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.
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) Best Forex Brokers; Broker Reviews; ECN Brokers; Forex Bonus; Comparison; Forex Demo Accounts; Academy; Breaking News; Home. Nigeria Forex Brokers. Last update: 9 November 2020. 13 min read. The Best Forex Brokers in Nigeria. With the best forex brokers in Nigeria, you can join thousands of traders who are already successfully using the market to generate income. Whilst forex trading in ... Forex trading is exploding in Nigeria. Read our quick guide on the best forex brokers in Nigeria at the moment. Contents1 1. eToro2 2. Tickmill3 3. AvaTrade4 4. IG Markets5 5. HotForex6 6. FXTM 7 7. CM Trading8 8. Exness 1. eToro eToro was founded in 2007 and is popular for several reasons. This reputable […] Find the list of the best global Forex brokers accepting traders in Nigeria for Forex trading. ⌵ EN English. M R F OREX ≡ 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 ... Forex trading is very popular in Nigeria today. In times past, there were no Forex brokers here. These days however, many of the foreign forex brokers have now established branches in Nigeria. The information here will enlighten you about the top 10 forex brokers operating in Nigeria. One unique thing about most of them is that they allow Nigerians to make deposit in naira. You can also view a ... We should also note that FXTM also has official representative offices in Lagos and Abuja, where the broker runs a forex training center as well, offering applied and advanced financial market trading courses. So, it isn’t surprising that FXTM was awarded as the best Online Forex Trading Company in Nigeria for 2018. We compared the best forex brokers in Nigeria. If you are a trader from Nigeria and want to start forex trading, be smart to avoid financial scams prevalent on African continent and consider trading with CBN regulated forex brokers. Nigerian forex traders should make sure if depositing in Nigerian NAIRA currency is allowed by your chosen Nigerian forex trading platform! Doing so, can save you ...
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