Nigeria is densely populated with a population of more than 186 million. It is considered to be the most populated country in Africa with a universal standing of seventh. It is believed that the population is likely to exceed by 250 million as of 2050. Moreover, the country is known to have the third largest young population with the twentieth largest global economy on per capita basis.
A good way to measure the stability of the Nigerian economy is by taking into account the gross domestic product per capita which has considerably increased from $352 in 2001 to $3,222 as of 2014. This is roughly a 90% approximate increase. This figure has fallen considerably since 2014 to relatively lesser than $2000.
Start Your own Forex Brokerage Firm
If you plan to start a stock brokerage firm, the primary requirements are roughly the same as other countries. Traders are expected to have access to a desktop or mobile, internet connectivity, capital for trading alongside an account with a reputed Forex broker.
In Nigeria, initially brokers faced uncertainty with the reliability of Internet connections and electric supply. However, the situation has improved in urban districts which Forex trading a lot easier. However, one should be careful while trading in the Nigerian market without incurring a hard stop loss. Many a times, brokers incur massive losses when the connection gets lost and cannot be established again.
The Nigerian market is extremely lucrative for forex trading in general. Therefore, you need to be observant as well as patient. It is advised to learn and practice through various tutorials, demos, books and resources that help you trade better and make strategic decisions.
Make sure you come up with your own trading strategy, adopt ethical principles, and have a disciplined outlook towards life and trading in general. Make sure you always keep your shortcomings and losses in mind and learn from them as you go. Ideally, your goal should be to get better with each trade.
Is Forex Trading Legal in Nigeria?
It is imminent that foreign exchange trading in Nigeria is completely legal if you intend to trade your money for personal monetary benefits. The retail regulations are similar in most countries across the globe. If you plan to raise capital for others without proper licensing is thereby illegal. While it may sound tempting, but if your client is not happy, you can get into hot water if they file a complaint. Psychologically, forex trading can be extremely taxing if you are managing someone else’s money. For this reason, make sure to trade with your own money where the losses shouldn’t hamper your day to day needs.