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.
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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