Best Forex Brokers in Nigeria of 2023
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
¹ Variable spreads vary according to the current market conditions, recorded for EUR/USD on 06.09.2023 at 10:42 GMT+1.
Base Currency: USD or NGN?
The base currency of the forex brokers in Nigeria that we researched on this point revealed that Naira is not a common base currency available at most brokerages. That means, that traders from Nigeria usually opt for a base currency in USD, which is available basically everywhere. While this means you will have to convert your Naira to USD for a certain fee, remember that brokers automatically convert your account currency if you trade forex pairs in which your base trading account currency is not quoted. In practice, this means that if you have a base account currency in Naira and you trade the EUR/USD pair, your broker converts your NGN to EUR anyway.
Popular Forex Pairs in Nigeria
The local currency in Nigeria is the Nigerian Naira, or NGN. It is not traded on the forex market, as it is operating under a managed float system. Only currencies that freely float are traded in forex, which automatically disqualifies the Naira from the mix.
Therefore, traders from Nigeria tend to trade most of the major and minor currency pairs found in forex. USD pairs are especially popular.