Nigeria is turning into a forex trading hub. Forex trading has been popular in the country since the 1970s, after the increase in crude oil preserves. Today Nigeria is the fastest growing economy on the continent and, consequently, the leading Forex trading nation in the region too.
There are several reasons for that, by the looks of it:
-The pandemic crisis further propelled Forex’ popularity – a lot of people ended up jobless and looked for other ways to make oney.
-Leverage provided by local brokers is way higher than that provided by American and EU brokers, which leads to more opportunities to profit, but sadly, to lose money as well.
-There is a considerable interest from UK, US and Chinese investors in the Nigerian Forex industry.
A huge downside, in my opinion, is the total lack of regulation in the country – yes, that allows brokers to offer high leverage, but also allows scammers to thrive. I hope a middle ground is found.