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 National Pension Commission (PenCom) has defended its decision to allow Pension Fund Administrators (PFAs) to invest in the parent companies of their custodians, insisting that adequate safeguards are in place to protect contributors’ funds.
The director-general of the pension regulator, Ms Omolola Oloworaran, speaking on Tuesday during the Meet the Press Briefing at the Presidential Villa, Abuja, said the commission’s decision to relax the investment restriction followed a comprehensive risk assessment that found minimal conflict of interest.
She explained that under PenCom’s investment regulations, PFAs are only permitted to invest pension assets in carefully selected instruments that meet stringent criteria, including profitability, strong credit ratings and proven track records.
According to her, the commission regularly reviews its investment regulations, conducts routine examinations and spot checks on PFAs to ensure strict compliance with established risk management guidelines.
“PFAs cannot just go into the stock market and buy any kind of stock. There are strict guidelines. Companies must demonstrate profitability, have a proven track record and satisfy other criteria before pension funds can invest,” she said.
Ms Oloworaran noted that each PFA also operates under the oversight of a board, an investment committee and a risk management committee, providing additional layers of governance to safeguard contributors’ funds.
She said PenCom recently issued a circular allowing PFAs to invest in the parent companies of their custodians after determining that the potential conflict of interest was negligible.
The PenCom boss explained that the parent companies involved are largely Tier-1 banks, including First Bank, United Bank for Africa (UBA) and Zenith Bank, which she described as A-rated institutions with strong financial foundations.
She said the policy was intended to widen investment opportunities for pension funds without compromising safety.
Using Stanbic IBTC as an example, Ms Oloworaran explained that if its custodian is Zenith Bank, the previous restriction prevented the pension administrator from investing in Zenith Bank shares despite the bank’s strong performance.
“We reviewed the risks and any potential conflict of interest and found the risks to be very low. That is why we opened that investment window,” she said.
By Aduragbemi Omiyale
Analysts at Meristem Research have predicted that the inflation rate for June 2026 in Nigeria should marginally rise to 15.95 per cent on a year-on-year basis from the 15.93 per cent reported in May 2026.
The National Bureau of Statistics (NBS) is expected to release inflation numbers for last month later today, Wednesday, July 15, 2026.
In its report sighted by Business Post, Meristem Research said it expects inflationary pressures to re-emerge across key economies in the near term, as the re-escalation of the US-Iran conflict has reignited upward pressure on global oil prices.
It disclosed that this marks a sharp reversal from most of June, when the ceasefire between the two countries helped drive oil prices lower, raising expectations of some relief on the inflation front.
With conflicts now flaring up again, oil prices are likely to increase again, and the anticipated easing in energy-driven inflation may not materialise as broadly as earlier envisaged.
“Nonetheless, some relief is likely from the food segment, where robust supply conditions across major producing regions and softening demand should continue to ease food price pressures,” it stated.
The team also explained that it projected a 15.95 per cent inflation rate because of the lingering effects of persistent food price pressures.
“However, we expect core inflation to moderate as the sharp reversal in energy prices begins to filter through to transportation, distribution, and other energy-related costs, easing underlying price pressures.
“On a month-on-month basis, the combined effect of lower petrol prices, a relatively stable Naira, and the gradual pass-through of reduced energy costs across the supply chain should exert further downward pressure on inflation.
“Based on our assessment, food inflation is expected to remain the key swing factor, as seasonal pre-harvest supply constraints are likely to offset some of the gains from lower logistics costs,” it said.
By Adedapo Adesanya
The duo of Central Securities Clearing System (CSCS) Plc and Afriland Properties Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.61 per cent on Tuesday, July 14.
CSCS Plc saw its stock value drop N9.08 to close at N82.40 per share compared with the preceding session’s N91.48 per share, and Afriland Properties Plc slid by 17 Kobo to sell at N15.00 per unit versus N15.70 per unit.
The losses recorded by the two securities pulled back the market capitalisation by N41.64 billion to N2.546 trillion from N2.587 trillion, and cracked the NASD Security Index (NSI) by 69.36 points to 4,242.31 points from 4,311.67 points.
It was observed that the exchange witnessed two price advancers during the session, led by FrieslandCampina Wamco Nigeria Plc, which gained N1.37 to end at N151.37 per share compared with the previous day’s N150.00 per share, and Food Concepts Plc chalked up 5 Kobo to settle at N2.50 per unit versus N2.45 per unit.
The volume of securities traded by market participants surged by 50.7 per cent to 13.7 million units from the previous 9.1 million units, while the value of securities went down by 79.7 per cent to N65.2 million from N320.4 million, and the number of deals crashed by 3.6 per cent to 27 deals from the previous session’s 28 deals.
At the close of transactions, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc, which exchanged 2.3 billion units valued at N6.5 billion, and CSCS Plc with 73.9 million units transacted for N5.2 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth 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 valued at N415.7 million.
