Economy
Unveiling The Best Forex Traders In Nigeria: Who Tops The List In 2023?
Forex trading has become a big deal in Nigeria over recent years, with many seeing it as a good way to make money. With Nigeria’s large population, there are a lot of people who might want to try their hand at it. Already, over two million Nigerians are involved in trading on this huge global market where trillions of dollars change hands daily. For those looking to get into it, following the lead of the best Forex traders in Nigeria can be super helpful. That’s why the folks at Traders Union (TU) have put together a list of the best Forex traders in Nigeria for you to check out.
Nigeria’s top Forex millionaires
TU’s experts have identified the big players in Nigeria’s Forex scene, and here’s a quick rundown:
- Uche Paragon – this top trader from Lagos is worth over $20 million and even runs his own trading businesses.
- Dapo Willis – a $10 million net worth and a connection with billionaire Aliko Dangote.
- Ejimi Adegbeye – young and talented, Ejimi started trading at 19 and now boasts $5 million to his name.
- Damilare Ogundare – also known as HabbyFX, Dami’s trading genius is worth a cool $5 million.
- Jeffrey Benson – this law graduate turned trader has a net worth of $1.5 million.
- Patrick Ogagbor – from bank worker to Forex pro, Patrick turned his $200 start to a current worth of $600,000.
If you’re inspired by Forex trading in Nigeria, these are the names to know!
Top tips for Forex’s success in Nigeria
To master Forex trading in Nigeria, check out a simple guide from the Syndicate’s experts to start your journey:
- Choose a regulated broker: it keeps your money safe and your trading honest.
- Practice first: use a demo account to refine your strategy without risks.
- Be wise with leverage: high leverage can mean big profits or big losses. Start low.
- Focus on major pairs: pairs like EUR/USD and USD/JPY are among the most traded and reliable.
- Set a stop-loss: decide beforehand how much you’re willing to lose on a trade and set an automatic exit point.
Remember, patience and smart strategies pave the way to Forex’s success!
Common beginner trading blunders
Stepping into the trading world? Here’s a quick heads-up! TU’s analysts have highlighted some typical slip-ups newbie traders often fall into:
- No clear plan – trading without a roadmap can lead you astray.
- Holding onto losses – don’t wait forever hoping the market will turn.
- Misusing leverage – it can boost profits but can also intensify losses.
- Ignoring risk-to-reward – always weigh if potential earnings justify the risks.
- Being overly emotional – letting feelings guide trades often leads to rash decisions.
Remember, everyone makes mistakes. The key is to learn from them and trade wisely!
Forex trading in Nigeria
Forex trading is allowed in Nigeria. But, experts at Traders Union point out that it’s not as regulated as one might hope. While the Central Bank of Nigeria keeps an eye on financial markets, online retail trading often slips through the cracks. This means traders need to be extra careful and watch out for dodgy brokers or scams.
Conclusion
Forex trading in Nigeria is a world where seasoned professionals like Uche Paragon and Ejimi Adegbeye have carved niches for themselves, setting standards for newcomers. But as with any high-reward venture, the risks are equally potent. TU, through its diligent analysts and experts, sheds light on both the promises and risks of Nigeria’s Forex market. From highlighting the champions of one to laying out foundational trading tips to sounding alarms on potential risks, the experts provide a comprehensive lens to navigate this dynamic domain. Aspiring traders would do well to heed this advice, ensuring they tread with caution and strategy, always prioritizing knowledge over impulse.
By Adedapo Adesanya
Dangote Petroleum Refinery is preparing to raise about $5 billion through an initial public offering (IPO) expected to conclude in October, in what could become the largest stock market listing in Africa’s history.
The company has already submitted an initial application to the Securities and Exchange Commission (SEC), with approval expected in the coming weeks. Once authorised, the refinery is expected to release its prospectus in September ahead of the public offer.
The primary listing will be on the Nigerian Exchange (NGX) Limited, although investors across Africa are expected to participate through structured investment instruments rather than a dual listing.
The proceeds will be used to expand the capacity of the 700,000-barrels-per-day refinery in Lagos and possibly support plans to replicate the project in Kenya as Dangote seeks to deepen Africa’s energy independence.
The proposed IPO comes after the refinery benefited from increased demand for refined products during the recent Iran conflict, supplying jet fuel across Africa and into Western Europe as global shortages disrupted markets.
As per Reuters, stock exchanges in South Africa, Kenya, Egypt, Ghana and Rwanda have held discussions with advisers to the transaction as interest in the offering continues to build across the continent.
Kenya alone could account for as much as $500 million of the targeted capital raise, driven largely by demand from institutional investors, including pension funds, the publication reported.
While the company is targeting a $5 billion raise, the final amount will depend on the outcome of the SEC’s review. If achieved, the offering would represent more than four per cent of the Nigerian Exchange’s current market capitalisation.
The IPO follows a $2.5 billion private placement completed last month, in which a six per cent stake in the refinery was sold, implying a valuation of about $40 billion.
That valuation, however, would place the refinery well above several listed global refining companies. Turkey’s Tupras, which operates a similar combined refining capacity across four facilities, has a market value of roughly $12 billion, while US-listed HF Sinclair, with a comparable processing capacity, is valued at around $16 billion.
Although the NGX generally requires companies on its main board to maintain a minimum free float of 20 per cent, there have been exceptions. Dangote Cement, for instance, currently has a free float of just over 12 per cent.
The publication also reported that investors outside Nigeria are likely to gain exposure through instruments such as global depositary receipts or exchange-traded products linked to the Nigerian-listed shares, rather than through a cross-listing on other African exchanges.
The founder of the 700,000-barrels-per-day capacity plant, Mr Aliko Dangote, said in April that the refinery aims to increase production capacity to 1.4 million barrels per day.
Mr Dangote is also pursuing plans to build another refinery in Lamu along Kenya’s coast in partnership with other East African governments, although it remains unclear whether part of the IPO proceeds will be allocated to that project valued at an estimated $17 billion.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 0.89 per cent on Tuesday, August 4 amid renewed buying interest in unlisted stocks.
During the session, the market capitalisation added N24.07 billion to end at N2.739 trillion compared with Tuesday’s N2.715 trillion, while the NASD Security Index (NSI) gained 40.11 points to quote at 4,563.96 points compared with the preceding day’s 4,523.85 points.
The NASD OTC Exchange ended the trading session with two price losers and three gainers, led by Central Securities Clearing System (CSCS) Plc, which chalked up N7.80 to close at N119.80 per unit versus the previous session’s N112.00 per unit. Afriland Properties Plc increased its value by N1.27 to N23.95 per share from N22.68 per share, and Nitrox Industrial Gases Plc expanded by N1.15 to N21.15 per unit from N20.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc slid by N8.64 to sell at N144.00 per share compared with the previous day’s N152.64 per share, and 11 Plc dipped by 1 Kobo to end at N225.00 per unit, in contrast to Monday’s closing price of N225.01 per unit.
Tuesday’s trading data showed that the volume of securities rose by 9.0 per cent to 1.6 million units from 1.5 million units, and the number of deals climbed by 6.5 per cent to 33 deals from 31 deals, while the value of securities dropped by 26.9 per cent to N47.6 million from N65.2 million.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 76.9 million units exchanged for N5.5 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date with 3.4 billion units transacted for 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 transacted for N415.7 million.
By Dipo Olowookere
A 0.38 per cent loss was suffered by Nigerian stocks on Tuesday on the back of continued selling pressure from investors embarking on profit-taking.
Data from the Nigerian Exchange (NGX) Limited showed that the contraction was influenced by the 1.78 per cent decline recorded by the insurance sector, the 0.24 per cent slip printed by the consumer goods index, and the 0.09 per cent drop posted by the energy space, offsetting the 0.75 per cent growth achieved by the banking sector and the 0.21 per cent growth recorded by the industrial goods segment.
Investor sentiment was weak during the trading day, as the bourse ended with 13 price gainers and 40 price losers, representing a negative market breadth index.
LivingTrust Mortgage depreciated by 10.00 per cent to N3.42, Multiverse also shed 10.00 per cent to N22.95, McNichols dropped 9.92 per cent to N5.45, Thomas Wyatt dipped by 9.87 per cent to N3.56, and Eterna lost 8.57 per cent to trade at N33.00.
On the flip side, AVA Capital improved by 9.94 per cent to N9.95, Livestock Feeds expanded by 9.71 per cent to N8.65, Neimeth increased by 8.43 per cent to N9.00, AIICO gained 3.47 per cent to settle at N4.18, and Oando grew by 3.30 per cent to N36.00.
A total of 1.6 billion equities valued at N28.7 billion exchanged hands in 54,160 deals yesterday versus the 923.0 million equities worth N37.9 billion traded in 72,544 deals on Monday, indicating a 73.35 per cent surge in the trading volume, a 24.27 per cent decline in the trading value, and a 25.34 per cent slip in the number of deals.
The busiest stock was Japaul, which transacted 904.4 million units for N2.7 billion. Sterling Holdings sold 54.0 million units valued at N431.9 million, FCMB exchanged 49.5 million units worth N545.9 million, Chams traded 44.9 million units for N199.2 million, and Neimeth sold 42.4 million units worth N327.8 million.
Business Post reports that the All-Share Index (ASI) gave up 927.70 points to 244,802.83 points from 245,730.53 points, and the market capitalisation receded by N599 billion to N158.016 trillion from N158.615 trillion.
