Economy
6 Best Forex Trading Brokers in Nigeria
Our team of forex experts made a list of the best forex brokers in Nigeria, Africa you can trust.
1. OctaFX
OctaFX is a well-regulated broker which offers traders with a variety in account options, competitive trading conditions, and a variety of financial instruments which can be traded.
When trading through OctaFX, traders have access to high leverage up to 1:500, spreads which typically start from 0 pips, reliable and fast deposit and withdrawal options, and powerful trading platforms through which trades can be conducted.
2. FBS
FBS is well-regulated and authorized by CySEC and IFSC in offering traders from around the world with comprehensive trading solutions. There are four account options which traders can choose from, each account with its own tailormade, dynamic features.
The competitive trading conditions that traders can expect when trading through FBS is a high maximum leverage ration of up to 1:3000, spreads which start from 0 pips, a great variety of tradable financial instruments, and powerful trading platforms.
3. AvaTrade
AvaTrade is one of the most popular and well-established brokers in the industry. Apart from being regulated by multiple entities, AvaTrade has also won numerous awards and offers the trade in more than 250 financial instruments.
AvaTrade offers some of the best trading conditions which consist of adequate leverage, competitive and tight spreads, zero-commission trading, powerful and innovative trading platforms, and more.
4. Pepperstone
Pepperstone is one of the largest brokers in the industry and is strictly regulated by FCA and ASIC. Pepperstone facilitates the trades of a great variety of financial instruments, spread across several asset classes.
Nigerian traders have access to not only favourable, but competitive trading conditions where they get leverage up to 1:500, zero-pip spreads, ECN execution, powerful trading platforms, and the best, dedicated customer support.
5. XTB
XTB is both reputable and well-regulated. XTB is especially known for its excellent trading academy and educational tools, material, and resources that it offers to traders despite their level of trading experience.
XTB offers the option of either a standard or a pro account, with the advantage that there is no minimum required deposit needed when registering an account.
XTB also offers its traders with competitive trading conditions consisting of tight spreads which start from 0.2 pips, access to leverage up to 1:200, and a variety of easy-to-use and reliable payment methods through which deposits and withdrawals can be made.
6. Alpari
Alpari has been in operation since 1998 and is based in Mauritius with offices in St. Vincent and the Grenadines, Russia, and Nigeria. There are also several offices which are run by partners of Alpari in various countries.
Alpari offers the trade in a variety of forex and CFD instruments, which can be traded through the MetaTrader platforms. Alpari offers instant trade execution, competitive spreads, and some of the best, modern trading technological solutions.
When trading with Alpari, Nigerian traders will find that this broker, through its many years of operation, truly has the needs of its clients at heart. Alpari has won several international awards in recognition for its excellent services.
Keen to get started with trading the markets? Open a FREE TRADING Account here.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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