As thousands of traders in Nigeria were scammed on the internet by unregulated financial institutions using Ponzi schemes over the recent years, a group of on line foreign currency trading brokers in Nigeria, the Association of On Line Forex Trading Agents, has started an initiative to restore lost confidence in online trading by engaging various government agencies to see to the regulation of the business.
Apparently the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) are the bodies who have the power to establish a regulatory framework for trading in OTC derivatives. After the bill is drafted by their representatives, it has to be approved by the national assembly and the President in order to become a law. All of these steps are expected to take at least 2 years.
Currently, however, there are no specific rules governing online foreign exchange trading in the country Yet, it is not illegal, and Nigerian residents are targeted by many brokerages, as their demand for financial services is growing and the local market is promising as any emerging one. In fact, many foreign forex brokers already have physical presence in Nigeria, including InstaForex, Alpari, AvaTrade and FXTM.
At present the brokers with the greatest market share in this country areFXTMHotForex, InstaForex, Liteforex, Alpari, FxOpen and MTrading. Only two of them hold a license from a reputable financial regulator – FXTM is regulated by CySec and FxOpen is regulated by ASIC and FCA. FxOpen however runs also an unregulated forex brokerage, registered in a small island in the Caribbean Sea.
As there is no substantial legal framework for online forex and binary options brokers operating in Nigeria, no authority is overseeing their business activities. The CBN regulates mainly the interbank currency market.
Forex, CFD and binary options brokerGrand Capital has opened a third office in South Africa in Johannesburg. The other two are already operatin in the towns of Emalehleni and Polokwane.Read more
Alpari, a global forex broker, announced that it has re-opened its doors for business on the Nigerian market. The news come just 2 months after the UK division of the company shut down its office in India and leave the developing country.Read more
IronFX, the once-small Forex broker operating from the island of Cyprus, is simply growing its global network to incredible proportions with the latest pit stop for the company being one of Nigerias biggest cities: Lagos.Read more
Quotes from Standard Chartered: -The CBN maintained a hawkish stance for most of 2012, actively mopping up excessliquidity on the interbank market to maintain positive real rates and a stable currencyin an effort to curb inflationary pressures.Read more
Nigerias consumer price inflation slowed to the lowest level in eighth months in August, and the economy expanded at a faster rate in the second quarter, data from the National Bureau of Statistics showed Monday. Inflation slowed to 11.7 percent in August from 12.8 percent in July.Read more
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