why are you mentioning my name please? Be very careful! Wow, Basil did all these and still walking a free man? Forex trading is Nigeria is now seen by the public as one of the investment avenues for making many, popularized by several brokers promising massive returns with minimal investments sigh!

With an increasing number of broker scams and financial malpractices, along with the risky nature of Forex trading, still, no guidance exists around how the public can engage in the online Forex markets. Uniglobe Markets. Alpari Limited. ACM Brokers. Eagle Global Markets.

Forex Brokers AZ. Pertinent issues for the regulators attention. First must be who, if needed, approves licenses companies engaged in currency trading, including the directors and management team? It is always a good starting point to establish the corporate governance ethos of an industry as a building point for the regulatory framework. Second, how do we harmonise the central bank regulations on forex and the practice in the industry? It is trite knowledge that Nigerian Forex traders indulge in currency pairs what is not known is whether do they involve Naira as the base currency or not.

Given that the Nigerian Naira is the official currency; it is illegal for Nigerian citizens to transact in any other currencies while in Nigeria, and It is also illegal for the citizens to send Naira overseas for the purposes of currency conversions or investments unless approved by the Central Bank of Nigeria; why is the conversion of the NGN to USD or other currencies for the sake of trading the FX markets with overseas Forex brokers allowed?

This is fundamental to the entire practice and while sanctions has been the usual regulatory approach till now; the SEC has a unique opportunity to actually lead the market towards a risk-based supervisory model that promotes and incetivises compliance with the monetary objectives of government in formulating its guidance regulations in this area. Currently, there are no restrictions on the maximum available leverage, types of trading, and the rules governing exotic currency pairs offered by various Forex traders in Nigeria.

At present, forex trading is a private activity in Nigeria that is exclusively made available to the Central Bank of Nigeria, other allied banks, and large financial institutions.

Recall that a few years back, a body called the Association of Online Forex Trading Agents , was formed to regulate online forex brokerage firms in Nigeria, but at present site has no content. Caveat Emptor - Broker Scams. These brokers offer their services illegally without any consent from the authorities, which prevent the Regulators from tracking their activities or so it seems. It needs to do more. A majority of traders typically lose their money in the markets due to a lack of knowledge and are susceptible to scams and fraudulent activities owing to the mixed signals from the authorities.

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If on the one side, SEC is warning retail investors on Forex Trading but on the other side, forex trader are making presentations and being hosted by self-regulatory bodies such as the NSE; it would do well for the market that we clear the air. This is long overdue. It is the right thing to do,. Most Recent Regulatory Guidance. The Nigerian Online Trading Report. Related News.

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Why you should trade Forex — Kunle Adeyeri. Naira firms up at forex trading. Introduction For a country with a high usage of forex and a whole ecosystem around forex, it would be a stretch not to expect a market to evolve around the business of currency trading. Capacity Building — The sector has a whole suite of training and knowledge development programs around technical trading aspects as well as train-the-trainer courses. Trading Techniques and Strategies - are ubiquitous and available for traders at a cost; even as new opportunities open up for experts to work with coders to deploy machine learning and AI for customized local solutions.

Service Dynamism — New product development is possible as these new players are able to customize solutions to meet some needs of the market including speed of service. Technology — The sector has benefitted from the advancement and adoption of technology internet, handsets and software in Nigeria to enable smart trading from all devices.

There are on-going engagements with tech giants, technology enablers and telco companies in Nigeria on expanding reach, usage and service delivery. An Ecosystem — of trainers, traders, partners, representatives, media, auditors, tax professionals, code analysts, consultants, market analysts, advertisers, marketers, sales agents, operations officers, security, signal service providers, researchers, academics and others have emerged. Forex Trading Landscape in Nigeria Forex trading is Nigeria is now seen by the public as one of the investment avenues for making many, popularized by several brokers promising massive returns with minimal investments sigh!

HotForex 2. Uniglobe Markets 3. FXTM 4. FXOpen 5. Alpari Limited 6. InstaForex 7. RallyTrade 8. ACM Brokers 9. Eagle Global Markets Forex Brokers AZ XM XTrade FxPro FXCM Pertinent issues for the regulators attention First must be who, if needed, approves licenses companies engaged in currency trading, including the directors and management team? It is the right thing to do, Most Recent Regulatory Guidance 1.

Why you should trade Forex — Kunle Adeyeri 2. Naira firms up at forex trading 9. Latest News.