Essentially, with oil being Nigeria's biggest export, the government relies heavily on the resource for dollar earnings to fund its national budget.
One unfolding real-time effect is a US dollar shortage that's already manifesting on parallel forex markets with the informal dollar dealers who often operate just in front or across the road from airports and top hotels in the business districts of Lagos and Abuja.
Over the past two days, naira to dollar exchange rates-which have stayed quite stable at around 360 naira to the dollar since mid-2017-have reached 430 naira.
With Nigeria's economy perennially import-dependent, a dollar crunch typically affects a wide range of businesses that require hard currency to fund imports of input materials in a country whose weak industrial base means it makes very little from scratch.
The availability of dollars is also typically a hot button issue among middle class Nigerians, a key demography, who can afford foreign travel, health care or even education-Nigerians spent $514 million to school in the United States in 2018.While still in its infancy, the growing dollar shortage will feel very familiar for most Nigerians.
While the government might be ordinarily reticent to do so, Mathias Hindar, Sub-Saharan Africa analyst at Falanx Assynt, says sustained low oil prices will "See the government's ability to protect the naira diminish." For its part, Aza Traders, an African currency broker, is advising clients to "Reduce exposure" to the naira as it expects "Further weakening" in the coming days.
FXTM is one of the most famous and widely used forex brokers in Nigeria, mainly because it is affordable to trade with them. This broker offers various account types, and all of them can be funded with the local Naira currency. FXTM has a minimum deposit requirement of ₦2000, which is affordable to most Nigerians. Thus, making it one of the best brokers available to Nigerian traders. In ... Best Forex Brokers That Accept Traders in Nigeria. By Press Release October 22, 2020, 7:46 am • Posted in Brokers News. Nigeria is an oil-rich country and it is often referred to as the gateway ... Selecting your first, or new forex broker is always a big moment. Depending on your trading style, there may be a number of brokers who are the best fit for you as a Nigerian trader.. Here we have gathered 10 of the best forex brokers in Nigeria to choose from. This should mean there is something to suit everyone. We compared the best forex brokers in Nigeria. If you are a trader from Nigeria and want to start forex trading, be smart to avoid financial scams prevalent on African continent and consider trading with CBN regulated forex brokers. Nigerian forex traders should make sure if depositing in Nigerian NAIRA currency is allowed by your chosen Nigerian forex trading platform! Doing so, can save you ... To help Nigerian forex traders chooser a broker the best forex brokers in Nigeria based on fees, forex trading platforms and features were compared in 2020. Only CBN regulated forex brokers, African or Europe licenced firms are listed. View the forex brokers Nigeria comparison below. Justin Grossbard. Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co ... So it is really important to only choose trusted & regulated Nigerian forex brokers and avoid the bad ones. In order to help you find the best forex broker, we have tracked & compared over 10 different brokers that accept Nigerian investors. Best Forex brokers in Nigeria for 2020. Forextime – Overall Best Forex Broker in Nigeria; Alpari – Good ECN broker with low deposit; OctaFX – Low ... Few online brokers are based in Nigeria, and many Nigerian forex brokers have little or no oversight by either the Central Bank of Nigeria (CBN) or other regulatory agencies.. It’s best to ...
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