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.

Forex Brokers in Africa | African Forex Brokers

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 are FXTMInstaForex, 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 trading des options binaires the interbank currency market. Alpari, a global forex broker, announced that it has re-opened binary options reliable stochastic oscillator doors for business on the Nigerian market.

Best Forex Broker in Nigeria

The news come just 2 months after the UK division of the company shut down its office in India and leave the developing country. 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 Nigeria's biggest cities: Quotes from Standard Chartered: Nigeria's 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, best forex broker in nigeria 2014 from the National Bureau of Statistics showed Monday.

Inflation slowed to Forex trading carries a high level of risk and may not be suitable for all investors.

Before you engage in trading foreign exchange, please make yourself acquainted with its specifics and all the risks associated with it. All information on ForexBrokerz. We do not present any guarantees for the best forex broker in nigeria 2014 and reliability of this information. All textual content on ForexBrokerz.

List Of Best Forex Brokers

You may not reproduce, distribute, publish or broadcast any piece of the website without indicating us as a source. Forexbrokerz website uses cookies.

Best forex brokers in Nigeria: List of Nigerian forex brokers

By continuing to browse the site you are agreeing to our use of cookies. Read our Privacy Policy. Broker Country Regulation Min. Related News Alpari Re-Opens Office in Nigeria Jun 17 IronFX Boosts Global Presence via Nigerian Office Jan 02 Nigerian Central Bank Likely to Maintain Its Current Monetary Stance Jan 08 Nigerian Inflation Drops To 8-Month Low, Economic Growth Accelerates Sep 17 Nigeria Looks Most Likely Contender to Make Transition from Frontier to Emerging Market Sep 06 Top Forex Brokers FXTM FXCM HYCM easyMarkets IG XM FxPro FX Choice Windsor Brokers FBS FIBO Group Cyprus Grand Capital TryMarkets EverFX Trading Dukascopy IC Markets OANDA City Index XTB PipIndex Capital Index PhillipCapital UK RoboForex FOREX.

Forex Industry News FCA adds Capital Markets Banc CMB to its warning list FXCM publishes impressive slippage and spread statistics AvaTrade expands its cryptocurrency portfolio with BTCEUR and ETCUSD Ayondo and XTB next to launch Bitcoin trading HYCM adds Bitcoin to tradable portfolio FXCM Group's May metrics recover from April FxPro inks sponsorship deal with Premier league team Watford.

Latest forex brokers TradeiAM Review - Is tradeiam. Alph Prime Review - is alphprime. Angels Broker Review - is angelsbroker. AnalyTrade Review - is anefx. Arum Capital Review - is arumcapital.

WinsFX Review - is wins-fx. Asia Nuggets Review - is asianugets.

Altinvest Review - is alt-in. Home News Brokers Promotions Contact us Compare. COPYRIGHT All textual content on ForexBrokerz. Trade with 1 pip fixed spread.