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With a population of over 200 million Nigeria is both the most populous country in Africa and the largest economy on the continent. And naturally, the size of the market attracts both legit forex and CFD brokers and scammers.
The central financial authority of Nigeria is the Central Bank of Nigeria. Some of CBN’s tasks include forex exchange control and regulating transactions in the autonomous foreign exchange market of Nigeria. This means that CBN can select ‘Authorised Dealers’ (mostly banks) to act as intermediaries or market makers in the Nigerian market. The authority does not, however, license forex brokers as of yet.
In October 2018 the Nigerian Securities and Exchange Commission (SEC), citing the increased number of ads soliciting investment in forex and CFD instruments, issued a warning, reminding potential investors that for the time being the retail forex market in the country remains unregulated and anyone investing in such instruments should personally consider the risks involved.
There are, however, some rules and restrictions related to the offering of foreign securities. SEC allows the buying and selling of such securities provided that they are listed on a Nigerian exchange and registered with SEC. This means that any broker who wishes to offer foreign securities to Nigerian clients must obtain the appropriate permissions from the regulator.
However, as in the case with other emerging, and largely unregulated markets, we will repeat our best advice to invest only with brokers, licensed by a well respected financial institution such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
As for the payment methods in Nigeria you can use Skrill, Western Union, the local 2Checkout (2CO) payment service, as well as major credit cards and bank wire transfers.
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