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.
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 ... 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) FXTM is one of the most famous and widely used forex brokers in Nigeria, mainly because it is affordable to trade with them. This broker offers various account types, and all of them can be funded with the local Naira currency. FXTM has a minimum deposit requirement of ₦2000, which is affordable to most Nigerians. Thus, making it one of the best brokers available to Nigerian traders. In ... 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 ... AvaTrade is truly one of the top forex brokers in Nigeria ! Deposits can be made only in USD, € euro; No requotes & No slippages policy; Fair play policy with low spreads as low as 0.0 Pips; Fixed spreads from 1 Pips; Maximum leverage up to 1:500; Metatrader 4; Minimum first deposit $100; www.AvaTrade.com #3 – IQ Option – Broker with High Leverage. The largest trading platform with ... Top 10 Best Forex Brokers in Nigeria for Online Trading in 2020 Conclusion. For starters, if you still have your doubts, you can open your accounts with minimum deposits as required by your brokers. Make sure that you choose your brokers with a great and excellent spread for you to have more chances of winning trades. As you go on, you can gradually increase your deposits, and you will notice ... 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 ...
[index]          
Weblink for More: https://bit.ly/2YGiyuj - What Does Best Forex Brokers in Nigeria 2020 (TOP 10) CBN Regulated Do? Here you can discover a list of the best w... Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. This video will describe the Nigerian trading market, our top forex broker recommendation. The main topics are forex trading brokers in Nigeria, the best for... Best Forex Brokers In Nigeria 2020 (Beginners Guide) - FxBeginner.Net - Duration: 4:13. Fx Beginner 1,586 views. 4:13. Make a Living in 1 Hour a Day Trading the 3 Bar Play!! Forex brokerages in Nigeria have oversight from the Central Bank of Nigeria (CBN), which has set forth guidelines for forex brokers in the Banks and Other Financial Institutions Act of 2007 (BOFIA ... Introduction to forex trading in nigeria 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 ... Mr Gbite Oduneye, the Managing Director of EGM explains the dynamics of the platforms from Cloud Trade to MT4 and the support given to the Nigerian capital market space. For more information about ... 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... 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...