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You are therefore advised to re-read this statement on a regular basis. These terms and conditions form part of the Agreement between the Client and ourselves. Your statutory Consumer Rights are unaffected. Forex trading started in Nigeria around These financial institutions accepted funds from investors with the promise of giving a monthly return on investment to the tune of 8.

Nigerians marveled at the returns and discovered upon investigation that those funds running into billions of dollars were actively trading in the forex market!! Nigerians mostly retail traders decided to take the bull by the horn and launched deep into unknown and untested terrain.

The result was massive failure. For example Alpari, Liteforex, Instaforex and many others. The influx of foreign brokers also helped in popularising forex because they embarked in a national campaign, going into various cities, educating investors and on-boarding clients in thousands. To be candid, the statistics of about , traders in Nigeria being pelted on the internet is not bloated. We likely had more! Their plea is already getting the required attention as some of its representatives were invited by joint team of SEC Securities and Exchange Commission and CBN Central Bank of Nigeria for a meeting on how FX trading can be regulated in Nigeria.

We strongly believe that the market will take a new shape, attracting institutional players when the government regulates the industry. In addition, the SEC and CBN will also be attending the 2nd Lagos Forex expo scheduled to hold in August 13th and 14th to observed the level of participation by traders and brokers at the event. Its very likely that FX regulations in Nigeria will be finalized this year.

This article is poorly researched and filled with misinformation. Someone who wants to sell sponsorship at his exhibition feels the best way is to lie to brokers that the SEC is taking an interest in setting up regulatory frameworks. Kindly research the background of your authors before you publish, to save Nigerians the embarassment of poorly written article that has misinformation in it.

Anonymous, there is nothing to lie about. For more information about SEC and CBN been involved, contact RKarawusa. Wow, Basil did all these and still walking a free man? I await the drowning things and you have really opened my eyes to these stories. I can see you are a good Orator. There are so many other thing Basil did, spill it out bro. A journey of a thousand miles begins with a step. The step has been taken, which is the most important thing.

It is imperative Forex is Regulated in Nigeria so support the movement. Secondly, a friendly advise Mr Kelvin, i will not allow falsified usage of my name on social media. Hi my brother, thanks for your article. I am one of the early casualties of forex market foray into Nigeria. I want some personal development before I go in again. Useless Anonymous who has blown several managed accounts, held failed fx-expo,.

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The Truths About Forex Trading in Nigeria

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The Reality of Forex Trading in Nigeria "The statistics of about , traders in Nigeria being pelted on the internet is not bloated. Got a news tip? Let Us Know Found a mistake? Notify of new replies to this comment. Share On Twitter Share On Google. As for selling of Sponsorship to brokers for the event, we have already closed brokers sponsorship reservation before this news was posted and as for the Author Mike Fowope, he has a strong financial service reputation and a leader in the field.

For Your information Sec Called a meeting and we all went to CBN to discus the issue of regulation with all the issues arising from from forex trading. You could visit basil page to check our pictures at CBN head quarters in abuja. Please you also should veryfy your information before you make unguarded comments. One of the major problems that has plagued foreign exchange trading in Nigeria and the reason it lacks participation from big money are lies peddled around and the failure of the small guys in retail to for once just be modest and straightforward in their assessment of the current reality on ground.

Anonymous, I share your views and enthusiasm for the state of the forex market in Nigeria. However, I strongly disagree with you that Emeka Basil orchestrated the event in his quest to secure sponsorships from brokers for his expo or for any order insidious motive. I was there at the meeting held in both the SEC and CBN headquarters, I represented the traders and Bade represented the broker while Mr.

Basil remained neutral in our debates and clarifications. Anonymous, you had three issues with this post, 1. I made a point in my first comment that the article is poorly researched, lacking in facts and is misinforming the well meaning executives who read this blog. Basil, Bade, Kingsley, I advice you not to pay attention to the anonymous fellow is obvious that he his mischievous and and unlearned very unconisistent in all of his way, look at him explaining the process of getting regulation when he boldly claim that no meeting was called by the CBN and SEC with respect to regulation.

In the west, when a company or entity is criticised, they take it as constructive feedback to work on. You see really its time that justifies reality, well you could chose to accuse an innocent person who is perfect bystander over this issue or better yet confront the reality of your ineptitude.

Bade, Basil, Bull FX. What the hell do I have to do with your meeting at the SEC or CBN or this article right here.

Why are you mentioning my name please? Mike all the best, basil wish you the best in your forth coming expo. Hope i have made myself clear. I am a loss here. At what point did Bade and Basil mention Kelvin Emmanuel in their responses to the comments made by the anonymous?

Was their offence in calling out the the anonymous to his identity known? Kelvin, you obviously have an axe to grind with basil as evident in your vituperation. At best, you could have offered or tender your perspectives instead of the all-out attack approach you adopted. Credit Suisse Pegging Growth Hopes on Leverage Finance Synereo Opens Beta Registration for WildSpark - First App Quantave Wants to be the Institutional Gateway to FXCM Releases Spreads, Slippage Metrics for Q1 Credit Suisse Pegging Growth Hopes on Leverage Finance Space.

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