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.
For Nigerian Investors, forex trading can be a way to earn wealth. It involves speculating on the rise and fall of the currency fluctuations. It has become really popular in Nigeria with an estimated daily trading volume of ₦300-450 million. 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 ... We compared the best forex brokers in Nigeria. 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 ... Here is a quick guide on forex brokers in Nigeria to consider. 1. Alpari International Alpari International is a popular choice for traders around the globe and serves more than 2 million traders. It was founded in 1998 and though the years it has proven itself to ne a reliable and reputable broker. Forex brokers in Nigeria. Here you can find a list of the best global Forex brokers online accepting traders in Nigeria for Forex trading. Risk Warning: Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 58-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how ... The Forex market can be wild as there exist many forex brokers in Nigeria, but which among them is reliable, dully registered and trustworthy to help you make a decision if you want to start Forex trading in Nigeria. This post will show give you that list. Forex trading is exploding in Nigeria. Read our quick guide on the best forex brokers in Nigeria at the moment. Contents1 1. eToro2 2. Tickmill3 3. AvaTrade4 4. IG Markets5 5. HotForex6 6. FXTM 7 7. CM Trading8 8. Exness 1. eToro eToro was founded in 2007 and is popular for several reasons. This reputable […] 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. 8 Best Forex Brokers in Nigeria. Here’s our updated list of the 8 best performing forex brokers in Nigeria in terms of trading & non-trading fees, promptness of deposits & withdrawals, trade execution, support & deposit bonus (last 6 months): 1. Forextime – Best Forex Broker (Instant Order Execution, low deposit & easy withdrawals) FX Empire’s top picks for the best forex brokers in Nigeria. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.
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