According to the World Bank, Nigeria is a “key regional player in West Africa”. Its population of 202 million inhabitants comprises more than half of West Africa, and its youth population is one of the largest in the world. Forex trading in Nigeria has become increasingly popular over the past decade due to the country’s economic growth and abundance of natural resources. A burgeoning middle class has acknowledged the benefits of investing in both stocks and currency pairs. A cadre of reputable brokers now exists to support the discriminating tastes of a growing group of foreign exchange traders.

The nation’s economy had grown significantly over 25 years until a recession hit in 2015/16, and the Covid pandemic has also had a negative impact. Nigeria, however, is blessed with massive reserves of oil, natural gas, and other resources. As a result, it is Africa’s largest exporter of valuable crude oil. Increased disposable income among the country’s affluent middle class has fostered investment and forex trading activity. Forex trading is legal in Nigeria, but earnings are taxable under the law. The Central Bank of Nigeria provides regulatory oversight. Since forex trading is relatively young in Nigeria, it is highly recommended to search for the best forex broker in Nigeria, based on reviews and respected recommendations.


Broker Features Regulator Platforms Next Step
Number One Broker Cedar FX logo Founded:
  • 0% commission and low spreads account
  • Eco friendly account plants new trees per lot traded
- WebTrader, MT4, Mobile
Forex.com logo74% of clients lose money. Capital at risk. Founded: 1999

- Trusted Global Market Leader
- Online FX & CFD Trading
- 180+  Global Markets, 84 FX pairs, 65 shares, 17 popular indices and more
- Forex, Indices, Commodities, Equities & Bitcoin
- Available to US traders

CFTC, CIMA, FCA, FSA, IIRO, NFA FOREXTrader & MT4 for PC, MAC, iPhone, iPad and Android, WebTrader
eToro LogoYour capital is at risk Founded: 2019

- Trade 15 cryptocurrencies
- Beginner friendly

- eToro

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