Economy
How to Start Forex Trading in Nigeria
Forex trading is no longer a term used exclusively by banks where it was used by them to make money for themselves. Forex trading is now a viable option for every individual who wants to earn money from it.
The internet has brought in a new wave of investors in this type of trading. Individuals can now trade with as little as $100 that too right from the comfort of their bedroom.
A physical location is no longer a barrier. This becomes all the more vital during the pandemic wherein people have lost their jobs and are now looking for opportunities to work from home to make a living.
If you are new to forex and are looking for trading in the same from Nigeria, below mentioned are some tips to help you get started.
Understanding Forex Trading
The online currency exchange trade of buying and selling currencies from different countries is called forex trading. The economic condition of that particular country that you want to trade in plays an important role. This is because the economic condition is never static, therefore, the forex market is never stagnant at any given time. You have to be alert and trade when the currency goes up and refrain from trading when it goes down. Prepare yourself with some serious training about forex trading and markets.
Find A Reputable Broker
After you have got a grasp on how everything works, the next step is the most vital one. You will have to search from a list of forex brokers in Nigeria to find one that you can work with. You must be careful before finalizing one.
A broker that is not online is an absolute no-no. The online ones must be reputable and have the necessary license to prove that they are properly regulated. They must also have enough capital funds to support you. Their website should have all the necessary features to make your trading easier. The website should also be friendly with all gadgets so you don’t skip any important update and can access it from your mobile phone if the need be.
Start With A Demo Account
Once you know in theory all that is necessary, the next step is to apply it practically. While you may still be new to the concepts, creating a demo account will be helpful.
Many online broker platforms provide users with a chance to create a demo account free of charge. With this account, you will be able to practice what you learned in theory in an environment that looks like real-time trading.
The accounts have virtual money that you can trade with. This will give you an idea of how to use your funds wisely to make profits and avoid losses. You will, however, make no real profits or losses when you use the demo account.
Attention To Details
You should be sharp when you are trading in the forex market. This starts when you are opening your account itself. Check if the signup process is easier. If the initial investment is too high then refrain from signing up.
Also, check to see if the broker platform has given all the details of the costs involved. Some trades are costlier than others and you may end up paying more fees for trading than the actual amount of money you make. Make sure the website is legit as you will be disclosing sensitive information like your passport copy, credit card details, and so on. When this data goes into the wrong hands, you could face a lot of losses for a long time.
Trade Methodically
There are many online tutorials and TV shows wherein how to trade in the forex market is expansively discussed. Practice your due diligence and find your own methods and techniques. Do not be lured by every piece of advice.
There are no hard ad fast rules that work the same for everyone. Limit your daily trades. There are many people who are making lots of money from forex trading in Nigeria but it all depends on their skills. You have to learn and enhance your skills at the same time to be able to make the same numbers.
Know Your Limits
Sometimes when you make a small profit, you may be tempted to reinvest it continuously. Know your limits and learn when you need to stop. You don’t have to rush into everything. Sometimes the stock may appear like a good investment but may actually be preparing for a plummet. So be careful and take your time when you trade.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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