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
The NASD Over-the-Counter (OTC) Securities Exchange recorded a mixed outcome on Wednesday, January 15 after it welcome a new entrant.
Paintcom Investment Nigeria Plc joined the OTC securities exchange yesterday with shares admitted at a unit price of N10.72 and a market capitalisation of N8.5 billion.
However, when trading activities closed for the session, the alternative stock exchange went down by 0.10 per cent, with the NASD Unlisted Security Index (NSI) depreciating by 3.03 points to 3,093.16 points from the 3,096.19 points recorded in the previous session.
But the value of the trading platform increased by 0.7 per cent or N7.54 billion to settle at N1.068 trillion compared with the preceding day’s N1.061 trillion.
The volume of securities traded in the session went down by 83.2 per cent to 666,494 units from the 3.97 million units recorded in the preceding session, while the value of shares traded during the session jumped by 98.2 per cent to N16.5 million from N8.3 million, with the number of deals going down by 20 per cent to 20 deals from 25 deals.
Industrial and General Insurance (IGI) Plc gained 3 Kobo to close at 30 Kobo per share versus 27 Kobo per share, Mixta Real Estate Plc increased by 23 Kobo to N2.58 per unit from N2.35 per unit, and Central Securities Clearing System (CSCS) Plc added N1.15 to settle at N23.20 per share, in contrast to Tuesday’s closing price of N22.15 per share.
Further, Afriland Properties Plc grew by 75 Kobo to N16.25 per unit from N15.50 per unit and Geo-Fluids Plc expanded by 13 Kobo to N4.79 per share from N4.66 per share.
On the flip side, 11 Plc fell by N27.74 to close at N253.10 per unit compared with the previous session’s N280.84 per unit and FrieslandCampina Wamco Nigeria Plc lost 55 Kobo to finish at N38.95 per share versus N39.50 per share.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 3.4 million units worth N134.9 million, followed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and Afriland Properties Plc with 690,825 sold for N11.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 23.5 million units sold for N5.3 million, trailed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and FrieslandCampina Wamco Nigeria Plc with 3.4 million units worth N134.9 million.
By Adedapo Adesanya
The Naira depreciated on the American currency in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, January 15 by 0.09 per cent or N1.45 to close at N1,551.10/$1 compared with the preceding day’s N1,549.65/$1.
It was the fourth straight session the local currency was losing value on the greenback in the official forex market as the deadline to end the access of Bureaux De Change (BDCs) to the official trading platform nears.
Also, Nigeria’s inflation neared a 29-year high as it rose for the fourth straight month to 34.80 per cent in December 2024 spurred by high festive activities.
On the British currency, which is the Pound Sterling, the domestic currency depreciated by N24.79 to wrap the session at N1,904.43/£1 versus the previous day’s N1,879.64/£1 and against the Euro, it weakened by N14.74 to sell for N1,600.79 per Euro versus N1,586.05/€1.
At the parallel market, the Nigerian Naira traded flat against the US Dollar yesterday at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, most of the tokens gained as the anticipation of Mr Donald Trump’s inauguration as US president is building bullish sentiment for the market, which was also encouraged by a highly anticipated CPI inflation data report in the US.
Litecoin (LTC) grew by 17.7 per cent to quote at $119.82, Ripple (XRP) expanded by 9.0 per cent to a six-year high of $3.10, Solana (SOL) appreciated by 7.2 per cent to trade at $202.81, Dogecoin (DOGE) rose by 5.3 per cent to finish at $0.3789, Ethereum (ETH) increased its value by 4.7 per cent to end at $3,376.28, and Cardano jumped by 3.3 per cent to settle at $1.06, Bitcoin (BTC) gained 2.8 per cent to close at $99,707.22, and Binance Coin (BNB) improved by 1.6 per cent to trade at $710.31, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
The oil market rose more than 2 per cent on Wednesday, supported by a large draw in US crude stockpiles and potential supply disruptions caused by new US sanctions on Russia.
Brent crude futures appreciated by $2.11 or 2.64 per cent to $82.03 a barrel and the US West Texas Intermediate (WTI) crude grew by $2.54 or 3.28 per cent to close at $80.04 a barrel.
The US Energy Information Administration (EIA) reported an inventory dip of 2 million barrels for the second week of the year.
The change estimated by the EIA compared with a modest draw of around 1 million barrels for the previous week, which also saw sizable fuel inventories build that dragged oil prices lower.
For the week to January 10, the EIA estimated an inventory build of 5.9 million in gasoline, with production averaging 9.3 million barrels daily. This compared with a build of as much as 6.3 million barrels for the previous week when production averaged 8.9 million barrels daily. That build was the second sizable weekly one after 2024 ended with a build of 7.7 million barrels in gasoline inventories.
The latest round of US sanctions on Russian oil could disrupt Russian oil supply and distribution significantly, the International Energy Agency (IEA) said in its monthly oil market report.
The Paris-based agency said that the sanctions on Iran and Russia cover entities that handled more than a third of Russian and Iranian crude exports in 2024, adding that the market will be in surplus this year as supply growth led by countries outside the Organisation of the Petroleum Exporting Countries and its allies, OPEC+ exceeds subdued expansion in world demand.
This aligns with an earlier projection by the EIA which assumes that OPEC+ would roll back its production cuts and that non-OPEC production would continue leaping forward.
Limiting the gains was fresh developments in the Middle East as Israel and Hamas agreed to a deal to halt fighting in Gaza and exchange Israeli hostages for Palestinian prisoners.
OPEC in its monthly oil report on Wednesday forecast stronger demand growth than the IEA of 1.45 million barrels per day this year and, in its first look at 2026, predicted a similar expansion of 1.43 million barrels per day next year.
OPEC expects global oil demand to rise by 1.43 million barrels per day in 2026, maintaining a similar growth rate to 2025.
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