Essentially, with oil being Nigeria's biggest export, the government relies heavily on the resource for dollar earnings to fund its national budget.
One unfolding real-time effect is a US dollar shortage that's already manifesting on parallel forex markets with the informal dollar dealers who often operate just in front or across the road from airports and top hotels in the business districts of Lagos and Abuja.
Over the past two days, naira to dollar exchange rates-which have stayed quite stable at around 360 naira to the dollar since mid-2017-have reached 430 naira.
With Nigeria's economy perennially import-dependent, a dollar crunch typically affects a wide range of businesses that require hard currency to fund imports of input materials in a country whose weak industrial base means it makes very little from scratch.
The availability of dollars is also typically a hot button issue among middle class Nigerians, a key demography, who can afford foreign travel, health care or even education-Nigerians spent $514 million to school in the United States in 2018.While still in its infancy, the growing dollar shortage will feel very familiar for most Nigerians.
While the government might be ordinarily reticent to do so, Mathias Hindar, Sub-Saharan Africa analyst at Falanx Assynt, says sustained low oil prices will "See the government's ability to protect the naira diminish." For its part, Aza Traders, an African currency broker, is advising clients to "Reduce exposure" to the naira as it expects "Further weakening" in the coming days.
Best Forex Brokers That Accept Traders in Nigeria By Press Release October 22, 2020, 7:46 am • Posted in Brokers News Nigeria is an oil-rich country and it is often referred to as the gateway to ... The Best Forex Brokers in Nigeria. With the best forex brokers in Nigeria, you can join thousands of traders who are already successfully using the market to generate income. Whilst forex trading in Nigeria is on the rise, it’s difficult to know who to trade with. In such a rapidly developing country, you find yourself faced with great brokers and scam ones too. How can you know who to trust ... To help Nigerian forex traders chooser a broker the best forex brokers in Nigeria based on fees, forex trading platforms and features were compared in 2020. Only CBN regulated forex brokers, African or Europe licenced firms are listed. View the forex brokers Nigeria comparison below. Top Forex Brokers in Nigeria. Before you settle with any of the forex brokers in Nigeria, it is best you try out several brokers first. The Nigerian forex industry leaves every trader to assess risk themselves due to the weak regulations laws and practices of the authorities. While Forex Trading is Legal in Nigeria and regulated by the Central Bank of Nigeria (CBN) there is no specific broker ... So it is really important to only choose trusted & regulated Nigerian forex brokers and avoid the bad ones. In order to help you find the best forex broker, we have tracked & compared over 10 different brokers that accept Nigerian investors. Best Forex brokers in Nigeria for 2020. Forextime – Overall Best Forex Broker in Nigeria; Alpari – Good ECN broker with low deposit; OctaFX – Low ... Nigerian forex market is open without restriction where the trades can trade. And there are a lot of forex brokers which operate in Nigeria. Some of the brokers offer the most known MetaTrader 4 and Metatrader 5 platform. These platforms are leaders in retail forex and offer a lot of possibilities including Algo trading. Other brokers offer ... The information here will enlighten you about the top 10 forex brokers operating in Nigeria. One unique thing about most of them is that they allow Nigerians to make deposit in naira. You can also view a list of overseas forex broker for Nigerian traders. Avatrade. They originate from Ireland and they are regulated by the Central Bank of Ireland, BVI, ASiC and MiFID. They offer 400:1 leverage ... If you are a trader from Nigeria and want to start forex trading, be smart to avoid financial scams prevalent on African continent and consider trading with CBN regulated forex brokers. Nigerian forex traders should make sure if depositing in Nigerian NAIRA currency is allowed by your chosen Nigerian forex trading platform! Doing so, can save you future exchange rate fees between USD and NAIRA. Top 10 Best Forex Brokers in Nigeria. Having considered all factors, here is our listing of the best forex brokers Nigeria has to offer. Open an account . 81% of retail investor accounts lose money. Read full review + Add to compare. 1. FXTM. The first broker we have chosen to start our best broker in Nigeria list is FXTM. They are renowned in the industry for being well-regulated and highly ... Grand Capital opens offices in South Africa, Nigeria adds Nigerian Naira as payment option Jul 21 2017 10:04:03 Jonathan Smith in Brokers. Forex, CFD and binary options broker Grand Capital has opened a third office in South Africa – in Johannesburg.
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The best forex brokers in Nigeria that accept Nigerian traders. In this video we cover how you can choose the best broker and get a great service from them. The most important aspect is the ... the best forex brokers in Nigeria Forex Broker 2020 ★★Top Trusted Forex Brokers List★★ Trusted Forex Brokers Click Here to join: Exness: https://bit.ly/2DO... Finding the best binary option trading platform as a Nigerian can be a difficult process. Most especially getting the ones that accept Nigerian binary option traders and would let you trade using ... The best forex brokers in Nigeria that accept Nigerian traders. IQ Option – https://www.fxbeginner.net/go/iqoption Olymp Trade – https://www.fxbeginner.net/g... In this video you learn the top best FOREX BROKERS in Nigeria. The broker are chosen based on their track record and their being regulated by financial regul... This is the CEO of the Floodmoney Forex Empire, and in this video I will show you which brokers will be good for trading in 202, for detailed information on ... Please let me hear from you should you have any questions related to this video.Thanks Recommended: My best broker: https://www.liteforex.com/?uid=506677316 ...