If you are looking for the latest Forex news in Nigeria, you can check out our website to find the most up-to-date information. The central bank has banned the sale of $110 million in foreign currency a week to money changers, citing them as a conduit for corruption. Nevertheless, small and medium businesses in Nigeria depend on foreign currencies to finance their import and export activities. The central bank will lift the ban once they can prove that these firms are selling foreign currency to small and medium enterprises.
The recent devaluation of the naira has attracted interest from online traders, international brokerage companies and investors. It is estimated that there are more than 300,000 active forex traders in Nigeria, with annual net deposits totaling billions of Naira. This trend has made the country a popular investment destination for forex brokerage companies. Despite the country’s high oil production, the offline forex market still serves domestic and industrial purposes.
The popularity of forex in Nigeria has its roots in the large economy. The country’s population is estimated at about 145 million people, and its high internet access has given rise to a new breed of traders. This trend is expected to continue in Nigeria. With this new generation of traders empowered by the technology of mobile devices, the forex market is expected to grow in the coming years. With this growth, there is a lot to be gained from following the latest news in Nigeria.
Recently, Nigeria’s Central Bank announced plans to issue its own digital currency. While many citizens were skeptical about the new currency and questioned its use, the website promoting the new digital currency has received more than one million online impressions in less than 24 hours. Its future is bright, but the question of how long it will last remains. And with the continued growth of the economy, there are several opportunities for investors. With the help of a website like ours, you can make informed decisions about currency exchanges and trade currencies.
Although the eNaira was marketed as a practical solution for Nigeria’s economic woes, it was not able to solve the country’s most pressing economic problems – its unstable exchange rate. The naira pegged to the dollar since 1993, but it was only stable for so long. The currency peg lasted until August 2016, when the official dollar to naira exchange rate was 344. The eNaira peg was lifted in June 2016 when the country’s oil prices dropped by 70 percent in late 2014. This sparked a severe drop in foreign reserves.
Despite the challenges that traders face in the country’s forex market, the country is still a safe place to invest in forex. As long as you manage the risks and adhere to the laws of the country, forex trading in Nigeria is legal. However, the authorities have warned of the inherent risks of online forex trading in Nigeria. As such, the government has stepped in to protect its citizens. Our website regularly updates the latest Forex news in Nigeria, enabling them to make informed decisions and stay ahead of the curve.
