In a recent report released by Dailyfx (a forex research firm) in 2020, it was found that Nigeria’s forex traders trade currency positions daily worth $ 1.25 million.
Forex trading happens around the globe and is open 24 hours a day for 5 1/2 days a week. This means you can trade forex whenever you want, giving you time flexibility. You don’t have to wait for an opening bell or struggle to run your order before a market closes daily. So you have the option of either being aggressive or passive as you choose to switch to the desired schedule.
Some experts interviewed by Nairametrics divided the reasons why forex trading is becoming popular in Nigeria.
Sir. Abdul-Rasheed Oshoma Momoh, Head, Capital Markets at TRW Stockbrokers Ltd, a veteran of forex trading, spoke with Nairametrics about the need for any discerning investor to diversify by asset classes and sectors. According to him, Forex trading is a reliable option. He said:
“Forex trading is among the most rewarding asset classes for traders and investors. Although Forex has a reputation for being short-term high-risk speculators, there are trading styles that are suitable for both short-term and long-term traders.
“Forex trading allows you to earn a steady income from various types of currency trading or from investing in bonds, dividend stocks and other income vehicles.“
Take advantage of choices
Forex trading offers one of the highest leverage rates compared to other financial markets. Small trading accounts offer higher leverage due to small deposit requirements,
Adegbotolu Kehinde Erastus, a professional currency trader with over a decade of experience in currency trading, but supported the advantage that leverage brings in the currency market. He said: