Economy
Experts Highlighted the Best Forex Prop Firms in Nigeria
Forex prop trading, or proprietary trading, offers skilled traders in Nigeria the opportunity to trade with the backing of a funding account provided by prop firms. With the growing number of prop traders in Nigeria, prop firms have become an attractive option for those with limited capital. Traders Union experts explained what beginner traders should know about Forex prop trading in Nigeria.
Why Prop Trading is a Good Idea in Nigeria
According to Traders Union experts, prop trading in Nigeria offers several advantages for skilled traders:
- Higher Profit Potential: Prop firms allow traders to leverage increased capital, leading to higher returns and profit margins, even with lower risk. This can significantly enhance earning potential.
- Access to Funding: Prop firms provide the necessary funds for traders to engage in various markets, enabling those with limited capital to pursue their trading goals.
- Diversification Opportunities: Proprietary trading firms in Nigeria offer traders a choice of platforms, ensuring diversification across markets, reducing risk, and providing more trading opportunities.
- Supportive Environment: Prop firms offer valuable support, guidance, and market insights to prop traders, empowering them to make informed trading decisions.
- Simplified Market Entry: Prop trading provides a simple entry point for “undercapitalized” traders, allowing them to overcome initial funding barriers and start trading with a funded account.
Best Prop Trading Firms in Nigeria
Traders Union experts have compared several Forex prop firms in Nigeria. Here are the top three:
- FTMO: Known for its rigorous three-step evaluation process, FTMO specializes in forex trading and offers a wide range of currency pairs, cryptocurrencies, cash indices, commodities, and stock CFDs. Traders can use popular platforms like MetaTrader 4, MetaTrader 5, and cTrader. It is advisable to review FTMO’s original rating for detailed information.
- SurgeTrader: SurgeTrader provides funded trading accounts with profit splits up to 75% for traders who meet specific criteria. They offer various account packages, allowing traders of all skill levels to participate. SurgeTrader allows trading in diverse assets such as crypto, gold, and popular stock indices. Traders can leverage up to 1:10. For more information, consult the original rating of SurgeTrader.
- The5ers: The5ers offer a unique approach to forex funded accounts. Traders progress through different financing levels based on profit targets. They provide trading in major currency pairs and cross-currency pairs with real-money funded trading accounts. To gain a comprehensive understanding, refer to The5ers’ original rating.
Choosing the Right Prop Trading Firm
When selecting a prop trading firm in Nigeria, consider the following TU experts advice:
- Expertise: Demonstrate your trading knowledge and skills to prop firms, as they typically assess traders’ abilities before providing funding.
- Prop Firm Reputation and Services: Research the reputation and services of prop firms that align with your trading plans and experience. Check review forums and platforms like Trustpilot for insights from other traders.
- Trading Techniques and Rules: Familiarize yourself with the prop firm’s trading protocols and restrictions to ensure they suit your trading style and preferences.
- Services: Assess available markets, leverage options, customer support, and daily and overall drawdown limits provided by each prop firm. Ensure they meet your requirements and trading objectives.
Once you have identified suitable prop firms, open an account and fund it as you would with a regular trading account. This initial assessment is crucial, as it sets the stage for generating additional revenue with the provided capital.
According to Traders Union experts, prop trading in Nigeria offers opportunities for skilled traders to trade with increased capital, diversify their portfolios, and achieve higher profit potential. By selecting reputable prop trading firms and following expert advice, traders can unlock the benefits of prop trading and pursue their trading ambitions in Nigeria’s dynamic financial markets.
The information provided in this article is based on the original source mentioned and reflects the views of Traders Union experts. Readers are advised to conduct further research and consult the original ratings of prop trading firms for detailed information and updated terms and conditions.
By Adedapo Adesanya
The Federal Ministry of Finance has directed the National Insurance Commission (NAICOM) to suspend enforcement of disputed recapitalisation fees and a directive requiring NICON Insurance Limited and the Nigeria Reinsurance Corporation to transfer their entire fresh capital into an escrow account with the Central Bank of Nigeria (CBN).
The ministry also demanded a detailed response and legal justification from NAICOM over assessments of N305 million against NICON and N375 million against Nigeria Re as part of the ongoing insurance industry recapitalisation exercise.
The directive was contained in a letter dated August 6, 2026, signed by the Permanent Secretary, Finance, Mr Raymond Omachi, on behalf of the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
The letter followed a July 27 petition by NICON and Nigeria Re over the implementation of the Nigerian Insurance Industry Reform Act, 2025. The companies challenged NAICOM’s demand for a one per cent capital injection fee, alongside processing and verification charges under the commission’s Minimum Capital Requirement Guidelines.
They also disputed a directive requiring existing insurance companies to transfer their entire recapitalisation funds into a CBN escrow account, arguing that Section 16(3) of NIIRA 2025 provides for a statutory deposit of only 10 per cent.
According to the Finance Ministry, NICON and Nigeria Re had injected N20 billion and N30 billion respectively into Mudaraba Term Deposit accounts with Lotus Bank, exceeding their adjusted capital requirements of N16 billion and N28 billion.
The companies also deposited N2.5 billion and N3.5 billion respectively with the CBN as statutory deposits and paid initial fees of N80 million and N75 million.
The ministry said the companies therefore considered themselves compliant with the July 31, 2026 recapitalisation deadline.
“Pending the determination of the petition, the Commission should suspend the enforcement of the contested processing fees, 1 per cent capital injection fee demands, and full-capital escrow transfer directives against NICON Insurance Limited and Nigeria Reinsurance Corporation,” the letter stated.
The ministry consequently asked NAICOM to explain the basis and legal justification for the disputed charges and escrow requirement.
The intervention comes amid the Federal Government’s efforts to strengthen the capital base of insurance companies and reinsurers, improve their capacity to underwrite larger risks and enhance the sector’s contribution to economic development.
The dispute, however, has raised questions over the extent of NAICOM’s authority to impose additional fees and require existing insurers to place their entire recapitalisation funds in escrow.
The Finance Ministry’s letter did not disclose whether NAICOM had responded to the issues raised. It also referenced an alleged N500 million demand and an additional N180 million capitalisation charge in its subject, although the substantive section specifically put the disputed assessments at N305 million for NICON and N375 million for Nigeria Re.
For now, enforcement of the contested fees and full-capital escrow directive against the two state-owned insurers has been suspended pending NAICOM’s response and legal clarification.
By Adedapo Adesanya
Four price decliners overpowered the two price gainers recorded at the NASD Over-the-Counter (OTC) Securities Exchange on Monday, August 10, weakening it by 0.32 per cent at the close of transactions.
The advancers were led by Food Concepts Plc, which chalked up 25 Kobo to sell at N2.75 per unit versus the previous price of N2.50 per unit, and Mass Telecoms Innovation Plc appreciated by 3 Kobo to 35 Kobo per share from 32 Kobo per share.
However, 11 Plc lost N24.75 to close at N222.75 per unit versus N247.50 per unit, FrieslandCampina Wamco Nigeria Plc declined by N3.09 to N145.00 per share from N148.09 per share, Industrial and General Insurance (IGI) Plc went down by 5 Kobo to 50 Kobo per unit from 55 Kobo per unit, and Geo-Fluids Plc slid by 1 Kobo to N2.27 per share from N2.28 per share.
As a result, the market capitalisation contracted by N8.94 billion to N2.798 trillion from the previous session’s N2.807 trillion, and the NASD Security Index (NSI) retreated by 14.9 points to 4,663.18 points from 4,678.08 points.
The trading data showed that the volume of securities exchanged by investors rose by 108.9 per cent to 1.1 million units from 535,7560 units, and the value of securities jumped by 69.5 per cent to N10.2 million from N6.0 million, while the number of deals executed receded by 2.8 per cent to 35 deals from 36 deals.
Great Nigeria Insurance (GNI) Plc closed the trading session as the most traded stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 77.0 million units transacted for N5.5 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
The Naira opened the week on a positive note, appreciating against the US Dollar by N5.55 or 0.41 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, August 10, to N1,360.14/$1 from N1,365.69/$1.
The domestic currency also improved its exchange rate against the Pound Sterling in the official market during the session by 67 Kobo to sell at N1,838.50/£1 compared with the preceding session’s N1,839.17/£1, and gained N4.64 against the Euro to quote at N1,571.09/€1, in contrast to last Friday’s N1,575.73/€1.
However, the Naira maintained stability against the Dollar in the black market and the GTBank forex counter on Monday at N1,400/$1 and N1,371/$1, respectively.
Data from the Central Bank of Nigeria (CBN) showed that interbank FX turnover fell by 46 per cent yesterday to $213.845 million from the $393.477 million recorded at the close of trading on Friday.
The decline came despite a sharp increase in the volume of foreign exchange transactions executed during the session, indicating weaker participation by high-ticket FX customers and other major market participants.
The lower turnover suggests reduced demand for FX among large-scale buyers, even as market makers continued to facilitate transactions through the NAFEM window, with the number of FX traded rising to 182 from 102.
In the cryptocurrency market, traders and investors took profit as broader markets’ focus shifted to rising bond yields, higher oil prices and upcoming US inflation data.
Cardano (ADA) depreciated by 5.2 per cent to $0.1873, Ethereum (ETH) slipped by 2.6 per cent to $1,873.43, Ripple (XRP) slumped by 2.3 per cent to $1.01, Bitcoin (BTC) fell by 1.8 per cent to $63,949.22, Solana (SOL) crashed by 1.3 per cent to $75.81, and Binance Coin (BNB) tumbled by 0.6 per cent to $599.49.
But TRON (TRX) gained 0.5 per cent to trade at $0.3314, and Dogecoin (DOGE) grew by 0.2 per cent to $0.0700, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
