Forex Investment In Nigeria: Market Trends And Regulatory Landscape – The COVID-19 pandemic is disrupting the global economy, and even currency trading is undergoing major changes. Foreign exchange, or Forex, is the world’s largest financial market with a daily turnover of $2.4 trillion, where global currencies are traded every second. Of course, the Forex market is dependent on international trade…
The COVID-19 pandemic is disrupting the global economy, and even currency trading is undergoing major changes. Foreign exchange, or Forex, is the world’s largest financial market with a daily turnover of $2.4 trillion, where global currencies are traded every second.
Forex Investment In Nigeria: Market Trends And Regulatory Landscape
Of course, the Forex market depends on international trade between countries. The pandemic has led to great economic uncertainty, trade disruptions and increased isolation. Each country’s response to the health crisis has a direct impact on their domestic economy. And this, in turn, has a great impact on the financial world.
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As governments around the world shut down to fight the virus, online businesses and brokers play an important role in keeping the economy afloat. With oil, gold and stock prices constantly fluctuating, uncertainty is greater than ever, bringing both risks and potential rewards. Therefore, this has led to increased interest in the business relationship between COVID-19 and Forex.
While financial markets and industries in general are on the brink of collapse, the foreign exchange industry is thriving. The world’s top Forex brokers have seen a dramatic increase in monthly trading volume and new client accounts. This may be due to investors moving away from traditional stock trading, finding new sources of income or starting to trade independently. The current pandemic has catalyzed the ever-growing popularity of Forex trading. Such processes may explain why Forex brokers like OctaFX triple the number of new clients.
As COVID-19 continues to wreak havoc on economies around the world, marketers are looking for new markets and opportunities. Although volatility has decreased at times, exchange rates continue to react to shocks, increasing forex trading risks and potential opportunities.
Some of the models seen in 2020 will continue into 2021. The pandemic will also be discussed in the new year, and changes will be made to the management of the coronavirus. However, politicians actively talk about growth and inflation to reduce public debt. The biggest takeaway from last year was no risk. Leading OctaFX analysts recommend viewing charts showing changes in the selected currency. This gives an idea of why they are losing value. Markets are too volatile to invest in unpredictable pairs. Industry professionals and investors rely on safe-haven currencies with high returns during the current disruption.
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Pressure on the US dollar remains high and is expected to rise 5-10%, but not to 2008 levels, as President Joe Biden returns to a rules-based international order that balances global growth. The Australian dollar ended the year very strong and is relatively safe due to low local interest rates in most developed countries.
The British pound will continue to face pressure due to the tough measures taken to suppress the new variant of the coronavirus and the slow pace of the subsequent recovery. As the Canadian dollar continues to suffer from a second wave of the coronavirus, the Canadian dollar may see positive growth in the new year as the situation largely stabilized in December. The COVID-19 pandemic supported the euro as traders focused on the challenges facing the US dollar. Therefore, the euro is expected to increase in price.
Another trend that will grow in the new year is personal investment. The global health crisis has led to an increase in the number of remote workers. Forex trading is no exception to this trend. Dependence on commercial or investment banks to trade on behalf of their clients will decrease and people will start trading themselves. These self-employed trading experts learn the basic aspects of online forex trading. Armed with this knowledge, they work in the market. Established fintech firms are anticipating that Gen-Z and Millennials will want to venture into Forex trading. This demographic is aware of the technological advancements and investment opportunities available online and is ready to invest in Forex and receive Forex deposit bonuses.
There are now several trading apps that can help traders get started trading Forex during these highly sensitive market cycles. These apps are just one of many trends that will grow in 2021 as mobile business services need to be at your fingertips. They help new traders, especially new traders, to implement a coherent trading strategy without risking more capital than necessary. App developers can also provide online courses to teach finance and trading, something OctaFX has done extensively over the past year. For these purposes, the OctaFX development team has added a full-fledged web service trading application that combines the functions of an account management system and a trading platform.
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Even cloud-based Forex trading platforms are very popular among the new normal. They offer low cost, flexible design, high reliability and extremely low latency, making them ideal for customization, specific products and an ever-evolving market in market conditions.
It is impossible to predict the currency market in 2021 because anything can happen. Perhaps an even worse downturn in the economy is due to the recovery of the coronavirus, which is depressing the currency. However, we are not completely in the dark as 2020 has taught us to expect and prepare for the worst. Therefore, it is possible to predict what will happen by observing what happens. This prepares investors for potential outcomes. Political and border developments also affect the current values of various currencies.
The call for the full introduction of Autogas for automobiles came to the fore as stakeholders agreed on the prospect of Autogas turning around the country’s sluggish economy with its potential to contribute N2trn turnover.
Event business players and stakeholders in Nigeria are advocating for the use of technology to deepen the event business profession and grow the currently estimated $20 billion industry.
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Investors are encouraged to consider investment opportunities in coastal communities that are currently underutilized. Director, Acquisition, Relinquishment and Compensation, Land Services, Lagos State Directorate.
France’s foreign trade, economic attractiveness and French citizens abroad Olivier Becht has pledged to support the Nigerian government and the private sector in the energy sector.
Zenith Bank Plc has signed a Memorandum of Understanding with the Institute of Chartered Financial Analysts (CFA) to support efforts and activities that support human capital formation, training and innovation in the financial and investment sector…
The African Association of Professional Freight Exporters and Logistics of Nigeria (APFFLON) has urged the Federal Government to reduce tariffs on ambulances, fire engines and agricultural machinery.
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The CEO of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinire Almona, has urged the Federal Government to urgently improve the 2024 capital expenditure budget.
The Organized Private Sector Nigeria (OPSN) has called on President Bola Tinubu to improve the business environment to attract foreign investment, stressing the need for an enabling environment to support local businesses and attract foreign investment.
Plans by the insurance sector to collect N148.30 billion in premiums from compulsory motor insurance by December 31, 2023 may not materialize due to the country’s growing economic challenges.
As part of the fight against food inflation and poverty in the country, the federal government aims to produce 31 million tons of food grains by 2024.
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Get the latest news delivered straight to you every day of the week. Stay up to date with the latest Nigerian and global news, business, technology and sports. It is no secret that the digital finance sector in Africa is growing rapidly and Nigeria is at the forefront of this transformation. The country’s young, tech-savvy population combined with a booming technology industry has created new opportunities for both individuals and businesses. One area that has received a lot of attention is Forex trading in Nigeria.
Forex or currency trading involves the buying and selling of currencies. The goal is to profit from price movements between two currencies, a practice that has been around for centuries. But what is new and exciting in Nigeria is the intersection of this practice with digital technology.
Forex trading in Nigeria has grown rapidly in recent years and the number of investors in the market is increasing. Therefore, it is not surprising that this country is called the “Forex Trading Center of Africa”.
This increase can be attributed to several factors. First, the development of digital technologies
