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 for Nigerians 1. FXTM (Forex time) Formally launched in 2011. They allow Nigerians to trade within the country. Furthermore, FXTM is one of the biggest forex brokers in Nigeria. In FXTM, you can trade any market you wish from their different range of trading instruments. With over 60 currency pairs, CFD’s, Spot metals and Indices, and over 180 Share CFDs. 2. IC Market ... 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) Overall Rating 9/10. Visit FXTM . Fees: 2.0 pips average ... Who are the best forex brokers in Nigeria? It’s up to you to select the broker that best suits your needs, but as we mentioned already, the most crucial thing about financial services providers is proper financial regulation. And as such doesn’t currently exist in Nigeria, we suggest that it’s best to select a brokerage that holds a license with a reputable foreign financial regulator ... Home » 26 Best Forex Brokers in Nigeria 26 Best Forex Brokers and Platforms in Nigeria. There are many online Forex Trading Brokers and other platforms that claim to be the Best Forex Trading Brokers in Nigeria.Learning never stops, training and learning is a lifetime ongoing process, which is why there are so many online platforms to choose from. 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 ... 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 ... The brokers below represent the best forex brokers for trading in Nigeria. #1 – CM TRADING ⇒ the Best Nigerian Forex Broker. One of the best and most trusted forex brokers in Nigeria. Fully regulated. CMTRADING is 100% safe and with a robust and stable trading platform that naturally comes with Metatrader 4. Welcome BONUS $250 for new forex traders from Nigeria; Deposit in Nigerian NAIRA ... 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 ... Best five Nigerian brokers for 2020. The list of the best Nigerian forex brokers for 2020 was compiled after extensive research from our expert analysts. eToro is the best social trading broker for Nigerians, offering them the CopyTrader and other excellent features. Learn about the best forex brokers you can use in Nigeria. Our top picks are based on spreads, currency pairs, fees, platforms and more.
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