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 Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
In the competitive world of online trading, finding a trading brokerage partner that balances reliability, technological innovation, and accessible conditions is essential. Headway broker has emerged as a significant player, currently serving over 4 million users globally.
In this article, we take a detailed look at what makes this broker for trading a notable option for both novice and experienced traders.
Headway Regulatory Foundation and Safety
Safety is the cornerstone of any trading relationship. Headway broker operates under the regulation and licensing of the Financial Sector Conduct Authority (FSCA). This regulatory oversight ensures that the broker adheres to strictly defined standards for transparency and operational conduct, providing traders with an added layer of security and confidence when managing their portfolios.
Trading Platforms and Instruments
Efficiency in trading Forex and other markets is driven by the tools at your disposal. Headway provides a robust technological trading ecosystem:
Industry-Standard Platforms: The broker fully supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), the most widely used platforms for technical analysis and automated trading.
Proprietary Mobile App: For traders who prioritize mobility, Headway offers its own custom-built trading app. It is readily available for download on both Google Play and the App Store, allowing for seamless account management and trading on the go.
Diverse Market Access: Traders have a wide range of opportunities with access to over 300 trading instruments, ensuring plenty of choice for different strategies and asset classes.
Trading Account Types Offered by Headway
Headway broker understands that every trader enters the market with a different level of experience:
Three Account Tiers: To ensure inclusivity, the broker offers three distinct types of accounts (Cent, Standard and Pro), tailored to suit different levels of expertise and capital requirements.
Demo Account: For those looking to refine their skills without financial risk, Headway provides a comprehensive demo trading account. This is the perfect environment to practice strategies, understand how the platform works, and gain confidence before transitioning to live trading.
Customer Support and Incentives
Headway supports its user base with comprehensive resources and financial incentives:
24/7 Technical Support: Market fluctuations happen at any time. Headway provides round-the-clock technical support for the traders, ensuring that help is always available whenever a question or issue arises.
150$ No Deposit Bonus: To help new traders get started, Headway offers a $150 no deposit bonus. This is an excellent way to test the broker’s execution speed and trading environment with zero initial risk.
IB Partnership Program: Beyond individual trading, Headway fosters growth through its Introducing Broker (IB) partnership program. This allows partners to build their business and earn commissions by referring new traders to the platform.
Conclusion
With its combination of FSCA regulation, a vast range of instruments, and modern platforms like MT4, MT5, and its own proprietary app, Headway FX broker provides a comprehensive environment for modern traders. Whether you are using the demo account to hone your skills or taking advantage of the 150 no deposit welcome bonus, this broker offers the stability and tools needed for your trading journey.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
