General News
Technology is Critical in Creation of Retail Forex Market – Ahmad
Jameel Ahmad is the chief market analyst at Forex Time (FXTM). Having worked in the UK, US and Cyprus, Jameel has built a very strong background not only in forex analysis but also in risk management and project management, all of which have been crucial stepping stones in accomplishing the position he holds today.
In this interview with peter ugwu, he spoke extensively on the devaluation of Naira, the forex market and impact of technology on the Forex market.
Devaluation of the Naira
I felt that the central bank’s choice to act proactively and attempt to devalue the Naira before the drop in oil prices even really began, was an interesting strategy and one which I personally supported.
This action has resulted in the Naira only depreciating by around 15% against the US Dollar this year, despite the Nigerian economy being very dependent on oil trade.
It appears that the central bank’s attempt to gradually devalue the Naira has avoided the issue of unexpectedly alarming investors.
On the flip side, the central banks of other countries dependent on oil trade such as Norway and Russia acted differently, and have seen a much more rapid weakening of their currencies.
Economic Factors Responsible for CBN’s Action
The primary reason behind the drop in the Naira was to combat the substantial fall in oil prices, with the Nigerian economy heavily relying on Crude exports for its earnings.
Debate on Whether CBN Should Have Acted Differently
This is a question that could be repeatedly asked, and one that will be widely debated by others. In some ways the central bank acted proactively by devaluing the Naira before the drop in oil prices even began to hit full momentum.
Other central banks appear to have waited for the decline in oil prices to accelerate before acting, with this stirring some panic among investors and leading to unexpected levels of market volatility.
If moves to devalue the Naira occurred after the decline in the oil prices had already commenced, this would have risked creating market panic.
Therefore, there are arguments for both sides here.
Expected Impact on the Economy
This is an interesting question, and there are a few different approaches that could explain what impact the drop in oil will have.
From the economic standpoint of Nigeria, there is a high reliance on oil exports so there are disadvantages that this will have on the Nigerian economy.
At the same time, Nigeria has been attempting to develop a focus on more service related industries, therefore there is an opportunity for the economy to continue focusing on this.
The same approach goes for the other economies heavily relying on crude exports, as this creates an opportunity for economies to diversify from being reliant on a few sectors.
The likely knockback the drop in oil prices will have on oil reliant economies will have some impact on the global stage, however it could also help the global economy as well. For example, some of the major economies are large consumers of oil (China, Japan, and India) and these economies will benefit from the lower prices.
In the longer term, the lower prices should encourage economies to import more oil and continue expansion projects. Continuing expansion projects is extremely important, because this would lead to increased demand for the commodity and provide oil with its highest prospects of a rebounding price.
Price of Oil Appreciating
This is appearing increasingly unlikely, with the current economic conditions being aggressively against the commodity.
In order for oil to even begin recovering a proportion of its substantial losses, these economic conditions have to change.
There is currently an overpowering supply and demand equation threatening the oil markets, which is heavily weighted in favour of the bears and preventing possible bulls from even considering purchasing.
Despite there being repeated reports over an oversupply being present in the markets, oil production levels are still on the rise.
This is weakening the price of oil on its own. We also have repeated global economic concerns dominating news headlines, which is raising fears that there will be less demand for oil moving forward.
These two factors are combining together to allow the bears to dominate, which is why the oil markets are making new milestone lows on such a frequent basis.
Devaluation of the Naira, the Falling Oil Price and the Forex Market
One of the benefits of the forex market is that it allows for speculating on the market in both directions.
This means that even in a situation where a currency or commodity price is crashing, a trader has the potential to make a profit.
As such, I believe that the forex market is to a certain extent ‘immune’ from the kind of panicked mass exodus we see in other investment markets.
Of course, the forex market is just as prone to losses, but the ability to make a loss or profit lies in the hands of the trader and the trading decisions they make, as opposed to with other investments where there are external factors playing a role.
Assessment of Forex Market in 2014
Since the summer months of 2014, policymakers from some of the major central banks did provide insight towards the divergence in both economic sentiment and monetary policy around the global economy widening.
As 2014 wound up, this became one of the catalysts behind the increased market volatility. The other main catalyst behind the high market volatility has been the unexpected drop in oil prices.
My assessment of the market would be that there are still unanswered questions regarding the global economic recovery, and this is likely to remain in the headlines for at least the first quarter of 2015.
I also see the divergence in both economic sentiment and monetary framework from the major central banks continuing, which will further the potential for market volatility.
Although market news might continue to have headlines centered on global economic concerns, the US economy is continuing to progress and this will hopefully raise optimism in the global economy.
Phobia among Nigerians Concerning Forex Trading
I would say that this has reduced, as more Nigerians than ever before are becoming interested in trading forex and, as a result, the currency market is one of the fastest growing financial markets in Nigeria.
There is a real movement in the Nigerian people for them to take control of their own financial destiny and, because forex trading is open to almost anyone, it is a truly democratic investment option.
Forex is still a relatively new investment tool for many Nigerians which is why we focus so heavily on educational training programs and seminars.
These training sessions cover everything from the very basics of the market, right through to developing detailed trading plans and risk management strategies.
One thing can be guaranteed in investments; in order to truly prosper in any financial market it is critical to understand how the market works and to ensure you execute a balanced risk management strategy.
FXTM Assessment of Nigeria in the Global Forex Market
The forex market is developing quickly in Nigeria and interest in it is fast catching up on some of the more established financial markets, such as stock trading.
However we recognise that Nigerian traders need further education and support in order to truly benefit from investing in the financial markets which is why we organize demo contests and bespoke educational events.
Demo contests in particular are great learning experiences and they are completely risk free. By participating you are able to experience live trading conditions and the thrill of the market without risking any real money.
This is a great advantage for both novices and experienced traders as it means not only can you familiarize yourself with the platforms and tools of forex trading, but you can also test strategies and see what works best for you.
Forex trading is also somewhat of a singular activity and by participating in a demo contest you become part of a community in which you can challenge yourself against other traders from all around the world.
Impact of internet Access on Nigeria Forex Trading
Having reliable and consistent internet access is important to any form of online investment, including forex trading, but with the growing trend for people all around the world to access the internet via mobile devices, some of the challenges regarding internet access are being reduced.
Mobile internet adoption rates in Nigeria have accelerated in the past five years and last year it was reported that 32.5 million Nigerians were accessing the internet through mobile devices compared with 7.3 million users back in 2008.
The popularity and growth of mobile internet adoption has had a positive impact on our business as we are finding that more clients than ever before are accessing the forex market through our mobile and tablet apps, and I can only see this trend growing in the future.
Role of Technology in the Forex Market
Technology has been critical in the evolution and even the creation of the retail forex market. Until the internet developed into the phenomenon that we know it as today, forex trading was restricted to just banks and financial institutions.
It was only once the online revolution took hold in the late 1990s and the early 2000s that online forex trading platforms emerged and the currency trading market became open to retail investors.
The opening up of the retail forex market is routinely called the “democratization” of the forex industry because it took away many of the practical barriers to entry that had previously stopped independent investors becoming involved in the forex market.
Since then, the technology has developed so enormously that it is now possible to trade from virtually anywhere via desktop, laptop, mobile phone or tablet.
Technological developments are especially important to market participants in fast-developing economies such as Nigeria because it means that investors have the same access to the market that they would have anywhere else in the world, whether that is New York, London or Lagos.
Dr. Aminu Maida, executive vice chairman and chief executive officer (EVC/CEO), Nigerian Communications Commission (NCC), has has been confirmed as a Special Guest of Honour at this year’s Africa Beacon of ICT Lectures and Awards.
Dr. Aminu Maida, executive vice chairman and chief executive officer, NCC
Africa Beacon of ICT Lectures and Awards, is widely regarded as the most prestigious annual event available in the ICT industry in Nigeria.
The event according Ken Nwogbo, editor-in-chief of Nigeria Communications Week,“is digital transformation edition” will hold on Saturday, May 30, 2026 at the Four Points by Sheraton, Lagos.
Africa’s BoICT Lecture is designed to explore efforts to put Nigeria on the global Information and Communications Technologies map.
It will also to recognise and celebrate organisations and individuals in the ICT and banking industries that have impacted in digital transformation of the economy.
Nwogbo said that Dr. Maida, oversees the regulation, development, and strategic direction of the Nigerian telecommunications industry.
His administration at the NCC, actively drives initiatives to improve telecom consumer experience, enhance infrastructure, and foster collaborations (such as with the Central Bank of Nigeria) to protect citizens from financial fraud
He holds a PhD in Electrical & Electronic Engineering from the University of Bath, UK.
Prior to joining the NCC, he served as the Executive Director, Technology and Operations at the Nigeria Inter-Bank Settlement System Plc (NIBSS).
At NIBSS, Dr. Maida was responsible for spearheading the technical and operational standardization of all devices deployed in the financial system in Nigeria for interoperability.
He led a dynamic team that ensured that all terminals used in the e-payment industry and all devices deployed in Nigeria would accept all cards issued by banks and other licensed card schemes without discrimination.
Prior to his appointment at NIBSS, Maida was the Chief Technical Officer (CTO) at the Nigerian-based FinTech Arca Payments Network and Senior Manager at Cisco Systems, United Kingdom.
As a seasoned technical professional with over 15 years of multi-functional and international experience in FinTech & Telecoms & Enterprise Technology, Dr. Maida between 2010 and 2014, worked as a Network Design Consultant at EE, part of BT Group, and one of the largest mobile communications companies in the UK.
He was also at some point (2006-2010) a System Engineer at Ubiquisys, a leading company in intelligent 3G and LTE small cells, which is now part of Cisco.
Dr. Maida will be joining will join top dignitaries who have graced the event in the past including: Dr. Ernest Ndukwe, former executive vice-chairman, Nigeria Communications Commission (NCC); Engr. Yomi Bolarinwa, former Director-General of National Broadcasting Commission (NBC); Dr. Jean Luc Fort, CEO at OR System France and a specialist in Counterparty Risk; and Professor Chris Nwagboso, Chairman, Knowledge Factory International, United Kingdom.
Others are: Chris Uwaje, chairman, Mobile Software Solutions Ltd; Uche Orji, former managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodun Omoniyi, Managing Director/CEO, VDT Communications; and John Obaro, CEO and founder of Systemspecs; Dr. Isa Pantanmi, former DG, NITDA; Dr. Obadare Peter Adewale, co-founder and COO, Digital Encode Limited; among others.
The highpoint of the BoICT Lecture will be the conferment of awards to companies and individuals for their significant contributions to the growth of technology in Nigeria and indeed Africa.
The event is a five-star event; easily Nigeria’s ICT Oscars.
General News
Pantami, Ex Minister of Communication Withdraws from Gombe APC Governorship Primaries over Alleged Electoral Violations
Professor Isa Ali Ibrahim Pantami, former minister of Communications and Digital Economy, has withdrawn from the All Progressives Congress (APC) governorship primary election in Gombe State, citing alleged violations of the Electoral Act 2026 and failure by party officials to provide conditions necessary for a credible primary process.
Professor Isa Ali Ibrahim Pantami
Pantami announced his withdrawal in a statement issued by Barrister Ibrahim M. Attahir on behalf of the Pantamiyya Movement.
The former minister said his decision followed extensive consultations with stakeholders and careful assessment of developments surrounding the APC direct primaries in the state.
According to the statement, Pantami participated fully in the governorship process out of loyalty to the APC after accepting appeals from party leaders, youths, women groups and other stakeholders urging him to contest for the state’s top seat.
The statement noted that Pantami complied with all party requirements and procedures and was the only governorship aspirant represented at the Peace Accord meeting organised by the Nigeria Police Force, Gombe State Command, on May 14, 2026.
It added that his representative was also the only aspirant’s delegate who signed the peace accord during the event.
Despite this, the Pantamiyya Movement alleged that the APC leadership repeatedly failed to provide critical information relating to the conduct of the direct primaries.
According to the statement, several letters sent by Pantami’s solicitors to relevant organs of the party seeking clarification on procedures, accreditation, collation centres and other operational details were neither acknowledged nor responded to.
“In a democracy, the law must guide the process. Non-compliance with the Electoral Act 2026 and the party guidelines renders the exercise unsafe and illegitimate,” the statement said.
The movement further alleged that no actual election took place during the recent National Assembly direct primaries conducted in Gombe State on May 16 and 18, 2026, claiming that many aspirants were not informed about voting venues, accreditation procedures or collation arrangements before results were announced.
The statement maintained that Pantami’s political strength lies in his grassroots support base, particularly among youths and women, but alleged that ordinary party members were sidelined in the recent primaries.
It also claimed that despite President Bola Ahmed Tinubu’s insistence on credible and transparent direct primaries, the directives were allegedly not implemented in Gombe State.
“Prof. Pantami had requested details on the time and place for accreditation of agents and observers, the procedures for accreditation, voting and collation, and the location of collation centres. This information should have been provided to all aspirants without being solicited. As of this moment, nothing has been provided,” the statement added.
Pantami expressed appreciation to supporters, especially youths who reportedly raised funds through crowdfunding to purchase his expression of interest and nomination forms.
The movement disclosed that donations from supporters ranged between ₦5,000 and ₦4 million, with contributors publicly sharing receipts online.
The former minister also thanked women groups, coordinators at ward and local government levels, elders, campaign officials and members of the Campaign Coordinating Committee for their support and loyalty throughout the process.
He urged his supporters to remain calm, peaceful and law-abiding, stressing that democracy must be anchored on the rule of law, peace and security.
The statement added that the Pantamiyya Movement would communicate its next political direction and future plans to supporters and followers across Gombe State and the country in due course.
“All followers, admirers and supporters of Malam Pantami are to remain united for the next alignment and realignment in the political space,” the statement said.
Pantami’s withdrawal is expected to significantly reshape political calculations within the APC ahead of the 2027 governorship election in Gombe State, given his strong support base among youths and grassroots mobilisers.
The U.S. Trade and Development Agency (USTDA) has concluded arrangements to deploy U.S.-made wireless infrastructure in Nigeria and other three West African countries.
Donald Trump …..credit..foxbusiness
According to a statement made available by the U.S Embassy, Abuja, U.STDA, disclosed the funding for a feasibility study to install approximately 1,500 turnkey mobile communications base stations for deployment of wireless technology across Benin, Côte d’Ivoire, Ghana and Nigeria.
The deployment of American-made mobile base stations, it further stated will address West Africa’s urban-rural connectivity gap and provide millions of West Africans with faster, more reliable mobile access, aimed at supporting economic activity in areas.
The statement reads: “USTDA announced funding for a feasibility study to install approximately 1,500 turnkey mobile communications base stations from Massachusetts-based company Vanu Inc. (Vanu), across Benin, Côte d’Ivoire, Ghana and Nigeria.
“USTDA is bringing private sector solutions to unlock widespread, affordable, trusted internet access in off-grid communities across West Africa,” said Thomas R. Hardy, USTDA’s deputy director.
“By helping American companies compete in these critical markets, we are offering an alternative to insecure infrastructure while creating export opportunities that make America more prosperous.”
“USTDA’s assistance will fund the study for Vanu Côte d’Ivoire, which has selected Georgia-based Vernonburg Group LLC to provide U.S. expertise to assess the commercial viability of large-scale deployment and help mobilize financing for implementation.
The study will evaluate existing network infrastructure, analyze market conditions across all four countries, assess legal and regulatory frameworks, and develop a comprehensive financing plan.
The project will generate substantial opportunities to deploy trusted U.S. wireless solutions, network management systems, and other digital infrastructure throughout the project’s implementation.
“The deployment of American-made mobile base stations will address West Africa’s urban-rural connectivity gap and provide millions of West Africans with faster, more reliable mobile access, supporting economic activity in areas that have historically been offline or limited to outdated 2G and 3G networks.
Andrew Beard, CEO of Vanu Inc., said: “Vanu is proud to partner with USTDA to demonstrate how our systems enable mobile network operators in West Africa to deliver broadband Internet and voice services in some of the most economically and operationally challenging markets and prove that connectivity in these markets can be profitable, sustainable and scalable. Building on our pioneering world-first Federal Communications Commission certification of a software radio product, Vanu has developed an ecosystem of American companies to deliver cost-effective systems based on open interfaces and architectures. The USTDA study will help catalyze new investment, expand U.S. exports, and accelerate deployment of trusted, secure digital infrastructure to connect billions of people worldwide.”
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