Forex Brokers in Nigeria

Richard Montana | November 23, 2022

Buying and selling currency pairs to speculate on the difference in prices is a very popular form of CFD trading in Nigeria. Whilst forex trading is legal in Nigeria, it is not regulated by any national governing body. Therefore, traders in the country need to understand that when trading with Nigerian forex brokers, or other intentional brokers who offer forex trading in Nigeria, they may not have the same protections as traders in some other countries. That being said, there is still a fantastic selection of trading brokers to choose from that are regulated in other jurisdictions.

Best forex brokers Nigeria

To find the best forex brokers in Nigeria, we created a list of all the regulated forex brokers that accept Nigerian traders, then ranked them based on our overall rating. You can see our list of top forex brokers for Nigeria below.

Broker
Rating
Regulated
Min. Deposit
Founded
Max. Leverage
1.

ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA

$100

2006

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
2.

ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA

$250

1974

1:200

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
3.

CySEC, FCA, FSC, FSCA

$10

2011

1:300

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
4.

ASIC, BVIFSC, CySEC, FCA, FSCA

$/£/€100

2008

1:300

79.90% of retail investor accounts lose money when trading CFDs with this provider.
5.

CySEC, DFSA, FCA, FSCA, IFSC

$1

2004

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

SEC forex brokers in Nigeria

Forex trading has become increasingly popular as a profession in Nigeria, especially among those with a financial background, because of its high liquidity, 24/7 availability, and low entry barrier. There are lots of forex brokers that are regulated to provide forex trading products and services in Nigeria.

The financial market regulator in Nigeria is the Securities and Exchange Commission (SEC). This body regulates the Nigerian Stock Exchange, the bonds market and the operators within the equity trading industry. The SEC regulates the issuance of and dealings in securities in Nigeria.

The Securities and Exchange Commission (SEC) is the main regulatory institution of the Nigerian capital market. It is supervised by the Federal Ministry of Finance. The SEC, as the Apex Regulator of the Nigeria Capital Market, is responsible for developing and regulating the capital market.

The origin of the Securities and Exchange Commission dates back to 1962, when an ad hoc consultative and advisory body, known as the Capital Issues Committee, was established under the aegis of the Central Bank of Nigeria (CBN).

Its mandate was to examine applications from companies seeking to raise capital from the capital market and recommend the timing of such issues to prevent issues clustering which could overstretch the market’s capacity. The Committee operated within the Central Bank of Nigeria unofficially as a capital market consultative and advisory body with no regulatory framework.

The Commission now has more powers to regulate and develop the Nigerian capital market, in addition to determining the prices of issues and setting the basis for allotment of securities.

In a rapidly developing country such as Nigeria, there are so many good forex brokers, but there are also a lot more scam brokers operating in the market. Therefore, it is imperative to only choose trusted and regulated Nigerian forex brokers which can help to avoid the bad ones.

How to verify regulated brokers in Nigeria

There is no official regulatory authority of the forex sector in Nigeria, albeit there is one that is not official, The Securities and Exchange Commission (SEC). To identify if a forex broker is authorised to provide financial services to Nigerians, you can get the brokers regulation number from the disclosure text at the bottom of their homepage. You can then look up the registration number on the relevant regulators website to confirm if the forex broker is regulated in Nigeria.

About the Author

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Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.


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