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Expert Explains Nigerians Motivation towards $5tr D/Turnover Forex Market

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Professor Andreas Thalassinos, forex expert speaking during ForexTime Trading and Investment Conference held in Lagos recently, disclosed that Nigerians are beginning to appreciate and participating in the forex market which has about $5 trillion daily turnover (D/turnover).

Thalassinos, said that Nigerian investors have really started to explore the financial markets and particularly forex over the past few years.

Nigerians Access to Forex Market

He said that access to the markets is no longer restricted to the big financial institutions and individual traders can now enter the world of forex with ease thanks to brokers like FXTM.

Thalassinos said, “There are many reasons for increasing Nigerian interest in the markets, which have a massive daily turnover of $5 trillion, including: the ability to trade 24/5, and the flexibility to place trades from anywhere with just a click of a button on a smartphone/ tablet or desktop. Moreover, FXTM offers of up to 1:1000 leverage, which if used sensibly, can potentially multiply returns even with a modest amount of starting capital”.

Outlook for Forex Investment for the Future

On the outlook for forex investment for the future, he said, “The outlook for investment in the forex market is quite positive, at least for those who take the time to learn how to trade. It takes work and commitment to succeed in this dynamic industry, but the abundance of free educational resources and events such as FXTM Nigeria’s seminars in Abuja and Lagos provide great opportunities for those interested in improving their trading knowledge. Healthy competition amongst brokers also helps traders by driving down the costs associated with online trading.

What Differentiates Traders in Nigeria From The Rest Of The World

He said, “Nigerian traders come to my seminars with an open mind, willing to learn and master new trading strategies. They are eager to acquire as much professional knowledge as possible even if that means that they have to travel long distances to attend the seminars organised by FXTM Nigeria.

On currency or commodity assets which are particularly popular among local investors, he said that Nigerian investors like to trade the majors, Asian currency pairs and of course gold and oil.

How Traders Can Protect Themselves Against Risk Exposure In The Market

Thalassinos admonished that a solid risk management strategy is imperative for traders in order to be successful in the markets.

Stop loss and position sizing are two parameters that are very often overlooked. “Besides these factors, an honest and transparent broker is equally important. Traders therefore need to select a broker, such as FXTM, which offers fast execution and an efficient and secure service”.

Important of Forex Companies, such as FXTM, Invest In Educating Traders

“Having a well-rounded education is vital if you want to become a good trader who can balance both the risks and opportunities presented by the markets. All traders in Nigeria, regardless of whether they are beginners or have more experience, need to constantly build on their knowledge of the markets and improve their strategies. It is therefore important that they select a broker that invests in clients by providing educational events and a range of online resources on both technical and fundamental analysis.

“FXTM’s recent seminars in Nigeria are a testament to the company’s commitment to educating its traders and it was great to see so many attendees taking advantage of the opportunity to learn more about forex trading. FXTM is well recognised for its educational program, having won the title ‘Most Educational Broker’ in the FXEmpire awards,” he said.How Nigerians Can Benefit From The Features Offered By The FXTM Platform

“All theories, indicators and strategies that I demonstrate during my seminars are very easily implemented and applied on the FXTM trading platform and I provide examples and hands-on training on how to do so.

“FXTM is proud of its localized offering and especially for the solutions it provides to Nigerian clients. Aside from the standard payment methods for deposits and withdrawals, Nigerian traders can also fund their account by executing a wire transfer via any major bank in Nigeria such as Diamond Bank, First Bank PLC and Guaranty Trust. FXTM also has local offices in Lagos and Abuja that offer support and assistance to Nigerian traders around the clock,” he concluded.

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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