7 Key Facts About Nigerian Naira You Should Know

Nigerian Naira

The Nigerian Naira is the official currency of the Federal Republic of Nigeria. Its currency code is NGN. The Central Bank of Nigeria manages the NGN. It has the sole authority to issue banknotes and coins. It distributes and ensures Naira’s price stability and value. One Naira consists of 100 kobos. As of May 2021, 1 U.S. dollar is equal to around 413 NGN, so it takes 413 NGN to…


Forex Market In Nigeria: Key Stats

What to consider when changing from a demo account to a live account

Although cryptocurrency trading has been pretty hyped up over the past few years, Forex trading is a more traditional, time-tested way to make extra money in the financial market, and it’s still popular in Nigeria as well. More and more people around the world are looking for additional sources of extra income that would allow them to make money online. The Forex market is the largest financial market in the…


Understanding How Covid-19 Impacts Forex Trading in Nigeria

Forex and Covid-19 in Nigeria

2020 will be remembered as a year in which a global pandemic struck the world adversely affecting virtually all aspects of our lives. The Coronavirus disease 2019 (COVID-19) is an illness that is caused by severe acute respiratory syndrome Coronavirus 2 (SARS-Cov-2) which can spread from one person to another. The outbreak started in Wuhan, China in December 2019 but within a few months, it spread to over 200 countries…


Is Forex Trading Profitable in Nigeria?

Nigerian Naira

Forex trading is both a profitable and risky venture. There is the potential to be successful and make profits. However, this is not always the case considering the huge percentage of people who make losses compared to the small number of people making profits. Nigeria is a country located in West Africa where interest in Forex trading has increased over the years. Earning an extra income, an increase in Forex…


How Brexit Affects Nigerian Forex Trading

How Does Brexit Affect Nigerian Forex Trading

Every time there is a huge event in a region of a base currency such as the USA for USD, the United Kingdom for GPB or the EU for EURO, it affects the markets in various ways. When different types of stories appear in global news about the United Kingdom, or its current Prime Minister Theresa May, it has an effect on the markets. Just the same way as every…


Nigeria Central Bank Boosts Liquidity

nigeria central bank boosts liquidity

The Nigeria central bank has stated that they have injected the amount of $325.64 million into the interbank foreign exchange market in order to help with the efforts of reducing dollar shortages and boosting liquidity. The recession of 2016 was no surprise to millions of Nigerians, but many say they haven’t seen it quite as bad before. Nigeria is an OPEC member with the largest economy in Africa, and fell…